New Incentive: The Fast Track Business Activation Mechanism (FTBA)

Headquartering and company relocation in Cyprus is now even more attractive through the introduction of the FTBA, which is operated by the Ministry of Energy, Commerce and Industry (MECI).

Key benefits:

• Assistance and accelerated procedures from a single point of contact to obtain all necessary local registrations for the establishment or redomiciliation of companies in Cyprus, including its registration, name approval, registration with the Social Insurance Registry, the Employers’ Registry, as well as registration with VAT and Income Tax
• Guidance for establishment and operation of companies in Cyprus and provision of information for all the necessary permits required by the company in order to start operations
• Eligibility criteria for employing third-country (non-EU) nationals under more favourable provisions
• Facilitation for an expedited issuance of the necessary residence and employment permits in Cyprus for third-country nationals (and members of their family) required for the operation of companies in Cyprus

Eligibility Criteria:

• Companies should have a physical presence in Cyprus including establishment or operation of independent offices that are separate from any private residence
• Existing companies should have a minimum turnover of €500,000 per year for three out of the last five years
• New companies should provide a reliable five-year business plan illustrating growth potential

Better Provisions for Employing Third-Country Nationals:

• Up to 200 employees (or more under certain conditions) may be hired under this fast-track policy depending on the company’s turnover, including directors, middle management executives and other key personnel, as well as specialists of particular know-how for which there is a significant shortage of supply at national level related to the high-tech, pharmaceutical and marine business sectors
• No restrictions on the maximum duration of stay of the non-EU staff, and non-EU holders of residence and employment permits have direct access to family reunification with their family members (spouse and minor children), provided that the relevant conditions of the Aliens and Immigration Law are met

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