As the corporate sector continues to thrive in Cyprus, businesses require reliable transportation to achieve their goals. For companies that cannot afford to purchase company vehicles, corporate car leasing provides an excellent alternative. In this guide, we will explore the benefits of leasing a car in Cyprus for your business and everything you need to know to get started.
Cost-Effective and Flexible Options
One of the major benefits of corporate car leasing in Cyprus is the cost-effectiveness and the flexibility of the options. Leasing a car comes with lower monthly payments when compared to purchasing one outright. The payments are also fixed for the entire duration of the lease term, providing businesses with predictable expenditure. This allows businesses to save money that can be invested in other important aspects of their operations.
Additionally, leasing companies often offer a variety of flexible leasing options to meet the specific needs of businesses. These options may include the ability to swap vehicles, extend the lease, or even purchase the vehicle at the end of the lease period. This allows businesses to customize the leasing agreement to fit their unique needs and circumstances.
GST (Goods and Services Tax) Benefits
GST is a tax imposed on the supply of goods and services and it is also imposed on the importation of goods into Cyprus. Any business that leases a car in Cyprus can claim GST benefits. The GST paid on lease payments can be claimed back as an input tax credit on their Business Activity Statement (BAS) resulting in lower business expenditure and more savings. GST benefits can be a significant factor in deciding whether to lease a car or purchase one outright. It is advised you consult with your accountant or tax advisor.
Insurance and Maintenance
When you lease a car, insurance and maintenance costs are included in the lease agreement. Instead of having to worry about monthly premiums and unexpected maintenance costs, leasing companies take care of all vehicle maintenance and insurance. As transport is critical to achieve business objectives, this allows companies to focus on their core business activities and never be without the necessary vehicle.
End of Lease Agreement
At the end of the lease agreement, the car is simply returned to the leasing company. This eliminates the need for businesses to worry about disposing of the vehicle. The leasing company will then assume responsibility for the resale value of the vehicle. End of lease options may include renewing the lease and leasing a new vehicle, purchasing the vehicle or simply returning the vehicle to the leasing company.
Conclusion
Corporate car leasing is an excellent option for businesses in Cyprus looking for reliable transportation while remaining cost-effective. With the flexibility of leasing options, GST tax benefits, and fully inclusive maintenance and insurance plans, leasing a car can save businesses time, money and resources. It is important to choose a reputable leasing company that can cater to your business needs and offer the best possible terms and conditions. Contact us today to learn more about how we can help you find the right car leasing option for your business needs. Complement your reading and expand your knowledge on the topic with this specially selected external content for you. https://asgleasing.cy, discover new perspectives and additional information!
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