The Cyprus Chamber of Commerce and Industry (CCCI) together with the Ministry of Energy, Trade and Industry and the Cyprus Youth Organization announced the start of applications for subsidies under the Cyprus Entrepreneurship Support Scheme.
The scheme is aimed at entrepreneurs (18-50 years old) as well as women (30-55 years old) who wish to start their businesses.
A total of €20 million has been allocated to subsidize business activity in Cyprus. The procedure is fully digitalized, so applications are only accepted online at the ministry's website fundingapps.mcit.gov.cy. It is worth noting that the scheme aims to encourage, support, and promote entrepreneurship with a special focus on specific demographic groups, such as young people and women seeking to engage in entrepreneurial activities in various sectors of the economy. The subsidies are available to men and women who have legally resided in the territories under the full control of the Republic of Cyprus for the last six months and have unhindered access to employment.
By the way, both employed and unemployed persons are allowed to participate in the program, whose age is:
- 18 to 29 years old for young people,
- 30 to 50 years of age for men
- 30 to 55 years old for women.
Among the main conditions for participation in the program are that applicants must not be engaged in entrepreneurial activities before applying.
When preparing the application and business plan, based on which the viability of the future enterprise will be assessed, special attention should be paid to the selection criteria applied. If you have never had to write a business plan before and you are generally far from business management, it is a good idea to consult a specialist. A properly written business plan will increase your chances of success many times over. The assistance of a professional business consultant will help to foresee all the nuances and avoid unforeseen situations.
When calculating the requested funds, it is necessary to take into account, in addition to the obvious basic costs, the cost of equipment, rent (or construction) of production, retail or office premises, repair and refurbishment of workplaces, staff training, initial capital, promotion, and advertising costs, etc. The maximum amount of the subsidy is:
- 120 thousand euros - for companies in the field of professional services, tourism;
- 140 thousand euros - for manufacturing companies.
In any case, the subsidy cannot exceed 70% of the total cost of the future company. That part of the necessary funds future entrepreneurs must find on their own and confirm it by providing the relevant bank statements on the availability of funds on their accounts. If the application is approved, the funds will be allocated in stages, as the financial statements for the previous period are studied. For more information, interested persons may contact the relevant Ministry officials at the following numbers: 22-867178, 22-867156, 22-867194.