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13/09/2015 - by Angelos Gregoriou
The European Business Awards, Europe’s largest and most significant business recognition programme, has named Dynamic Works a ‘National Champions’ for Cyprus in the first stage of the 2015 2016competition.A panel of independent judges, including business leaders and senior academics, selected the National Champions for Cyprus after the European Business Awards engaged with over 32,000 companies this year.  Now in its seventh year, the European Business Awards was created to support the development of a stronger and more successful business community throughout Europe, celebrating and endorsing individuals’ and organisations’ success, together with providing examples of excellence for the business community to aspire to.Established as one of the leading providers for Cyprus in Web, CRM (Customer Relationship Management), Systems, Mobile Applications, Digital Marketing and Social Media Marketing solutions across an ever growing range of industry segments, Dynamic Works continues to invest in innovation. One major such innovation is Dynamic Works’ own eCommerce solution xSelio that has drastically reduced barriers to entry for small and medium sizes businesses that operate in the retail sector since its launch in 2013.  The more accessible, consumer friendly and intuitive storefront xSelio provides a fully developed eCommerce website, with a plethora of securely hosted eCommerce tools at a price that is drastically less expensive to launch and maintain than is currently available in many countries across Europe.Following the success of xSelio in 2013, Dynamic Works launched the groundbreaking Restaurant Ordering App solution, MANDO, aimed to equip restaurants, coffee shops, bars and hotels with a Mobile Ordering Application that allows their customers to order a great meal from their mobile device – from fine-dining to the best pizza in town.  An optimal solution easily customized to match each restaurant’s brand look and feel, all with a small monthly fee.Celebrating its 12 years, DYNAMIC WORKS feels privileged to have collaborated with some of the largest organisations in Cyprus through the provision of complete digital solutions including Hermes Airports with the launch of its official website, Digital marketing and Social Media Marketing under the brand name ‘Cyprus Aeropolis’,as well as a dedicated passenger mobility solution at both Larnaca and Pafos Airports, web solutions for banks with the most important being that of Hellenic Bank, CRM solutions for Forex companies,  e-ticketing booking engines for the Pafos Aphrodite Festival and SoldOutTickets, Student Information Systems (SIS) /CRM solutions for academic institutions, the Government Funding Programmes Portal, the website for the House of Representatives, an online application tool for the Human Resources Development Authority of Cyprus (HRDA) and the new website for the European University of Cyprus.Details of the winners can be found at
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  • 14/03/2014 - by Dina Gavarieva

    Success is such a broad concept, and everybody understands it differently. For some, success is having a beautiful family with kids, for others - it is having a high profile job in a big corporation, for others - it is traveling from country to country learning different cultures and having new experiences every day. It might be something totally different to you, and that’s okay. Whatever it is for you, there are 7 indisputable laws for achieving success in life.

    1)  Be confident

    It is simple, but not easy. Confidence is key to successful communication, decision-making, progress, achieving goals and following your dreams! Remember an occasion when you felt really really confident, as if you knew that whatever you did, you could not fail. Remember what you were hearing, seeing, feel-ing, and telling yourself in that moment. Remember your face expression, your body movements, your gestures in that moment. Step in that moment again and again, and move forward! And if it is difficult in the beginning, that is okay. Fake it till you make it.

    2)  Be consistent

    Consistency is what makes it or breaks it. You can have the best idea in the world but if you don’t follow up on it, or if you don’t move towards your goals every day, bit by bit, then you are moving away from your dreams. The results will be there. Keep showing up. Keep showing up. One step a day.

    3)  Focus on what you want

    Focus on what you want rather than on what you don’t want. So many people keep repeating “I don’t want to have this”, or “I don’t want to feel that”. But when you ask them, so what do you actually want to have or do, they simply don’t know! What you focus on is what you get. Focus on the things you really want. Start with simple things: change your language first.

    4)  Trust yourself

    We all make mistakes. Successful people make a lot more mistakes because they try many more things in life. Trust yourself to get back up on your feet again and again, and keep going towards your goals and dreams. Allow yourself to be perfectly imperfect and make mistakes. This is how we learn and grow, and, consequently, succeed in life.

    5)  Expand your comfort zone

    All of us have a very strong need for certainty. On some level, all of us need to feel safe and protected, confident, and secure. Sometimes we get so caught up in the comfort zone, that it becomes increasingly difficult to get out there and try new things. Get yourself into scary situations as often as possible. You don’t have to know the answers to every question but do your very best and you learn to rely on yourself. You will discover that you have everything you need to succeed already within you.

    6)  Take responsibility for your life

    Once you take full responsibility for your success and failures in life, then you realize that you have all the power to bridge the gap between where you are and where you want to be. Make better choices. Not acting or giving up are also a choice.

    7)  Act!

    Action is the main vehicle to success. Without action nothing would ever happen. In order to turn your dreams into plans you need ACTION. Be bold, be courageous, be consistent. Act.

    Cheers to your success!!!

    Contact me at and find out how to accelerate your success and move your life to the next level!

    Dina Gavarieva
    Business Coach | Speaker | Trainer

    Seven Laws For Success

  • 10/12/2013 - by Eurofast Taxand

    Accordingly it is stated that the consultation between Cyprus and India is aimed at addressing the issues of an effective exchange of information between the 2 countries, and the long pending renegotiation of their Double Tax Treaty (DTT), which is in force since 21 December 1994.

    It has been agreed that the circumstances which have caused India to notify Cyprus as a “notified jurisdictional area” (under section 94A of the Income-tax Act 1961) on 1 November 2013, are immediately to be solved by:

    •    Agreeing to adopt the provisions of the new Article 26 of the OECD Model Tax Convention (approved by the OECD Council on 17 July 2012) relating to Exchange of Information in a new DTT between the 2 countries

    •    Improving the channels of communication and exerting every effort in facilitating each other in processing requests and responses in a swift and effective manner.

    Since the above mentioned measures concerns the renegotiation of the existing DTT between Cyprus and India, the new DTT is expected to be progressed swiftly.

    Finally, based on the discussions held, it was agreed that once the notification of Cyprus as a “notified jurisdictional area” under section 94A of the Indian Income-tax Act 1961 is withdrawn, it will be with retrospective effect from 1 November 2013, the date when the notification of India was issued.

    Cyprus & India to Renegotiate their Double Tax Treaty

  • 08/12/2013 - by Eurofast Taxand

    Income from financing activities and loans between related companies

    Loans between related companies are considered to be part of the normal operating activities of a company which are taxed under Corporation Income Tax (CIT) and not Special Defence Contribution (SDC). The pre-accepted profit margins by the IRD are only for transactions between related companies which are free from credit and currency risk. Alternatively, the IRD has the right to calculate deemed income which is subject to CIT.

    Balances between related companies/ related parties

    Balances between related companies, excluding loans to parent companies, must carry interest based on market rates. If no interest is charged or the interest rate used is lower than the market rate then the IRD is entitled to adjust the interest rate and charge notional income which is subject to CIT (not subject to SDC). The above provisions came into effect from January 1 2011 and until December 31 2010, a 9% notional interest p.a. was charged on related companies’ balances, which was subject to SDC.

    Until December 31 2011, the IRD would charge 9% notional interest on loans given by a company to its shareholder or director (only if physical person). Since January 1 2012, the notional interest is considered a benefit to the director/shareholder and not to the company. Therefore now the 9% notional interest must be taken into account when calculating the Pay As You Earn (P.A.Y.E) for directors/shareholders and are to be taxed as any other income from employment. Since January 1 2012 there is no SDC applicable on this notional interest.

    For directors/ shareholders (physical persons only) who are not Cyprus tax residents and owe money to their companies, the notional interest 9% is calculated based on the days that they were in the Republic. In case that the debt of a shareholder, (physical person and Cyprus tax resident) is written off, then this transaction is considered to be a distribution of dividends and is subject to SDC at the prevailing rate.

    Deductions for Interest paid

    Until December 31 2011, any interest paid for the acquisition of shares or deemed to be interest paid for the acquisition of shares was a disallowed expense for tax purposes (applied for the first seven years from the acquisition of the investment). From January 1 2012, any interest relating to the acquisition of 100% of the shares of subsidiaries in Cyprus or abroad is now a tax allowable expense under some circumstances.

    Any interest paid for the purchase of interest bearing securities, is considered an allowable tax expense.

    The clarifications provided by the IRD are intended to guide the professionals as well as the corporations to take necessary actions accordingly in order not to face fines in the future.

    Clarifications published by Inland Revenue on taxation

  • 08/12/2013 - by Eurofast Taxand

    As a result of the banking crisis, the measures that have been implemented are expected to reinforce the Cyprus’s banking system and make it healthier and fundamentally stronger. Despite the turmoil in the banking sector, it is important to highlight that the corporate sector in Cyprus still stands strong as nothing has changed on those benefits Cyprus offers to international businesses when it comes to corporate structuring. The Cyprus banking crisis is not a barrier to transactions and investments in or through Cyprus. The use of Cyprus companies in international structures has not been affected and their use is still highly efficient. The ambiguity created by the recent developments in the banking sector has not affected the demand for structuring projects and investments with the use of Cyprus companies. Finally, the increase of corporate tax rate from 10% to 12,5%, still places Cyprus as a low tax jurisdiction within the EU.

    Moreover, the advantages of holding companies, the majority of companies registered in Cyprus, will not be affected as the rule of no withholding taxes will not be changed. There is zero withholding tax on payment of dividends to non-tax residents, while there is a zero capital gains tax for transactions that do not involve immovable property situated in Cyprus.

    The extensive double tax treaty network of Cyprus is still in place offering its benefits to the great number of foreign investors in the island. The Cyprus companies are still enjoying the tax incentives offered, the EU Directives, which have been fully implemented in Cyprus, are still applicable and the high level of confidentiality and secrecy rules have not been shifted. Cyprus Companies, such as financing, holding, trading, royalty (for which the effective tax rate, after the application of the measures will be 2,5% instead of 2%) and more, have not lost their advantageous edge and benefits.

    International Cyprus Trusts, which are significantly used for protection of assets and preservation of family wealth, have provided considerable beneficial tax advantages which have not been altered. Their provisions and their application is still fully effective and in force. For many years now, Cyprus has achieved and gained its title as a solid economic and business model worldwide and the recent developments cannot alter this. The existing legal system, the beneficial tax regime and the qualified professionals that have provided high quality services to local and foreign investors are intact and still well-built.

    Cyprus, despite all, remains an attractive international business centre.

    Cyprus remains an attractive international business centre

  • 08/12/2013 - by Dynamic Works

    By now you have probably seen or experienced all the fun applications on the iPhone or you’ve heard the buzz from your friends! With everyone migrating to smartphone technology, many businesses are scrambling to create unique applications that create strong brand awareness and loyalty.

    So, why does a business need a mobile app?  There’s no denying that today’s world is one of instant gratification.  Just think about how many times you got a great idea for your business while surfing the web when on holiday, or having your lunch, or waiting for a flight.  Now think of your potential customer.  What is he likely to do when he’s got some time to kill?  Do some research on his phone perhaps?  And what if that research leads him to your website?  And there you have a new potential customer!

    If your website is generating mobile use, then a mobile app should be your coming strategy shift.  It will sell your products, allow you to interact with your customers and to provide useful tools to help improve a customer’s experience with your product or service.

    You can also integrate your blog, YouTube channel, and social media profiles within the app, making it easier than ever before for your customers to interact with you and access your content.

    Exclusive discounts through the app can encourage repeat purchases and promote new products and services. These can be exclusive offers available only to your mobile app users, or can be bonuses based on regular purchases. How many loyalty cards have you been given by shops, restaurants and cafes, only to lose the cards? With a mobile app your customers’ ‘stamps’ are all collected digitally – meaning your customers can earn loyalty points simply by physically going into your shop!

    Still not convinced? According to Gartner, for every 1 PC (desktop or laptop) that is sold, approximately 6 mobile phones are sold. For the first time in the history of computing, mobile device sales will overtake desktop and laptop sales in 2013. Over 44% of people in the United States currently own a smartphone, and of those, 83% use them while on the go. 378,000 iPhones are sold every day. What does this mean?

    Such figures, combined with the fact that most users are never further than half a metre away from their mobile device, should have you thinking about how smartphone technology will affect your business in the coming years and that mobile is definitely here to stay!

    Can a mobile phone application help my business?


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  • Dynamic Works

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    Dynamic Works assisted my company, Kaprico Inc. with a Customer Relationship Management solution. They not only customised it to our needs, but trained all our members of staff on how to increase their productivity via use of the newly installed EasyConsole CRM.Dynamic Works have also undertaken all Search Engine Optimisation projects on my company's numerous websites. Due to the fact that their own website is ranked so highly, we never hesitated in selecting them as our SEO agent.Coupled with a friendly and professional attitude, all of us at Kaprico Inc. are pleased to have selected Dynamic Works. Kind Regards, S Hadjiangelou
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    Seminars and Consultations offered are of the highest standard, always within a well researched framework.
  • Talos Development Organisation

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    Talos-RTD is founded by Dr. Alexandros Michaelides who currently runs this company with great success. This is a Cypriot based SME with a foreign attitude and delivery. Most likely this is the only knowledgeable organization that can deliver feedback and real value and consulting to all kind of European and National Research funding opportunities. Great and easy to work with; A great solid partner to work with!

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