The promotion of entrepreneurship, the improvement of the business environment and the reduction of bureaucracy, are the main objectives of the Government and the Governance Program of the President.
The "Business Facilitation Unit (BFU)" was established in January 2022 as part of the “Strategy for Attracting Investments and Talent" adopted for this purpose. The BFU operates under the auspices of the Ministry of Energy, Commerce and Industry and is the "Contact Point" for businesses that are already active in Cyprus as well as for businesses wishing to expand their activities in Cyprus.
The aim is to upgrade and modernize the services offered through BFU in order to address any problems and weaknesses of the existing investor support system.
The responsibilities of the Unit are graphically presented that follows and are briefly analyzed below:
Provision of information/guidance on the licenses required for establishment, operation or expansion of company activities in Cyprus, depending on the type of investment/nature of business;
Liaising with the state’s various licensing authorities - at the investor’s request - when facing obstacles/delays in the implementation of a project. In this context, meetings are also held with the authorities and an effort is made to resolve the problems and to set timetables for the actions to be taken;
Providing facilitation on expediting the registration of a new company in the register of companies, of the Department of Registrar of Companies and Intellectual Property, the employers’ register of the Social Insurance Services and the Tax Department’s register.
The BFU accepts applications from companies wishing to be registered in the Register of Companies with Foreign Interests; held at the Unit. By registering in the Register, companies can take advantage of the incentives announced by the Government, regarding the employment of third country nationals.