Stabilisation of the business
Incorrect assessments regarding the financial course of a business are a common phenomenon. With this in mind the Republic of Cyprus has taken appropriate measures to assist entrepreneurs facing financial difficulties.
Access to different sources of finance can help overcome financial difficulties.
When filing for bankruptcy is the only option left for a business owner, it pays to cut your losses, initiate proceedings sooner rather than later, and move on to a new project.
Social Insurance Fund contributions
The Social Insurance Scheme is financed through contributions from employers, policy holders and the State, as defined by the Social Insurance Act 59(I)/2010. The contributions are calculated based on the person’s income from their work.
The Cyprus Ministry of Commerce, Industry and Tourism provides various programmes and grants as well as business support schemes. Interested entrepreneurs may obtain more information on these programmes and grants upon written request whenever they are officially announced.