Tax Exemptions for Employment Income to attract Foreign Talent to Cyprus

Following the landmark ruling by the Court of Justice of the European Union (CJEU), the Department of Registrar of Companies and IP (DRCIP) of the Republic of Cyprus has issued an announcement on 28 November 2022, stating that the general public’s access to the UBO Register is suspended as of 23 November 2022.

As part of the European Union's (EU's) continuing efforts to boost Small- and Medium-sized Enterprises (SMEs) – which represent 99% of all businesses in the EU – the European Union Intellectual Property Office (EUIPO) has throughout 2022 been running an advantageous grant scheme called the Ideas Powered for Business SME Fund to encourage SMEs to protect their IP rights.

The SME Fund is open to all enterprises that are established within the EU and fall within the definition of a "SME" as defined in the EU Recommendation 2003/361.

In its revised 2022 edition, the SME Fund has been broadened in scope to further include reimbursement vouchers for patent registration at a national level with a noteworthy 50% discount, allowing an SME to claim up to €750 reimbursement (Voucher 2).

At ServPRO, we have already taken advantage of the SME Fund both in its 2021 and its 2022 editions and we have successfully applied and received reimbursement for applications made within the EUIPO’s given vouchers.

Do you have a Patent you wish to protect?

We can apply on your behalf for a 50% reimbursement of patent pre-grant (e.g., filing, search, and examination), grant, and publication fees at national level.

The final deadline for applications is 16 December 2022 and grants are given on a first come, first served basis.

Get in touch with us if you’re interested in registering your patent or know someone who might be via email (info@servpro.com.cy) or by telephone (+35722021100).

What about IP Scan, Trade Mark and Design fees reimbursement?

IP Scan, Trade Mark and Design fee reimbursements encapsulated under the EUIPO’s SME Fund 2022 (Voucher 1) have been closed earlier than the set deadline, due to their high demand leading to the allocation of all funds under the €25m budget. The current available voucher is Voucher 2 (to use for patent fees).

It is noteworthy that the EUIPO is working on the new SME Fund for 2023. Visit our website regularly and stay tuned with our News & Client Alerts for more information on next year’s initiative!

For more information on this topic contact us by telephone (+35722021100) or via email (info@servpro.com.cy).