Further details and the exact requirements of the much-anticipated Fast-Track Business Activation mechanism have now been announced by the Cyprus Government.
The introduction of a New Fast-Track Business Activation Mechanism was first announced in early September. This new mechanism is now coming into force and aims to facilitate businesses to set up and relocate their operations to Cyprus and the EU.
The New Fast-Track Business Activation Mechanism will now make it even easier to set up a business in Cyprus and start operations within just a few weeks.
The scheme is open to both established and new businesses and is accompanied by a revised immigration policy for additional employment permits.
- Fast-Track Company Registration
- Fast-Track Registration with the Social Insurance and Tax Authorities
- New Immigration Policy for the employment of Third-country Nationals
- Possibility of being granted up to 100 Employment Permits.
To benefit from this scheme, companies will be required to create a physical presence in Cyprus, including hiring personnel and independent offices.
Established businesses will be required to meet certain quantitative and qualitative requirements.
New Businesses can also participate in this scheme by submitting a five-year business plan.
As such, the scheme provides for greater and provides substantial flexibility in obtaining employment and residency permits for key personnel to live and work in Cyprus.
New Immigration Policy –Employment of Up to 100 Third-Country Nationals
Companies that apply and are accepted into this scheme will be eligible to apply and be granted Employment Permits for:
- 5 Directors and
- 10 Middle Management Executives and
- Up to 100 Professional Staff (depending on the company’s turnover)
There will be no restrictions on the maximum duration of stay of third country nationals employed under this scheme whilst eligible staff will also be able to benefit from the current Family Reunification procedures.
Companies of Foreign Interests already registered in Cyprus can also apply and be granted additional Employment Permits for their employees.
An international business centre, Cyprus is an ideal point of entry to the EU.
Cyprus is an EU and Eurozone Member and allows businesses to enter and do business from and within the EU and beyond.
Cyprus’ competitive tax framework (12.5% corporate tax rate, Double Tax Treaty network of more than 60 countries) and an affordable Mediterranean lifestyle, make Cyprus an ideal headquartering location.
Cyprus also offers access to world-class education facilities for families moving to Cyprus.
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