September 10, 2020 / BGBG Partnerships
On September 3, 2020, the Council of Ministers approved the introduction of a fast-track procedure for the establishment of businesses by third-country nationals in the Republic of Cyprus, known as the Accelerated Business Activation Mechanism. The initiative was developed through a collaborative project between the Ministry of Energy, Commerce, and Industry and the Ministries of Foreign Affairs, the Interior, Finance, and Labor.
The recently published regulations establish the framework for registering and incorporating a company within seven business days of the date the application is submitted to the Ministry of Energy, Trade, and Industry. With the exception of building and planning permits, any other documents and/or permits deemed necessary will be issued within 30 days.
The ultimate goal of establishing this expedited process is to attract investments that will drive the country’s economic growth. Consequently, the eligibility criteria for applications are based on the following quantitative and qualitative conditions:
I) Establishing a physical presence in the Republic of Cyprus;
II) Hiring of personnel in the Republic of Cyprus;
III) Establishment of independent offices within the territory of the Republic of Cyprus;
IV) Proof of annual revenue of at least €500,000 for each of the three years preceding the application.
This article is for informational purposes only and does not constitute legal advice under any circumstances. For more information on this topic, please contact BGBG and Hector Guzmán.
N. Kalifatidou
Attorney – Legal Consultant
Arsen Theofanidis LLC
For BGBG Lawyers