Cyprus launches new Fast Track Business Activation mechanism

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The services offered include assisting companies to obtain all necessary registrations for the establishment of a business from a single pointof contact.

Published: Mon 28 Dec 2020, 10:31 AM

On 12th October 2020, the new Fast Track Business Activation mechanism has been launched 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.

Fast Track Business Activation mechanism is operated by the Ministry of Energy, Commerce and Industry (MECI). The services offered include assisting companies to obtain all necessary registrations for the establishment of a business from a single point of contact, providing information for all the necessary permits required by the company in order to start operations, and facilitating the issuance of residence and employment permits in Cyprus for third-country nationals.

According to the Mechanism's provisions, all necessary procedures for the registration and incorporation of a company in Cyprus are completed within seven working days, from the day of submission of the required forms to the Ministry of Energy, Commerce and Industry.

"The provision allows all necessary procedures for the registration and incorporation of a company are completed within

seven working days."

Companies interested in joining the Fast Track Business Activation mechanism should meet specific criteria and contribute to the country's economic growth. These criteria require companies to have a physical presence in Cyprus, including operation of independent offices that are separate from any private residence, existing companies to have a minimum turnover of ?500,000 per year for three out of the last five years, and new companies to provide a reliable 5-year business plan illustrating growth potential.

Businesses expressing interest in transferring their operations to Cyprus and wishing to benefit from the Fast Track Business Activation mechanism provisions should submit a request to MECI at businessincyprus@meci.gov.cy accompanied by:

A letter of expression of interest in establishing presence in Cyprus and/or reasons for entering the Mechanism The certificate of incorporation of the company, shareholder certificate, and articles of association (in English or Greek).
Audited Financial Accounts for the three of the last five years (only in the case of existing companies operating abroad and wishing to set-up presence in Cyprus)
Business plan for the next five years (only in the case of completely new businesses that do not have presence abroad and wish to set up presence in Cyprus)

For more information, interested companies can visit www.businessincyprus.gov.cy