To supplement the existing incentives in place, the Fast Track Business Activation Mechanism was approved by the Council of Ministers 3 September 2020 with the intention of attracting foreign investment to Cyprus and facilitating business presence, as well as providing swift and efficient services to foreign businesses wishing to headquarter in Cyprus.
Eligibility Criteria
Companies interested in joining the Fast Track Business Activation mechanism should meet the criteria below:
• Companies should have a physical presence in Cyprus, including the establishment/operation of independent offices that are separate from any private residence.
• Existing companies should have a minimum turnover of EUR500.000 per year for three (3) out of the last five (5) years.
• New companies should provide a reliable 5-year business plan illustrating growth potential.
Services
The Fast Track Business Activation Mechanism is operated by the Ministry of Energy, Commerce and Industry and includes the following services:
• Provision of services for the establishment of a company;
• Assisting 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.
Guidance for the Establishment and Operation of Companies in Cyprus
• Provision of information for all the necessary permits required by the company in order to start operations.
• Facilitation of the issuance of residence and employment permits in Cyprus.
• Facilitating the issuing of residence and employment permits in Cyprus for third country nationals.
The Council of Ministers, 7 October 2020, approved a revision of the policy for the issue of residence and employment permits in respect to foreign interest companies 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.
It is noted that due diligence checks will be conducted for all companies wishing to join the Fast Track Business Activation Mechanism.
