With the recent launch of the government’s scheme for modernizing the process by which foreign business can setup in Cyprus, or incentivize some to do so, a brand new website has been unveiled along with the launch of a fast-track mechanism that serves to expediate and simplify the onboarding process for companies from third-countries onto the Cypriot business ecosystem.
Some of fast-track benefits for eligible companies are:
- Single Point of Contact for the establishment of their business in Cyprus, including registration, social insurance registry, VAT registry, all processes required accelerated to approved in just 7 working days
- Ability to bring up to 200-300 third-country nationals as personnel
- Any operational permits (except building and planning permits) will be granted within 30 working days.
- Access to information regarding business funding through government grants, start-up incubators, bank funding and loans, etc
The new website, offers thorough information that’s necessary for any company looking into Cyprus such as all the necessary permits for wide range of professions with detailed materials on the application, license validity, dispute process, and relevant legislation and professional/business obligations.
In order for prospective companies to join the fast-track mechanism, the following criteria need to be met:
- The company must intend to create a physical presence in Cyprus, i.e. to hire or transfer employees (more below), to establish operations in independent offices
- For existing companies, they must show a minimum turnover of €500,000 per year for 3 out of the last 5 years
- For new companies, they should provide a reliable 5-year business plan that demonstrates the company’s growth potential
Additionally to the benefits of the fast-track system, Cyprus offers furthermore incentives for business to transfer or establish their operations in the country, such as a competitively low corporate tax with added tax exemptions through schemes such as the IP Box Tax Regime and access to the EU market and an international and professional workforce, among many others.
DP Law’s experienced corporate department can assist you from the very beginning, with continuous support throughout, with applying through the fast-track mechanism, registering the company on all competent authorities, immigration applications for personnel, as well as company structuring and funding opportunities. Always with a personalized, professional and speedy service. Ask us more at firstname.lastname@example.org or call us at +357 22 272360.