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Business support - Cyprus

Updated 10/2009

Legal requirements

Helping businesses

Public-private organisations

The Cyprus Chamber of Commerce and Industry (CCCI) offers Cypriot businesses an array of services and facilities: e.g. support to SMEs, trade missions to other countries, training programs and seminars, advice on EU-related matters.

It also offers information on business relationships, certification of origin and ATA carnets; provides arbitration in business disputes; is represented in various governmental committees; and publishes a monthly newsletter and business guide.

  • Cyprus Chamber of Commerce and Industryελληνικά

Public organisations

The Ministry of Commerce, Industry and Tourism and more specifically the Industrial Development Service is involved in activities and deals with issues of particular interest to the commercial and industrial world, and has an obligation and duty to provide adequate information to any interested citizen.

Prior to the establishment of any laws, regulations, schemes or plans affecting the commercial and industrial world, the Service requests that its associations provide their views.  In continuation and after making the final decisions on various aspects concerning businesses, the Service:

  • Immediately informs entrepreuner organisations in writing.
  • Issues the relevant notices published and broadcast in the press and the media respectively.
  • Prepares the relevant brochures.
  • Presents and analyses government policy during various entrepreuner meetings organised by their associations as well as other organisations and institutions.
  • Industrial Development Service

Aiming to provide assistance and support to SMEs, the Ministry of Commerce, Industry and Tourism also operates the following services:

The Cyprus Investment Promotion Agency is a non-profit private limited company, the sole member of which is the Cyprus Government. The Agency aims to effectively promote Cyprus as an international business and investment centre and attract foreign direct investment in targeted areas.

             
   The Agency provides professional assistance to companies based abroad and wishing to explore investment prospects in Cyprus. It also provides post investment services to international companies already based in Cyprus.

The One Stop Shop for Setting Up a Business is a modern institution which aims to accelerate, to the maximum extent possible, the procedures required to set up a business in Cyprus. The Service can be used by both foreign and Cypriot investors.

The Service provides six different services, thus reducing bureaucracy and reducing the time spent to set up a company.  The following services are offered:

  • Guidance/ services to Cypriot and foreign investors
  • Registration of a company in Cyprus
  • Registration under the Value Added Tax Registry
  • Registration for Income Tax
  • Subscription to the Social Insurance Fund and registration to the Employer Register
  • Application for the issuance of residence and work permits in Cyprus

Appropriate measures have been taken in order to significantly decrease, to one week, the average time needed to set up a business, especially a small or medium-size business.

  • One Stop Shop for Setting Up a Businessελληνικά

In promoting investment, the Ministry is also responsible for speeding up licencing procedures for businesses, investment proposals of which meet the necessary criteria.

The Human Resources Development Agency (HRDA) within the Ministry of Labour and Social Insurance offers the possibility for businesses to increase employee numbers.

The HRDA also co-finances 50% of the European Social Fund plans and offers counselling, guidance and training for workers in one- to four-person businesses.

The Human Resources Development Agency offers free advice and technical assistance to facilitate opportunities for young secondary school leavers and HE graduates, technical assistance complete with business programmes, and financial support for training infrastructures.

Access to finance is crucial for setting up and running a business.

Check also the legislation on this topic in:

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Further help

SOLVIT helps businesses deal with problems that arise when national authorities wrongly apply EU market rules.