articles | 20 October 2022 | ServPRO

Action Plan for Companies to Operate & Expand their Activities in Cyprus 2022-24 A Year in Review

A year has now passed since the Government’s Press Conference launching the Republic of Cyprus’ Action Plan for Attracting Companies to Operate and Expand their Activities in Cyprus, making a notable development of the promotion of Cyprus as an international business centre and a headquartering destination. The actions envisioned by the Action Plan comprise of:

1. Business Facilitation Unit for active and prospective companies interested in conducting business activities in Cyprus


At ServPRO, our services relating to new companies are the most sought-after ones – we offer a comprehensive and customisable package of company incorporation services, including registering of a Cyprus company, enrolling companies into the BFU, leasing of office facilities, providing company directors, secretaries and registered office address, registering with the competent tax authorities and opening of corporate bank accounts. View our Corporate & Legal services

2. Employment of 3rd country nationals to simplify the procedure for employing third country nationals in eligible companies

3. Family members of 3rd country nationals to have free and direct access to the employment market

4. Work permit procedure simplification to expedite the process for granting work permits under Category E


At ServPRO, we ensure that our clients obtain all the necessary licenses and approvals from the competent authorities in Cyprus regarding the immigration, residency and employment of their local, EU and international personnel. In addition, we undertake the registration of companies with foreign interests, the drafting of employment agreements, and ensure that the family members of those employees who will immigrate to Cyprus, can freely live and work in Cyprus. Read more on Action Plan’s Immigration incentives

5. Social insurance benefits through the increasing number of bilateral agreements between the Republic of Cyprus and third countries


At ServPRO, we provide Payroll services and services relating to the calculation of Social Insurance, PAYE and other contributions on behalf of our clients and ensure their compliance with social insurance legislation. View all our Accounting & Finance Services

6. Digital Nomad Visa (100 beneficiaries) for people residing in Cyprus and being employed abroad


At ServPRO, we undertake the entire process relating to Digital Nomad Visas, starting from assessing an applicant’s eligibility against the criteria provided for Digital Nomads, booking and representation of the applicant before the Civil Registry and Migration Department (CRMD), and monitor the application through to the obtainment of the Digital Nomad Visa. . Read more on Digital Nomads

7. Tax incentives and exemptions for investments in innovative businesses, for employees in Cyprus, and for R&D


At ServPRO, we provide tax consultancy and advice, design and implement customised strategic tax plans, undertake the process of securing tax rulings, provide corporate and personal tax services, VAT and indirect tax services, conduct tax due diligence, ensure the compliance of our clients with the applicable tax legislation, advise on tax implications in relation to cross-border transactions, advise on tax aspects and benefits relating to the protection of Intellectual Property (IP), including the sought-after Cyprus’ IP Tax regime, and ensure our clients take advantage of the abundance of tax incentives and benefits offered. View our Tax Services

8. Cypriot citizenship by naturalisation applications to be examined in priority after 7 years or residing and employed in Cyprus


At ServPRO, We undertake the entire procedure to secure any type of residency and immigration permit from the competent authorities, carrying out the naturalisation process in order to obtain citizenship and any other immigration-related service. View our Immigration & Residency services

9. Peripheral actions supplementary to the Action Plan for start-ups, innovation and high-tech companies, corporate spin-offs, campaigns for qualified workforce abroad, license issuing for strategic investments, branding, marketing and communication aspects, judicial reform actions, modernising the corporate legal framework, and upgrading the ICT and broadband connection infrastructure

10. HR and workforce improvements starting from universities in cooperation with the labour market, refined school programs to promote positive sciences, and enhance the skills and competences of employees 


At ServPRO, we provide consultation services on start-ups, entrepreneurships, established local companies and international corporations and corporate structures, industry expert advice, set-up and review of accounting systems and internal controls, advice on improving performance through reliable accounting systems and controls, perform business valuations, Mergers & Acquisitions, financial and legal due diligence services, prepare business plans and feasibility studies, forecasting and budgeting, design strategies for building economic substance, corporate governance and strategic planning. View our Advisory & Consulting services

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