Management > Settings > Create Company
Permissions: Superuser, Partner
Authorised users can create new companies and set the locale as part of that. The locale controls features such as the currency symbol, the data that needs to be captured for employees, address formats etc.
Settings the Locale
For the purposes of Cyprus localisation obviously we select "Cyprus (en-CY)":
Nothing further needs to be done to apply the Cyprus settings.
Amongst the specific changes, this will use the Euro currency symbol: