Headquartering in Cyprus
Council of Ministers approves the creation of a Fast Track Business Activation Mechanism
The creation of a Fast Track Business Activation Mechanism for setting up a company in Cyprus by third country nationals was approved by the Council of Ministers, aiming to attract foreign investment to the island.
According to its provisions, all necessary procedures for the registration and incorporation of a company in Cyprus will be completed within 7 working days from the day of submission of all required information to the Ministry of Energy, Commerce and Industry. Where additional permits are required for the operation of the business, they will be completed within 30 working days, with the exception of building and planning permits.
In order to utilize the new Fast Track Business Activation Mechanism, interested companies should meet qualitative and quantitative criteria and, thus, contribute to the country’s economic growth. To benefit from the Mechanism, companies must create 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 for 3 out of the last years and new companies should provide a reliable 5-year business plan illustrating growth potential.
In this regard, our firm provides the following services:
- Assisting companies to obtain all necessary registrations for the establishment of a business from a single point of contact including company registration and name approval, registration with the Social Insurance Registry and the Employers Registry and Registration with the VAT Registry and Income Tax.
- Guidance for establishment and operation of companies in Cyprus which includes provision of information for all the necessary permits required in order the company to start operations.
- Facilitation for issuance of residence and employment permits in Cyprus for third country nationals.
The Council of Ministers, approved a revision of the Policy for the Issue of Residence and Employment Permits for companies of foreign interests registered in the Republic. 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 which applies to both existing and new companies under conditions.
For more information you can contact our firm at +(357) 24727313 or via e-mail at [email protected]