Our Law Firm offers quick and efficient assistance in relocating your company to Cyprus along with staff and family members.
Firstly, we need to consider wether your company is eligible for the Fast Track Business Activation (FTBA) mechanism.
The Fast Track Business Activation (FTBA) mechanism which has been approved by the Council of Ministers on the 3rd of September 2020, aims to provide fast and efficient services to companies that wish to establish presence or move their operations to Cyprus.
Under this new policy and as the name denotes, eligible companies can enjoy faster completion of all related procedures including the incorporation of the company, social insurance and VAT registration as well as obtaining the necessary residence and employment permits for their personnel.
Additionally, under this scheme companies are enabled to hire an increased number of staff (up to 200 employees) in key positions, while at the same time their family members can be granted Cyprus residence permits.
Companies interested in joining the Fast Track Business Activation mechanism should meet the following criteria:
- Companies should have a physical presence in Cyprus including establishment/operation of independent offices that are separate from any private residence.
- Existing companies should have a minimum turnover of €500.000 per year for 3 out of the last 5 years.
- New companies should provide a reliable 5-year business plan illustrating growth potential.
The Fast Track Business Activation scheme is operated by the Ministry of Energy, Commerce and Industry and includes the following services:
- Provision of Services for the establishment of a company including company registration and name approval, registration with the Social Insurance Department, VAT and Income Tax registration.
- Guidance for the establishment and operation of companies in Cyprus and provision of information for all the necessary permits required by the company in order to start operations.
- Facilitation for the issuance of residence and employment permits in Cyprus for third country nationals.
Should your company not qualify for the FTBA mechanism, then we will proceed with the normal structuring and set up of the company. The same outcome will be achieved but will take slightly longer.