On September 3 rd of 2020, the Council of Minister approved the introduction of a fast track procedure for the establishment of companies by third country nationals in the Republic of Cyprus, called the Fast Business Activation Mechanism. The idea was elaborated in a collaboration project between the Ministries of Energy, Commerce and Industry and the Ministry of Foreign Affairs, Interior, Finance and Labor.
The newly released provisions set the ground for the registration and incorporation of a company within a period of 7 working days, starting from the submission date of the application to the Ministry of Energy, Commerce and Industry. With the exception of building and planning permits, any further documents and / or permits that may be necessary shall be issued within a timeframe of 30 days.
The ultimate goal of the establishment of the fast track process is the attraction of investment that shall boost the country’s economic growth. Consequently, the eligibility criteria for submission corresponds to the following quantitative and qualitative conditions:
I) Establishment of a physical presence in the Republic of Cyprus;
II) Hiring of personnel in the Republic of Cyprus;
III) Set up of independent offices on the territory of the Republic of Cyprus;
IV) Provide evidence of a yearly turnover equivalent to at least € 500.000 for the last 3 years prior to application.
The present article is for informational purposes only and does not, under any circumstances, constitute legal advice. For further information on the subject, please contact Arsen Theofanidis LLC, and one of our legal advisors shall be glad to assist you.
N. Kalifatidou
Advocate – Legal Consultant
Arsen Theofanidis LLC