Doing Business in Cyprus (UAE Edition)

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DOING BUSINESS C YPRUS 62 UNITED ARAB EMIRATES EDITION CASE STUDY THREE-STEP COMPANY REGISTRATION Company registration in Cyprus is simple and efficient. This is an example of the required steps for a simple and straightforward set up in Cyprus for a small or medium sized company. THREE EASY STEPS: 1REGISTRATION OF THE COMPANY Registration must be done at the Department of Registrar of Companies and Intellectual Property. It is advised to seek professional advice and once your lawyer has filed for registration, it can be expedited and completed in one (1) business day. The administrative cost is €395, lawyer’s or administrative service provider’s fees not included. 2SUBMIT A ‘LETTER OF INTENT’ A ‘Letter of Intent’ must be submitted along with the supportive documents required through email to the Business Facilitation Unit (BFU) to register the company as Company with Foreign Interests. This takes no more than seven (7) business days. 3BOOK AN APPOINTMENT Finally, you must book an appointment to register the company’s employees with the Civil Registry & Migration Department (CRMD). Only 3-5 employees per appointment, administrative cost is €330 per employee, lawyer’s or administrative service provider’s fees not included. Once you book an appointment, the licence of the employee for temporary residence and employment takes 40 days to be issued. • Simply visit the booking website. Select a convenient language option and choose: Town (Nicosia)→ Third-country nationals→ Companies registered at the Business Facilitation Unit and select a date. • Regarding the stipulations for ‘Employing Third-Country Nationals’ please visit this webpage of the CRMD’s website and have a look at the documents and fees.
DOING BUSINESS C YPRUS 63 UNITED ARAB EMIRATES EDITION FAMILY REUNIFICATION RIGHTS Family reunification rights are granted to third-country nationals employed by this revised policy and regulated by the Business Facilitation Unit. Direct and free access to the labour market as paid employees is granted to spouses of the third-country nationals who have obtained a residence and work permit in Cyprus, through this revised policy and who receive a minimum gross monthly salary of €2,500. This right does not extend to supporting staff who receive a monthly salary of less than €2,500. SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E The action plan provides for the simplification and acceleration of the process of granting immigration and work permits under Category E – Long-Term Resident Status to persons who have been offered permanent employment and whose employment does not create undue local competition. DIGITAL NOMAD VISA Significantly the new Action Plan provides for the introduction and the issuing of Digital Nomad Visas with a maximum initial limit of 100 beneficiaries. WHO IS ELIGIBLE: Third-country nationals who are either self-employed or are employees who work remotely using information and communication technologies to communicate with their clients or employers who must be outside Cyprus. WHAT RIGHTS DO YOU GET: • right to stay in the country for up to one year, with the right to renew their visas for another two years • can be accompanied by family members, to whom a residence permit is granted upon request, which will expire at the same time as that of the main applicant • during their stay in Cyprus, the spouse or partner and the minor members of the main applicant’s family are not allowed to engage in any kind of economic activity in the country WHAT ARE THE CONDITIONS: • must show evidence of sufficient resources at a fixed income level of a minimum €3,500/month to cover living expenses during their stay without burdening the national and welfare system (the amount is increased by 20% in case they have a wife/husband/partner and another 10% per child) • must have insurance coverage and a clean criminal record • the aforementioned prerequisites are indicative and additional requirements are applicable In the event that the holders of Digital Nomad Visas reside in the Republic for one or more periods that in total exceed 183 days within the same tax year, then they are considered tax residents of Cyprus provided they are not tax residents in any other state.
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