Cyprus is an rising innovation and know-how hub within the European Union. As an EU Member State since 2004 and Eurozone Member since 2008, Cyprus has developed by means of the years, into a contemporary and cosmopolitan enterprise centre

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As a consequence, Cyprus has been attracting a fast-growing variety of worldwide corporations lately, working within the areas of know-how, analysis and innovation. With its enticing tax regime, fashionable authorized and regulatory framework, extremely certified and well-educated human expertise and huge community of monetary {and professional} companies, Cyprus serves as a really perfect location for worldwide companies and a sexy jurisdiction in an effort to broaden their regional operations and hook up with the EU Single Market.

The participation of the Ministry of Energy Commerce and Industry (MECI) with a Cyprus pavilion in Gitex Global 2023 exhibition, for the second consecutive yr, that happened in Dubai between October 16 to twenty demonstrates the Government’s dedication to reinforce the extroversion of Cypriot Technology corporations and on the identical time help multinational know-how corporations wishing to utilise the island as a welcoming vacation spot for these entrepreneurs excited about increasing their regional operations or coming into the European Market.

The participation to Gitex Global 2023 has been seen by Cypriot members as a novel alternative that may remodel their enterprise from a start-up or an SME to an business main firm. The Cyprus Pavillion was situated within the Artificial Intelligence, IOT, Cloud and Big Data corridor and showcased to the guests applied sciences within the fields of cybersecurity, life sciences, fee companies, synthetic intelligence, compliance companies, software program, rising applied sciences and utilized analysis applied sciences. Cyprus is, quick turning into one of many high rising analysis and innovation centres in Europe. The island, is among the most modern economies in Europe, categorised as sturdy innovator based mostly on the newest European Innovation Scoreboard. , For the second consecutive yr, it ranks tenth, performing above EU common.

The Cyprus Government emphasises in supporting the event of the know-how sector and considers it as a precedence within the formation of nationwide methods and incentives schemes. The Government has launched a brand new technique for attracting each high-skilled expertise and worldwide companies that want to arrange, relocate or broaden their actions in Cyprus.

The current funding coverage has been radically reviewed, broadened and simplified to incorporate a collection of actions and reforms, comparable to improved tax incentives and the introduction of digital nomad visa, which purpose at enhancing Cyprus’ place as a global high-growth enterprise centre. Qualifying Cyprus tax resident corporations that put money into analysis and improvement actions could end in an efficient tax fee as little as 2.5 per cent.

To accomplish that we should be a world main mannequin nation with a thriving, resilient economic system and a simply inclusive society.

Committed to continuously bettering the enterprise atmosphere and facilitating the benefit of doing enterprise on the island, the Republic of Cyprus, as a part of the brand new Strategy and in keeping with Cyprus Vision 2035, has launched the “Business Facilitation Unit (BFU), as of January 1, 2022. The BFU, working below the auspices of the Ministry of Energy, Commerce and Industry, offers fast-track enterprise setup to worldwide corporations.

A rising variety of international corporations are being registered on the BFU with the bulk being within the data and communication know-how sector, indicating the profitable implementation of the Government’s new technique for attracting worldwide companies and expertise within the know-how discipline.

Email: ts@meci.gov.cy or ctcuae@ meci.gov.cy