2023 Doing Business in Cyprus (India Edition)

DOING BUSINESS C YPRUS
60
INDIA EDITION
INCENTIVES
Attracting
Non-EU Business
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
aims to ramp up the number of companies establishing headquarters
on the island. The plan has considered the best practices from other
European countries, with emphasis on domains related to technology,
shipping, innovation, research and development, pharmaceuticals,
biogenetics and biotechnology and tertiary education 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 in January 2022.
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 Unit is responsible for the various services required for
the establishment of corporate entities:
• expedite new company name approval and registration
• facilitate registration with Social Insurance Services, direct
(income) and indirect (VAT) tax authorities
• guidance in relation to the establishment, licensing and operations of companies