News Local Cabinet approves Fast Track Business Activation Mechanism

Cabinet approves Fast Track Business Activation Mechanism

Cabinet has approved the establishment of a Fast Track Business Activation Mechanism for setting up a company in Cyprus by third country nationals in a bid to attract foreign investment to the island.

The proposal was submitted by the Minister of Energy, Commerce and Industry, Natasa Pilides, in coordination with the Ministries of Foreign Affairs, Interior, Finance and Labour, according to CNA.

It provides that all necessary procedures for the registration and incorporation of a company in Cyprus will be completed within seven 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 utilise 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 personnel and independent offices, and have a minimum turnover of €500.000 per year in the last three years.

For public health purposes, all health protocols applicable in the Republic of Cyprus will be adhered to when participants in the Mechanism arrive in Cyprus.

Further details on Cyprus’ new Fast Track Business Activation Mechanism will be announced soon.

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