Cyprus Introduces a Fast Track Business Activation Mechanism
On September 3rd, 2020, the Council of Ministers of Cyprus approved the creation of a Fast Track Business Activation Mechanism for establishing a company in Cyprus by third-country nationals. The Fast Track Business Activation Mechanism aims to attract foreign investments.
According to the Fast Track Business Activation Mechanism; registration and incorporation of a company in Cyprus will be completed within 7 working days from the day of submission of all required information/documentation to the Ministry of Energy, Commerce and Industry. Other than building and planning permits, any additional permits required for the operation of the business will be completed within 30 working days.
To be eligible to use the mechanism, interested parties should meet certain criteria and positively contribute to the economic growth of the Country as such companies must create a physical presence in Cyprus with offices and employees, and provide a reliable 5-year business plan illustrating growth potential. Already existing companies should have a minimum turnover of € 500K per year for three out of the last five years.
The Ministry of Energy, Commerce and Industry will provide a single point of contact to assist the companies for; a. Company registration and name approval, b. Registration with the Social Insurance Registry and the Employers’ Registry, c. Registration with the VAT and Income Tax.
In addition, the issuing of residence and employment permits in Cyprus for third-country nationals will be facilitated.
All companies which opt to use the Fast Track Business Activation Mechanism will go through extensive Due Diligence checks.
For more information on eligibility criteria regarding the companies, employment staff categories, residence permits, procedure, and assistance with the application please contact us via email at info@zambartaslegal.com or via telephone +357 22262108.