Insight into Cyprus’ Fast Track Business Activation Mechanism

3 Foreign Business Leaders Share their Experiences in Establishing Substance in Cyprus

The Fast Track Business Activation mechanism is a one-of-a-kind opportunity for companies that fulfil the prerequisite qualitative and quantitative criteria and have a positive impact in economic growth.

Companies that are enrolled into the mechanism benefit from an array of opportunities, including:

• Incorporation: procedures required for the company’s incorporation are completed in seven (7) working days from company’s enrolment date.

• One-Stop-Shop: for the company’s incorporation, including the company’s name approval, incorporation and registration in the registers of Social Insurance Services, Labour/Employment, VAT and Income Tax.

• Government Support: Provision of information and guidance to securing the requisite business operation licenses.

• Immigration & Residency: Conveniences in the issuance of residence and employment permits for persons coming from third countries, who will be employed by the companies concerned.

Since the commencement of the Fast Track Business Activation mechanism on 3 September 2020, eleven (11) companies from Israel, Lebanon, Luxemburg, the UK and the USA have been enrolled showing an interest in predominantly three (3) fields:

1. IT and Communications: development and distribution of video games, software and app development, digital marketing, and energy performance management systems.

2. Provision of Services: business development and support, marketing, and due diligence investigations.

3. Transport: aviation and transport.

The feedback received from the companies enrolled in the mechanism thus far is notably positive and signifies the underlying interest of, by majority, tech companies choosing to build on their economic substance in Cyprus.

"Criteria that have driven the selection of Cyprus over other options that we had; first, safe and stable environment, second, good quality of life and enjoyable climate, third, which was very important for us, to be close to Lebanon and with easy travel to and from Beirut, and also interesting incentives for our employees…"

~ Mayssam Youssef, Beirut Center Operations Manager, Murex Cyprus

"Cyprus because of the easy and very professional business environment. Company incorporation: fast and clear. Stable legal and political environment is also very important. Excellent business community and networking… Cyprus actually understands the benefits of creating an IT Hub on the island… bringing IT business to Cyprus I believe is the best move the island can make and the Fast Track mechanism procedure that was implemented was a huge step for this. And, of course, Cypriots: the most welcoming nation we’ve ever met. Geographical position… member of EU with easy access to the labour market and has very strong cultural connection with Middle East nations and non-EU labour markets (Israel, Russia, Ukraine, Belarus). Taxation (the IP Box Regime, the personal income tax approach for the employees) and, of course, the overall living and working conditions… Healthcare and insurance programmes… Education… Languages… Safe and secure place for living"

~ Uri Poliavich, CEO Brainrocket, Outono

"…a stable growing economy – we chose Cyprus in 2007 where we established not only our business, but our home and our family. We have since grown our business into a global player… To relocate our colleagues to Cyprus: it was easy, it was proactive. The Fast Track programme helped us offer our friends and colleagues new opportunities in Cyprus. It helped us future-proof our company’s operations, by relocating… to Cyprus. It helped us guarantee the quality and continuity of our services and expand our presence locally, opening up new opportunities…"

~ Antoun Massaad, CEO Cedar Rose Int. Services Ltd

ServPRO’s Substance Solutions

Over the past 10 years, ServPRO has advised hundreds of businesses in numerous industries and ranging in size on relocating, incorporating and doing business in Cyprus.

Our team has a stellar track record in delivering practical solutions to corporate clients with a spherical, solution-driven and detail-oriented approach, while demonstrating an aptitude of professionalism, integrity and commercial acumen.

ServPRO assists prospective applicants with the Fast Track Business Activation Mechanism – contact us today for an initial, complementary consultation.

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