One–Stop Shop Acceleration of Procedures for Setting-up a Business 18/1/2019 One–Stop Shop Acceleration of Procedures for Setting-up a Business Republic of Cyprus Ministry of Commerce, Industry & Tourism 2

Republic of Cyprus Ministry of Commerce, Industry & Tourism 18/1/2019 European Union political leaders have agreed, at the Spring European Council of March 2006, that their governments… …should take adequate measures to considerably reduce the average time for setting up a business, with the objective of being able to do this within one week anywhere in the EU by the end of 2007. Republic of Cyprus Ministry of Commerce, Industry & Tourism

Republic of Cyprus Ministry of Commerce, Industry & Tourism Member States should establish by 2007, a one-stop-shop, or arrangements with equivalent effect, for setting up a company in a quick and simple way. Member States should also take adequate measures to considerably reduce the average time for setting up a business with the objective of being able to do this within one week anywhere in the EU by the end of 2007. Start-up fees should be as low as possible and the recruitment of a first employee should not involve more than one public administration point. Republic of Cyprus Ministry of Commerce, Industry & Tourism

Adoption of the Institution of the One-Stop Shop In light of the intensification of competition and especially in conjunction with the accession of Cyprus to the European Union, the Government has decided to pursue a number of measures in order to further enhance and simplify the business and investment environment. Towards this end, the Government, under the auspices of the Ministry of Commerce, Industry and Tourism, has set up in Nicosia an One-Stop-Shop for local and foreign based companies. Republic of Cyprus Ministry of Commerce, Industry & Tourism

Republic of Cyprus Ministry of Commerce, Industry & Tourism Aim The aim of the Government for adopting the institution of the One-Stop Shop was to: facilitate, accelerate and simplify the process of setting up a business reduce considerably the average time for setting up a business with the objective of being able to do this within one week bypass the existing procedures where these are dysfunctional, and serve both Cypriot and foreign investors Republic of Cyprus Ministry of Commerce, Industry & Tourism

Republic of Cyprus Ministry of Commerce, Industry & Tourism Advantages The investor will be in contact with one single point to obtain almost all the required permits in one streamlined coordinated process Considerable reduction of the average time for setting up a company Reduction of the level of bureaucratic intervention Republic of Cyprus Ministry of Commerce, Industry & Tourism

Logo of the One-Stop Shop Republic of Cyprus Ministry of Commerce, Industry & Tourism

Structure of the Service Registry Republic of Cyprus Ministry of Commerce, Industry & Tourism

Pipeline Registry Investor Senior Officer 18/1/2019 Pipeline Investor Registry Provision of Information Relegation to the competent Officer Investors Service Centre Registrar of Companies and Official Receiver Civil Registry and Migration Department Inland Revenue Department VAT Service Social Insurance Services Department of Labour Senior Officer Coordination of activities among the Officers of various Departments Completion of the Registration Procedure within 7 days Republic of Cyprus Ministry of Commerce, Industry & Tourism

Range of Services Offered Provision of information and guidance to potential investors and aftercare service to existing investors Registration of a Company VAT Registration Income Tax Registration Registration with the Social insurance Fund and Employers Registry Application for the issue of Residence and work permits Republic of Cyprus Ministry of Commerce, Industry & Tourism

Investors Service Centre 18/1/2019 Investors Service Centre Provision of information and guidance to potential investors and aftercare service to existing investors Assessment of investment proposals and recommendation thereon to the appropriate governmental authorities the acceleration of the required licensing procedures for those investments that are deemed to be beneficial for the Cyprus economy Republic of Cyprus Ministry of Commerce, Industry & Tourism

Republic of Cyprus Ministry of Commerce, Industry & Tourism Registration of a company Approval of a name Examination of the constitution documents which are notified to the Department of Registrar, i.e. Memorandum and Articles of Association, shareholders, capital, directors, registered office etc Republic of Cyprus Ministry of Commerce, Industry & Tourism

Republic of Cyprus Ministry of Commerce, Industry & Tourism VAT Registration Information and guidance regarding the procedure that must be followed by a company in order to submit its application for VAT Registration Information regarding VAT Legislation Republic of Cyprus Ministry of Commerce, Industry & Tourism

Republic of Cyprus Ministry of Commerce, Industry & Tourism Assistance to the employers in finding suitable personnel from Cyprus or from EU Republic of Cyprus Ministry of Commerce, Industry & Tourism

Republic of Cyprus Ministry of Commerce, Industry & Tourism Registration of a company with the Employers Registry Registration of employees with the Social Insurance Fund Republic of Cyprus Ministry of Commerce, Industry & Tourism

Civil Registry and Migration Department Issue of temporary residence and work permit to third country nationals (i.e. Executive Directors / Middle Management Staff or other Key personnel) Issue of residence permit to E.U. nationals Republic of Cyprus Ministry of Commerce, Industry & Tourism

Income tax registration of a new taxpayer (i.e. a new company) Republic of Cyprus Ministry of Commerce, Industry & Tourism

Republic of Cyprus Ministry of Commerce, Industry & Tourism Outcome Information / Guidance to potential investors During the period January – December 2008, the Investors Service Centre provided information / guidance to 300 potential investors. Registration of a Company During the period January – December 2008, 7414 Companies had been registered with the Registrar of Companies and Official Receiver. Republic of Cyprus Ministry of Commerce, Industry & Tourism