Start-up companies in Cyprus are sustained in this country through a set of governmental programmes, designed to increase the value of such businesses, especially in the first stage of their development. Foreign investors can apply for numerous grants in Cyprus, provided by different governmental institutions. At the same time, as a member state of the European Union (EU), Cypriot businesses are entitled to funding programmes provides by the Community. Our team of Cypriot lawyers can offer legal advice on the eligibility criteria applicable to foreign investors.
1. Structural and investment funds in Cyprus
Investors who want to open a company in Cyprus are entitled to apply for the European Structural and Investment Funds, allocated for the period of 2014-2020. The programme is aiming at developing various economic sectors, including the one referring to the increase of competitiveness in the case of small and medium sized companies (SMEs).
2. Co-financed programmes in Cyprus
Co-finance programmes in Cyprus refer to a type of funding scheme which is provided by two main sources. Foreign entrepreneurs should know that they can apply for a co-funded programme established under the EU and Cyprus regulations. These funding schemes are available for a wide range of economic sectors, such as agriculture, energy, employment, health, information technology, tourism, trade or infrastructure. Our law firm in Cyprus can offer an in-depth presentation on the requirements that have to be met by each particular case.
3. EEA, Norway and Switzerland funding in Cyprus
When investing in Cyprus, businessmen should take into consideration the funding programmes applicable under the European Economic Area (EEA), Norway and Switzerland Cooperation Programmes.
The programmes aim at the following fields:
• protection of the environment;
• sustainable development;
• conservation of the European heritage;
• human resources aspects;
• child care.
4. Cypriot funding schemes
Cyprus provides the National Grant Scheme, which was created by local institutions in order to develop priority sectors, related to employment aspects or to the tourism field, which is one of the most important pillars of the Cypriot economy.
We invite businessmen to contact our attorneys in Cyprus for more legal advice on the funding options available for Cypriot start-ups.