2022-2023 Cyprus Country Report
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
INCENTIVES<br />
Attracting<br />
Non-EU Business<br />
<strong>Cyprus</strong> has launched a new action plan to attract foreign businesses<br />
to establish or expand their activities on the island. <strong>Cyprus</strong> already<br />
provides many competitive advantages, but this new set of incentives<br />
is geared to ramp up interest for companies to set up headquarters<br />
in the country. The plan has taken into account the best practices<br />
from other European countries, with emphasis on domains related<br />
to technology, shipping, innovation, research and development,<br />
biogenetics and biotechnology, without excluding any other<br />
companies that choose <strong>Cyprus</strong> as their place of business. The new<br />
strategy which aims to promote foreign investment and stimulate<br />
economic activity was implemented on January 1, <strong>2022</strong>.<br />
THE BUSINESS FACILITATION UNIT<br />
The previous Fast Track Business Activation mechanism for companies of foreign<br />
interest has been transformed into a Business Facilitation Unit for foreign<br />
companies operating in <strong>Cyprus</strong> or for foreign companies that wish to expand their<br />
operations in the country. The new Unit is responsible for the various services required<br />
for the establishment of corporate entities:<br />
• new company name approval and registration<br />
• registration with Social Insurance and VAT authorities, and with Income Tax<br />
authorities<br />
• guidance in relation to the establishment, licensing and operations of companies<br />
• issuance and renewal of residence and employment permits for staff employed by<br />
foreign companies<br />
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