Doing Business in Cyprus (UAE Edition)

DOING BUSINESS C YPRUS
60
UNITED ARAB EMIRATES EDITION
INCENTIVES
New Government
Action Plan
Cyprus has launched a new action plan to attract foreign businesses
to establish or expand their activities on the island. Cyprus already
provides many competitive advantages, but this new set of incentives
is geared to ramp up interest for companies to set up headquarters
in the country. The plan has taken into account the best practices
from other European countries, with emphasis on domains related
to technology, shipping, innovation, research and development,
biogenetics and biotechnology, without excluding any other
companies that choose Cyprus as their place of business. The new
strategy which aims to promote foreign investment and stimulate
economic activity was implemented on January 1, 2022.
The Presidential Palace
THE BUSINESS FACILITATION UNIT
The previous Fast Track Business Activation mechanism for companies of foreign
interest has been transformed into a Business Facilitation Unit for foreign
companies operating in Cyprus or for foreign companies that wish to expand their
operations in the country. The new Unit is responsible for the various services required
for the establishment of corporate entities:
• new company name approval and registration
• registration with Social Insurance and VAT authorities,
and with Income Tax authorities
• guidance in relation to the establishment, licensing and operations of companies
• issuance and renewal of residence and employment
permits for staff employed by foreign companies