Cyprus: Launching Of One-Stop Shop
Last Updated: 5 April 2007

Within the framework of the decision taken by the Heads of the Members States and the commitment of Cyprus to adopt specific measures in order to considerably reduce the average time for setting up a business, especially an SME, the Ministry of Commerce, Industry and Tourism announces as from 2 April 2007 the operation of the One – Stop Shop Service for setting up a business.

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, and in its effort to encourage and facilitate investments, the Government has reduced the level of bureaucratic intervention and under the auspices of the Ministry of Commerce, Industry and Tourism, has set up in Nicosia a One-Stop Shop for both local and foreign based companies

The Government has adopted the institution of the One-Stop Shop to bypass the existing procedures whenever these are dysfunctional. The aim is to facilitate, accelerate and simplify the process of setting up a business. Consequently, from now on investors and businessmen will only need to be in contact with one single point to obtain almost all the required permits in one streamlined coordinated process rather than having to go through different government services. Therefore, reducing considerably the average time for setting up a business; aiming to one week.

A wide range of services are offered to the investors, including:

  • Provision of information/guidance to potential investors and aftercare service
  • to existing investors
  • Registration of a company
  • VAT registration
  • Income Tax registration
  • Registration to the Social Insurance Fund and Employers´ Registry
  • Application for the issue of residence and work permits

One-Stop Shop
Ministry of Commerce, Industry and Tourism
13-15 Andreas Araouzos Street
1421 Nicosia, Cyprus
Tel.: +357 22 409328 / 345
Fax .:+357 22 409432
E-mail: onestopshop@mcit.gov.cy

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