The Council of Ministers has approved the creation of a Fast Track Business Activation Mechanism for setting up a company in Cyprus by third-country nationals to attract more foreign investment to the island.
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 and/or documents.
Where additional permits are required for the operation of the business, they will be completed within 30 working days, with the exception of building and planning permits.
In order to utilise the new Fast Track Business Activation Mechanism, interested companies are obliged to meet the specified qualitative and quantitative criteria and, hence, 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.
For public health purposes, when participants in the Mechanism arrive in Cyprus, all COVID-19 protocols applicable in Cyprus (such as quarantine and testing) will be followed.