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Council Of Ministers Approves The Creation Of A Fast Track Business Activation Mechanism
September 4, 2020
The Council of Ministers has approved yesterday the creation of a Fast Track Business Activation Mechanism for setting up a company in Cyprus by third country nationals. The mechanism is aimed at attracting foreign investment to the island.
According to the PIO release, the proposal, which was put forward Minister of Energy, Commerce and Industry, Natasa Pilides, in coordination with the Ministries of Foreign Affairs, Interior, Finance and Labour, suggests that all necessary procedures for the registration and incorporation of a company in Cyprus will be completed within 7 working days from the day of submission of all required information to the Ministry of Energy, Commerce and Industry. Where additional permits are required for the operation of the business, they will be completed within 30 working days, with the exception of building and planning permits.