Startup launch in Cyprus

Invest Cyprus is the government’s dedicated partner responsible for attracting and facilitating Foreign Direct Investment (FDI) in key economic sectors.

Being the lead agent in establishing Cyprus as a world-class investment destination, Invest Cyprus proactively promotes the enhancement of the country’s competitive environment, advocating reform and maximising FDI, for the economic and social benefit of Cyprus. In close collaboration with all government authorities, public institutions and the private sector, Invest Cyprus is the investor’s first point of contact.

With its ideal geographical position at the crossroads of three continents – Europe, Africa and Asia – Cyprus plays a key stabilising role in the region of the Eastern Mediterranean.

Cyprus benefits from advanced and modern infrastructure, as well as an extensive telecommunications network, ideally suited for business people with demanding schedules.

As a dynamic business centre, Cyprus offers an abundance of highly educated and skilled individuals, multilingual in their majority, ready to serve the needs of any business.

Cyprus offers exciting potential in both traditional and emerging economic growth sectors, continuously aiming at diversifying and enriching its product. Traditional sectors, such as shipping, tourism, banking, financial and professional services, have been the key driving forces of the island’s economy for years, while new sectors, such as energy, investment funds, research & development, education and wellness tourism, offer a modern perspective and give impetus to the country’s path towards growth and a varied, knowledge-based economy. Numerous opportunities are waiting to be explored in all development sectors, while various incentives and funding opportunities are frequently introduced in order to improve Cyprus’ competitiveness and enhance ease of doing business.

Research and Development (R&D) is an emerging priority sector with the country aiming at cultivating a knowledge-based economy. The Cyprus startup ecosystem is a promising and developing area, with existing incubators, also supported by Universities operating research centres within their premises.

Setting up a business in Cyprus gives access to both an incredibly skilled local workforce and a wider European pool of talent. It also offers a series of programs that allow international professionals to easily relocate.

The Cyprus Startup Visa scheme, established in 2017 as a 2 year pilot programme has been reinstated in 2019 until March 2021. The regime allows entrepreneurs from countries outside the EU and the European Economic Area (EEA) to come to Cyprus and establish startups with high growth potential. The scheme’s goal is the creation of new jobs, the promotion of innovation and research, the development of the business ecosystem and consequently the economic development of Cyprus.

The scheme has a grant of 150 visas to issue. Applications should be submitted with a business plan, which will be evaluated within 5 weeks. The business plan evaluation is based on five criteria, which are scored from 0-3 and a score of at least 11/15 is required for approval. Applicants should have access to 20,000 euros in the bank from either venture capital funding, crowdfunding or any other means of funding. The office and tax residency of the business must be established in Cyprus. In case of approval, a residence permit will be issued for 1 year and renewable if successful.

For more information on how to start up your business in Cyprus, visit Launch in Cyprus.

Source: Invest Cyprus