The Fast Track Business Activation Mechanism which was approved in September 2020 by the Council of Ministers for setting up a company in Cyprus by third country nationals will be activated and start to accept applications by October 19 this year and aims to attract foreign investment to Cyprus.
This Mechanism will operate under the Ministry of Energy, Commerce and Industry run by Mrs. Natasa Pilides. According to its provisions, all necessary procedures for the registration and incorporation of a company in Cyprus will be completed within 7 working days from the day of submission of all required information to the Ministry of Energy, Commerce, and Industry. Where additional permits are required for the operation of the business, they will be completed within 30 working days, except for building and planning permits.
To utilise the new Fast Track Business Activation Mechanism, interested companies should meet qualitative and quantitative criteria and, thus, contribute to the country’s economic growth. To benefit from the Mechanism, companies must create a physical presence in Cyprus, including personnel and independent offices, and have a minimum turnover of €500.000 per year in the last 3 years.
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