The Fast-Track Business Activation policy was approved by the Cyprus Government aiming to attract foreign businesses to Cyprus by providing fast and efficient services to them for installation in Cyprus. The policy enables the eligible companies to enjoy an accelerated procedure for the incorporation and the registration with relevant public bodies required for the company’s operations. In addition, companies under the Fast-Track Business Activation are entitled to hire an increased number of personnel in key positions and the employees’ family members can be granted Cyprus residence permits.
The Fast-Track Business Activation mechanism can apply for existing or new companies of foreign interests or Cypriot companies that fall into the fields of shipping, high technology and innovation, pharmaceuticals, biogenetics and of biotechnology and wish to employ staff from third countries with skills for which there has been a shortage in Cyprus.
The companies should meet certain criteria and contribute positively to the country’s economic growth. The main criteria are:
Under this new scheme, all necessary registrations for the establishment of a company is completed from a single point of contact within 7 working days, including the following:
In addition to the above, the procedure to acquire all the necessary permits and licenses required by the company in order to start operations, as for example the registration to the Contractor’s Register for a contractor company, is completed within 30 working days, with the exception of building and planning permits.
The Fast-Track Business Activation procedure can also facilitate the company to be registered with the Civil Registry Migration Department, so as to hire employees from third countries and grant them work permits. Up to 200 employees - or more under certain conditions - may be hired under the 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. These employees have the right to family reunification with their family members, that is to say their spouse and minor children, provided that the relevant conditions of the Law are met. The work permit and the residence permit can be examined within four to six weeks from the date of submission of the relevant application.
Globalseve Consultants Ltd can advice you on the New Scheme of Fast Track Business Activation in Cyprus and undertake the preparation of documentation needed for the proceedure discribed above. Our experinced team is in the strong position to proceed with the company registration in Cyprus and abroad, establishment of trusts, proceed with the bank account opening in Cyprus, Europe and other countries, as well as assist you with the recruiting of candidates, social insurance registration and payroll.