Financial difficulties - Cyprus

Updated 10/2010

Legal requirements

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.

Access to finance — Cyprus

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.

Bankruptcy — Cyprus

Administrative procedures

Earnings-based insurance

The Social Insurance Scheme is financed through contributions from employers, policy holders and the State, as defined by the law.

Social Insurance Scheme

Programmes

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.

Archived schemes and benefits by the Ministry of Commerce, Industry and Tourism
Grants for businesses dealing with agricultural products
Grants for businesses dealing with industrial products
Grant schemes to enterprises doing business in the provision of services, e-commerce field

Check also the legislation on this topic in: