New scheme on fast track business activation in Cyprus
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The Fast Track Business Activation mechanism was approved by the Council of Ministers on 3rd of September 2020 aiming to further attract foreign business to Cyprus as well as to provide fast and efficient services to foreign businesses wishing to establish presence in Cyprus.
Companies interested in joining the Fast Track Business Activation mechanism should meet the criteria below, thus contributing positively to the country’s economic growth. The main criteria are:
Companies should have a physical presence in Cyprus including establishment/operation of independent offices that are separate from any private residence.
Existing companies should have a minimum turnover of €500.000 per year for 3 out of the last 5 years.
New companies should provide a reliable 5-year business plan illustrating growth potential.
The Fast Track Business Activation scheme is operated by the Ministry of Energy, Commerce and Industry and includes the following services:
1. Provision of Services for the establishment of a company. This involves the assistance to companies to obtain all necessary registrations for the establishment of a business from a single point of contact, including the following:
Company registration and name approval
Registration with the Social Insurance Registry and the Employers’ Registry
Registeration with the VAT Registry and in the Income Tax
2. Guidance for establishment and operation of companies in Cyprus and provision of information for all the necessary permits required by the company in order to start operations.
3. Facilitation for the issuance of residence and employment permits in Cyprus for third country nationals.
In conjunction with the Fast Track Business Activation Scheme, the Council of Ministers, on the 7th of October 2020, approved a revision of the Policy for the Issue of Residence and Employment Permits for companies of foreign interests registered in the Republic of Cyprus. The revised Policy defines the criteria on the basis of which facilitation services will be provided for residence and employment permits of third country nationals. this applies to both existing and new companies under conditions.
The Scheme aims to offer a number of benefits to new investors, such as completion of procedures for setting up a company within 7 days from the day the company enters the Mechanism, issuance of residence and employment permits within 4-6 weeks, depending on the number of permits requested and employment of a greater number of third country nationals in specific professions and with specialised skills, for which a shortage of supply has been identified at national level, with the majority being related to digital skills.
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