The Cyprus International Businesses Association was established on 31 December 1992, following the initiative of a number of businessmen, who had answered the calls of the siren to move their international activities  to Cyprus and to enjoy an interesting package which included the Mediterranean climate, the relaxed atmosphere, the easy immigration policies and the interesting tax regime.  By then several hundreds of companies with foreign shareholders had opened fully fledged offices, without however being able to rely on the support of any association to safeguard and/or protect their interests.