Cyprus eyes fast-track service for non-EU business

The cabinet has approved the creation of a Fast Track Business Activation Mechanism for setting up a company in Cyprus by third-country nationals to attract more foreign investment.

A 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 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.

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.

To utilise the new Fast Track Business Activation Mechanism, interested companies must meet the specified qualitative and quantitative criteria.

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 3 years.

For public health purposes, all COVID-19 protocols applicable in the Republic of Cyprus will be adhered to when participants in the Mechanism arrive such as quarantine and testing.

Full details of Cyprus’ new Fast Track Business Activation Mechanism will be announced soon.