2023-Cyprus-Country-Report
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CYPRUSCOUNTRY REPORT <strong>2023</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 />
aims to ramp up the number of companies establishing headquarters<br />
on the island. The plan has considered the best practices from other<br />
European countries, with emphasis on domains related to technology,<br />
shipping, innovation, research and development, pharmaceuticals,<br />
biogenetics and biotechnology and tertiary education without<br />
excluding any other companies that choose <strong>Cyprus</strong> as their place of<br />
business. The new strategy which aims to promote foreign investment<br />
and stimulate economic activity was implemented in January 2022.<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 Unit is responsible for the various services required for<br />
the establishment of corporate entities:<br />
• expedite new company name approval and registration<br />
• facilitate registration with Social Insurance Services, direct (income) and indirect<br />
(VAT) tax authorities<br />
• guidance in relation to the establishment, licensing and operations of companies<br />
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