The Council of Ministers of the Republic of Cyprus recently approved (03/07/2020) a new fast-track procedure for businesses outside of the EU, looking to move their operations to Cyprus (and to the EU).

Fast-Track Procedure

According to the proposal submitted by the Minister of Energy, Trade and Industry, companies that will be included in this new “Fast Track Procedure”, will be able to fulfil all necessary procedures for the registration and establishment of their business in Cyprus within 7 working days. (incl. registration of a Cyprus company, registration with the Tax authorities).

In cases where additional permits are required for the operation of the business, these will be completed within 30 working days.

The 30 working days’ timeframe does not include building and planning permits but assistance and support will be provided to obtain these, should the company be interested in acquiring and developing land in Cyprus.

Why Cyprus

Cyprus is a competitive international business centre, with strong expertise in areas such as financial, professional and administrative services and thriving tourism and hospitality, shipping, and real estate sectors.

Cyprus can also serve as an ideal point of entry to the EU, as an EU Member State and Eurozone Member, Cyprus may serve as a gateway for companies to do business from and within the EU Single Market.

Cyprus’ competitive tax framework (12.5% corporate tax rate, Double Tax Treaty network of more than 60 countries) alongside benefits stemming from its transparent regulatory framework make it an ideal headquartering location.

Further Information

 Further details of this scheme will be announced next week, following a scheduled meeting of the Council of Ministers.

Should you wish to receive more information once this is available, you can sign up below and we will contact you with all details of the scheme: