1. 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

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

3. 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

4. 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

5. 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

6. 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

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

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

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

15. 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

16. 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

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

18. 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