Cyprus is today the South-eastern outpost of the European Union, situated in the Eastern Mediterranean, at the crossroads of three continents and close to the busy trade routes linking Western Europe with the Arab World and the Far East. The geographical position of Cyprus and the entrepreneurial spirit of Cypriots contributed significantly to establishing it as a business centre. Despite the global economic recession, the island prides itself today for its quick recovery from the economic downturn and shows very positive economic projections. The fact that over 45,000 international business companies use Cyprus as a base for their operations more than evidences that Cyprus is now established as a modern and flexible business and services centre in the Mediterranean and South-east Europe, while at the same time exhibiting the conducive business climate that exists in the country.