The government of Cyprus, taking into consideration the numerous challenges arising from increasing competition, globalisation and the recent global financial crisis, is promoting a number of measures and initiatives to further establish Cyprus as an attractive investment destination. For the elimination of the unnecessary red tape, a number of measures are being promoted, relating to "Better Regulation". Also, efforts are being undertaken towards the removal of regulatory barriers for the setting up of enterprises. Moreover, the government intends to maintain its low taxation system and further expand the avoidance of double taxation treaties with more countries. The establishment of the "Cyprus Investment Promotion Agency" has contributed dynamically and flexibly to the effective promotion of Cyprus as an international investment and business centre, as well as to the infusion of foreign investments in the targeted sectors. Lastly, the establishment of "One-Stop Shop" greatly simplifies procedures for foreigners wishing to create a business in Cyprus.