Republic of Cyprus
Commissioner to the Presidency

Information for Overseas and Repatriated Cypriots


Entrepreneurship in Cyprus

1. Grant Schemes for the Enhancement of Women and Youth Entrepreneurship

i. Entrepreneurship for Women
This scheme has been created for women between the ages of 18 – 55, in order to develop, and to support and encourage, the entrepreneurship of women in Cyprus. The scheme covers most economic activities, including those within the manufacturing sector.

ii. Entrepreneurship for Youth
This scheme has been created for young men and women between the ages of 20 – 39, in order to support and encourage young people in Cyprus who wish to establish business enterprises. The idea is to promote viable enterprises, to encourage expansion in modern technologies, and to support innovative projects and products.

Contacting us

Ministry of Commerce, Industry and Tourism
Industrial Development Service
6 Andrea Araouzou
1421, Nicosia
Telephone: (00357) 22867100
Fax: (00357) 22375120
Email: cphotiades@mcit.gov.cy
Web: www.mcit.gov.cy

Did you know?

    • The general guidelines for the schemes are published at the web page of the Ministry of Commerce, Industry and Tourism at www.mcit.gov.cy
    • Successful candidates attend special seminars organized by the Human Resource Development Authority.
    • Successful candidates may receive up to 50% of the approved budget for their sector.


2. Grant Scheme for the Enhancement of SMEs Competitiveness in the Manufacturing Sector

This grant scheme, which is co- financed by the European Regional Development Fund and the government of the Republic of Cyprus, supports SMEs within the manufacturing sector, The total available budget is €23 million, for the programming period 2007-2013. The eligible investments consist of expenditure for the purchase of new machinery/ equipment and transfer of know-how. Units processing agricultural, fishing and forest products are excluded.

Size
Grant %
Max € (2007-2013)
        Micro
35
200.000
        Small
30
300.000
        Medium
25
400.000
        Units dealing with handcraft activities and employ up to 3 persons
50
80.000


Contacting Us

Ministry of Commerce, Industry & Tourism
Industrial Development Service
6 Andrea Araouzou
1421 Nicosia
Telephone: (00357) 22867100
Fax: (00357) 22375120
E-mail: cphotiades@mcit.gov.cy
Web: www.mcit.gov.cy


3. Added Value on Agricultural and Forestry Products, Scheme for the Creation and Upgrading of Manufacturing and Trading Units of Agricultural and Forestry Products-Measure 1.6

The Scheme is included in the “Rural Development Programme 2007-2013” and is co-financed by the European Agricultural Fund for Rural Development and the Cyprus Government.

The objective of the Scheme is to motivate entrepreneurs to:
    • Improve the manufacturing and trading procedures
    • Develop new trading channels for agricultural products
    • Improve the quality of products
    • Protect the environment and improve sanitary conditions

The eligible expenditure includes the purchase of new machinery and equipment, the creation, expansion and upgrading of buildings (for micro units only) and the transfer of know – how.

The grant is estimated as 40% on the eligible amount of investment with a maximum of 170.000 Euros for the Micro Enterprises and 400.000 Euros for the Small and Medium-sized Enterprises (for the period 2007-2013).


Industrial Development Service

The Industrial Development Service aims at accelerating the rate of growth of the manufacturing sector and enhancing its competitiveness under free market conditions through:

i. the reconstruction and support of the traditional manufacturing industry,

ii. the attraction of foreign direct investment, mainly capital intensive,

iii. the enhancement of existing as well as the attraction and development
of new high-tech industries.


Responsibilities

The main responsibilities of the Industrial Development Service, Ministry of Commerce, Industry and Tourism, are:

i. enhancement and development of existing Small Medium Manufacturing Enterprises (SMEs)

ii. attracting foreign investment with the aim of establishing new industrial units especially units producing high technology high value products

iii. harmonisation with the EU directives in respect of Small Medium Enterprises (SMEs) and Industrial policy

iv. implementation of the relevant laws and representation of the ministry at several board, committees and organisations.

Contacting us

Industrial Development Service
Ministry of Energy, Commerce, Industry and Tourism
6, Andreas Araouzos street,
CY-1421, Nicosia,
CYPRUS
Telephone: +357 22867100
Fax: +357 22375120
E-mail: perm.sec@mcit.gov.cy
Website: www.mcit.gov.cy

One-Stop Shop

Under the auspices of the Ministry of Energy, Commerce, Industry and Tourism, the government has set up the One-Stop Shop for local and foreign companies, in order to accelerate, facilitate and simplify the process of establishing a business in Cyprus.

The One-Stop Shop makes it possible for an entrepreneur or investor to obtain almost all required permits in a streamlined coordinated process at a single point, in order to establish a new business within one week.

Services include:
    • Provision of information, guidance and services to potential and existing investors
    • Company registration
    • VAT registration
    • Income tax registration
    • Application for the issue of residence and work permits

Contacting us

ONE-STOP SHOP

Andrea Araouzou 13-15
1421 Nicosia
Telephone: +357 22409328, +357 22409345
Fax: +357 22409432
E-mail: psccyprus@mcit.gov.cy (Language Selection: Greek, English)


Point of Single Contact

Within the scope of harmonization with the Services Directive, the Ministry of Energy, Commerce, Industry, and Tourism has established the Point of Single Contact (PSC Cyprus) in order to facilitate the establishment of businesses in the services sector and the cross border provision of services within the internal market.

The PSC Cyprus Portal (www.businessincyprus.gov.cy) provides comprehensive information regarding the administrative procedures and formalities required for the access to, and exercise of, service activities that fall within the scope of the Services Directive (http://www.businessincyprus.gov.cy/mcit/psc/psc.nsf/permits_en/permits_en?OpenDocument), including the horizontal procedures and formalities for setting up of a business in the Republic of Cyprus.

In parallel, through the PSC Cyprus Portal, online submission of application forms as well as tracking of the ongoing administrative procedures is offered for a number of registrations/authorizations, related to the establishment of a business, such as Taxpayer’s Registration, Social Insurance Scheme Registration; the access to and exercise of service activities, such as the establishment of a catering establishment; and the temporary provision of services across border, such as the temporary provision of veterinarian services.

Contacting Us

Point of Single Contact Cyprus
13-15 Andrea Araouzou
1421 Nicosia,Cyprus
Telephone: +357 22409318/21
Fax: +357 22409432
E-mail: psccyprus@mcit.gov.cy
Website: http://www.businessincyprus.gov.cy/


Cyprus Investment Promotion Agency (CIPA)

To contribute dynamically and flexibly to the infusion of foreign investments by positioning Cyprus as a competitive regional hub for a wide range of targeted sectors, the Cyprus Government established the Cyprus Investment Promotion Agency (CIPA) which is a registered not-for-profit limited company by guarantee. CIPA, acting within its mission and strategy has a threefold mandate:
    • To promote Cyprus as a robust and attractive investment destination and an international business centre in key priority growth sectors;
    • To provide investor facilitation and support with aftercare and further development services; and
    • To advocate for reforms to improve the regulatory and business environment and infrastructure.

CIPA is actively involved in advocating key reforms to remove hurdles and improve the regulatory and business environment in Cyprus which is a fundamental requirement to attract and retain foreign direct investment, especially in an increasingly competitive global economic environment.
CIPA works closely with the Government authorities, the Regulatory and Supervisory bodies, as well as industry experts in Cyprus to enhance even more the investment environment of Cyprus and to promote the country as an attractive platform and destination for foreign investors.

World Conference of Overseas Cypriots