When opening a business in Cyprus, depending on the type of activity to be carried out certain business licenses must be obtained with the relevant authorities. However, certain types of companies such as those operating the in financial sector will be subject to stricter conditions and will required special licenses before commencing. Obtaining special permits or license also include some costs that will mainly depend on the authority releasing them.
In order to find out what license requirements are for different types of activities foreign investors are advised to ask for the services of a Cypriot law firm.
Depending on the type of activity, companies may require one or more special permits in Cyprus. Hotels will usually require a special license issued by the Cyprus Tourism Organization, restaurants will require two special permits, one issued by the local authorities and a Health Ministry Certificate, private schools require a special license issued by the Education Ministry, while financial institutions in Cyprus will require a special permit issued by the Securities and Exchange Commission. Retailers are also required to obtain special licenses for selling alcohol and tobacco, but a sales special permit issued by the local authorities is also required. Other permits are required for catering businesses for serving food. Companies involved in trading activities must obtain a special export/import license from the Department of Customs and Excise in Cyprus. Banks and insurance companies will require special permits issued by the Central Bank.
Cypriot companies conducting construction business will require a special permit issued by the local authority in the area where the construction site will be. The procedure for obtaining the permit is quite strict and the company must submit a copy of the blue prints, an application for a town planning license and a building permit. Special licenses for sewage, electricity and water must also be obtained.
For detailed information about all special licenses and permits required when opening a company you can contact our lawyers in Cyprus.
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