Innovative research, a rapidly growing Start Up ecosystem, a highly educated and experienced human talent and a range of incentives render Cyprus an ideal choice to start and scale companies. Applied research is encouraged through EU or national Funding and an attractive IP box, while research centres are established in all major cities.
One of the major actions in the framework of the National Policy Statement for the Enhancement of the Entrepreneurial Ecosystem in Cyprus, which was implemented by the Ministry of Finance in cooperation with the Unit of Administrative Reform – Presidency, is the revision of the Income Tax Law in order to create an attractive incentive through tax relief to individuals investing in innovative companies, either directly or through an investment fund.
In addition, the Council of Ministers of the Republic of Cyprus approved the Cyprus Start-Up Visa for non-EU citizens aiming at promoting investments in Cyprus in the fields of innovation and research and development (R&D). The Cyprus Chamber of Commerce and Industry emphasised that the Start-Up visa scheme gives incentives to non-EU entrepreneurs and investors to settle in Cyprus and develop their innovative ideas.
Start-up Visa for third-country nationals:
○ Non-EU nationals;
○ In the case of the individual Start-Up visa scheme: The founder of the Start-Up.
○ In the case of the team Start-Up visa scheme: at least 1 founder and 5 top managers with more than 50% of the shares;
○ Capital: €50.000 (either through venture capital funding, crowdfunding platforms or other funding sources);
○ The company must set up its headquarters and its tax residency in Cyprus;
○ Undergraduate degree or equivalent professional title;
○ Businesses must be certified Start-Ups;
○ Innovative business. The enterprise will be considered as innovative if its Research and Development (R&D) expenses represent at least 10% of its operating costs, in at least one of the three years before the submission of the application, as certified by an external auditor. In the case of a new Start-Up, without any financial history, then the Business Plan must include a detailed explanation of the innovative elements of the company.
Find your business model and our team of lawyers will provide assistance in completing the relevant application with all the accompanied documentation, before the appropriate authorities, register a Cypriot Company and the Intellectual Property innovative idea. We can also assist you in managing your Company in Cyprus with all taxation benefits.