Cyprus is on the way of creating a “Fast Track Business Activation Mechanism”, after the Council of Ministers approved a proposal submitted by the Minister of Energy, Commerce and Industry, Ms Natasa Pilides. The Mechanism will introduce express service for investments from third countries.
Companies which will be part of the Mechanism will enjoy greater flexibility and express licensing.
The goal is for all the necessary procedures for the registration and establishment of a company in Cyprus by third-country nationals, to be completed within 7 working days from the date of submission of the necessary documentation to the Ministry of Energy, Trade and Industry. In cases where additional licensing is required for the operation of the business, this will be completed within 30 working days, with the exception of building and planning permits.
The Ministry of Energy, Trade and Industry will be responsible for approving or rejecting requests. In order to join the Fast Track Business Activation Mechanism, the interested companies must meet qualitative and quantitative criteria and their investments must have a positive impact on the country’s economic development and consequently on the growth of employment.
Some of the required criteria for eligibility to the Mechanism, include a physical presence in Cyprus, with personnel and independent offices in licensed premises, as well as a minimum turnover of €500.000 per annum for the last 3 years.
The Mechanism provides for the establishment of an inter-ministerial Committee, to be composed of the Ministers of Foreign Affairs, Finance, Interior, Labour, Welfare and Social Insurance and Energy, Trade and Industry. The Committee will determine the operational framework of the Mechanism.
The Fast Track Business Activation Mechanism will operate at the Ministry of Energy, Trade and Industry and will provide the following services:
- The provision of services for the establishment of companies (Possibility to obtain all the necessary licenses and documents to establish a business using a one-stop-shop, through the provision of services related to company registration, name approval by the Registrar of Companies, registration to Social Security and Employer Registration to the Ministry of Labour, Welfare and Social Insurance as well as VAT and Income tax registration).
- The facilitation of licensing for the establishment and operation of companies (receipt of completed applications for immediate promotion to the relevant Services/ Departments to obtain the necessary permits, taking into account the specific circumstances of each case).
- The Issuance of residence and work permits (Facilitation of the issuance and renewal of residence and employment permits for personnel from third countries based on criteria to be decided by the inter-ministerial Committee).
Get in touch with Fidescorp’s team, to discuss in detail and get updates on the “Fast Track Business Activation Mechanism”.