Europe

More foreign companies set up shop in Cyprus

The adoption of new strategies to attract business and talent has led to a significant increase in the number of foreign companies interested in establishing a presence in Cyprus, said Cyprus Interior Minister Nikos Nouris, 2021. It said 5,475 applications were submitted in the year. The number of applications for August 2022 has reached 7,883.

Speaking at the 8th Business Conference in Limassol, Nouris said the ministry and government initiative “creates new opportunities for both existing and new businesses looking to relocate to Cyprus.”

Nouris said he would lay out laws and regulations facilitating the establishment of foreign companies in Cyprus, with the aim of allowing them to employ staff from third countries and bring their families with them. This new reality has changed and the recent effects of the economic crisis.”

He explained that the incentives offered by the Home Office fall under a new strategy for attracting business and talent, a new development licensing policy, and a new licensing and local plans policy. He assured that “the government’s efforts to improve the economy and business environment are systematic and continuous.”

Nouris referred to a mechanism for the rapid establishment of business in Cyprus, which came into force in 2020 and will develop into a Business Promotion Unit under the Ministry of Energy, Trade and Industry in 2022. He also noted the contribution of the revised policy on foreigners arriving in the country in the context of business activities, facilitating the relocation of third-country nationals and their families, and allowing spouse employment.

He further explained that by the end of 2026, existing foreign companies will be able to hire workers from third countries without any restrictions, but from 2027, the maximum number of such workers will be , which is 70% of its total number of employees. Company.

“The adoption of the new strategy has dramatically increased the interest of foreign companies seeking to settle in Cyprus,” Nouris said, adding that between January and August, the number of families associated with foreign companies to settle in Cyprus has increased significantly. It added that there were 4,524 applications. Overall in 2021 he against 4,242.



https://www.ekathimerini.com/economy/1193928/more-foreign-firms-set-up-shop-in-cyprus/ More foreign companies set up shop in Cyprus

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