Cyprus intends to attract potential investors to the island through accelerated registration procedures for new firms by citizens of third countries.
According to the government's statement, the registration of companies in Cyprus will now be carried out no later than 7 days after all the necessary information is provided.
In addition, tech companies will receive the added bonus of a "warm welcome" to any employee they deem necessary to transfer to the island.
'Companies are now eligible to hire third-country nationals with a wide range of skills, such as software engineers and systems engineers to cybersecurity professionals, provided they first obtain a temporary residence and work permit. Again, these requirements will be accelerated to allow specialized tech companies to start working as soon as they move to the island. Our goal is to do this as painlessly as possible for companies wishing to do business on the island or invest in a new business. After the company submits all the necessary information to the competent authority, it can count on expedited registration within 7 days,' - said George Campanellas, executive director of the national investment promotion agency Invest Cyprus.
It should be noted that if you need any specific permissions and licenses, the registration process will take 30 days. An exception is building permits, which will still take more time to obtain.
The government has made tremendous efforts to simplify this process and this is great news for new businesses looking to operate in Cyprus, Campanellas added.
By the way, the Fast Track scheme works by reducing much of the bureaucracy that can get in the way of those who start a new company on the island.
The Department of Energy, Trade and Industry will now provide a single point of contact to assist businesses with company registration and name approval, registration with social security and employers registries, and registration for VAT (value added tax) and income tax.
As you may know, in October 2020, the Council of Ministers approved a revision of the policy aimed at facilitating the granting of residence and work permits to third-country nationals.
'Cyprus is ideally located between east and west, making it an attractive proposition for ambitious companies looking to expand their global reach. In turn, Cyprus aims to attract ambitious technology companies that can make a positive contribution to the economic growth of our country. All companies that decide to use the Fast Track business will have to go through extensive due diligence, but the world is changing as a result of the pandemic, so Cyprus is committed to being a positive part of this change,' Campanellas continued.
By the way, the coronavirus pandemic has pushed manufacturers to the limit, and every organization around the world was forced to once again think about how, why and with whom it does business. Experts predict that the strongest recovery will come from companies that have learned valuable lessons from the pandemic and used the events of 2020 to restart their firms.
'The old ways of doing business are starting to look more and more outdated. There is a growing sense of responsibility in the business world today to balance work and quality of life with greater respect for the world we live in. Cyprus hopes to be at the center of this positive change again,' Campanellas said.
According to the European Commission, 55% of workers in Cyprus have higher education, more than 100,000 workers come from EU countries, 76% of people speak English. In addition, the island has the youngest employees in comparison with other EU countries. This suggests that there may be more of them.
Limassol is also emerging as a growing technology hub, according to Deloitte, and Cyprus is ranked second in the North Africa and West Asia region in the Global Innovation Index 2020. Cyprus also ranks fifth in the world in terms of security and first among small countries.
Cyprus is becoming an increasingly popular place to work and live. And as our island continues to welcome new investments, the quality of life and opportunities will only improve, ”Campanellas said.
As you may know, in order to participate in Fast Track Business Activation, a company must conduct real activities in Cyprus, it will have to open a full-fledged office with a staff. Let us clarify that the authorities decided to limit the circle of those who have the right to use the mechanism for quick registration of a business. Businessmen who want to come to Cyprus must have a turnover of at least € 500,000 per year for the last three years.