articles | 07 September 2020

€40,000 state grants to businesses within the walls of Nicosia

Incentives, in the form of government grants, of the order of €700,000 will be offered to entrepreneurs who wish to operate or transfer their business activities to areas within the walls of Nicosia.

According to an announcement by the Municipality of Nicosia, the Sponsorship Plan to strengthen business activity is part of the four-year plan for the Rehabilitation/Revitalisation of the Nicosia Green Line Areas (2017–2020) by the Ministry of Interior and has, among other things, the following objectives:

• Attracting to selected areas that qualify as recipients of the Green Line Revitalisation Plan new companies whose activity is predetermined.

• Encourage existing companies to move to the areas of implementation of the Plan with the aim to socio-economically upgrade areas adjacent to the Green Line.

• Encourage companies already operating in the areas included in the Plan to expand their building facilities in order to evolve and become more competitive.

Beneficiaries of the Plan are companies of any size, natural persons – Cypriot citizens and EU citizens, and legal entities – Companies, Associations, Institutions whose majority of the share capital, or voting rights of shares, or partners of another company, or shareholder of another company belong to Cypriot or EU citizens.

The areas of implementation of the Plan, for the Municipality of Nicosia, include the following streets:

Nikokleous, Faneromenis, Mouson, Evripidou, Andrea Louka, Marias Sygklitikis, Lefkonos, Asklipiou, Tryfonos, Ypsilanti, Christofidi, Aeschylou, Aristophanous, Trikoupi, Dionysiou, Alkiviadous, Lidinis, Town Hall Square, Diogenous, Attaleias, Soutsou, Tyllirias, Peiraios, Isaac Komninos, Eptanisou, Palia Ilektriki, Tempon, Manis, Tritonos, Tethlasmenis, Pentadaktylou, Ermou, Ektoros, Ammochostou.

The sponsorship concerns 75% of the eligible estimated cost of the expenditure related to construction works in existing or new buildings in order to create a company with a maximum financial assistance of €40,000 per company.

The deadline for applications is November 30, 2020.

More information and applications for participation in the Plan have already been posted on the website of the Municipality of Nicosia here Sponsorship Plan to strengthen business activity.

Applications can be submitted to the Municipality of Nicosia, Eptanisou 11, 1016 Nicosia, PO Box. 21015, 1500 Nicosia.

Source: In-Cyprus

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