Tag: companies

Cyprus Start up Visa

Upgrades to the Cyprus Startup Visa

Posted on | by [email protected]

Upgrades to the Cyprus Startup Visa: A Gateway for Global Entrepreneurs & Investors

Cyprus has updated its Startup Visa Scheme, effective January 7, 2025, after Cabinet approval on December 18, 2024. The changes aim to attract global entrepreneurs, foster innovation, and drive economic growth, particularly in the technology sector.

The Scheme allows skilled entrepreneurs from non-EU countries to enter, live, and work in Cyprus to establish a new startup or relocate an existing one. The Scheme is valid until December 2026, with a cap of 150 visas.

The updated Scheme offers more flexibility and support for startups at different stages by easing financial and operational requirements. Cyprus aims to position itself as a top destination for global talent while strengthening its appeal for investment-based residency and citizenship programs.

Key Changes Include:

  • Longer Residence Permits: Now valid for three years instead of two, with the renewal extended from one year to two years.
  • Lower Ownership Requirement: Applicants now need to own at least 25% of the company’s share capital, reduced from 50%.
  • Increased Foreign Hiring: Companies can now employ up to 50% foreign staff, compared to the previous 30% limit.
  • Additional Hiring for Investors: Companies investing €150,000 or more in Cyprus can hire additional foreign employees.

Renewal Criteria:

To renew the Visa after three years, Startups should meet at least one of the below criteria:

  • Achieve a 15% increase in revenue.
  • Secure €150,000 in investments.
  • Create at least three new jobs in Cyprus.
  • Participate in local innovation support programs.
  • Launch at least one product or service.

Digital Literacy and Investment Migration at the Heart of Cyprus Startup Visa Scheme

The updated Scheme places a strong emphasis on building a tech-savvy workforce by encouraging all employees to enhance their digital skills, while driving creativity and modernization. This enhances Cyprus’ position as a hub for technology-driven entrepreneurship and sustainable growth.

At the same time, the recent changes offer entrepreneurs and investors a compelling opportunity to establish themselves in Cyprus while working towards long-term residency or even citizenship, all within a supportive and welcoming environment. Not only can they diversify their portfolios, but they also contribute to the local economy by creating jobs, implementing innovative ideas, and attracting additional foreign investment.

A Promising Future

As the Cyprus Startup Visa Scheme evolves, with 21 startups already approved, it presents exciting opportunities for global entrepreneurial talent who seek to align their business goals with residency solutions. The Scheme offers a unique pathway to establish a presence in Cyprus, with a variety of financial and qualitative incentives for both individuals and companies.

Foreign talent and investors will benefit from Cyprus’s strategic location, favorable tax policies, strong legal framework, and access to mentorship, resources, funding, and networking opportunities.

The investment migration landscape is constantly evolving, and the Scheme is adapting to meet the changing needs of global startups and talent, ensuring long-term prosperity.

Our dedicated team can assist you in navigating the complexities of the Scheme and residency requirements so you can fully enjoy the benefits Cyprus has to offer. For a tailored consultation, feel free to reach out to us here.

Updates by Registrar regarding the BO register

Updates to the Beneficial Owners register

Posted on | by [email protected]

The Department of the Registrar of Companies and Intellectual Property made the following announcement on the 28th of February 2024 based on the Beneficial Owner register:

1. All companies established or registered under the Companies Law, Cap. 113, all European Public Limited Liability Companies (SE) and all Partnerships (hereinafter Organizations) or their officers/partners are invited to access the Register of Beneficial owners until March 31, 2024 and to update it, either with details of Beneficial Owners, or by declaring their exclusion based on paragraph 3 (1)(a)(b) of Directive KDP112/2021 as it was modified, or by exercising the right of Due Diligence. From the 1st of April, monetary charges and other sanctions will be imposed for non-compliance.

2. From 1 April 2024 all the actions below will be available, and failure to comply with them will result in financial charges:

  • The Register of Beneficial Owners should be updated within 45 days from the day on which the Organization or its officers/partners became aware of the change of Beneficial Owners
  • The Register of Beneficial Owners should be informed within 90 days from the establishment of a new Organization, by the Organization itself or its officers/partners with regards to the Beneficial Owners’ details
  • From 01/10 until 31/12 of each year, the Organizations or their officers/partners should confirm the information included in the Register of Beneficial Owners
  • Within 30 days of receiving an electronic notification about data mismatch, the Organisation or its officers/partners should take necessary actions and correct such data

3. It is reminded that the following actions are still valid:

  • Online research in the records of the Register of Beneficial Owners
  • Request for exemption from disclosure of information
  • Request for access to the details of a minor

Do not hesitate to contact our team for providing you further explanation and assistance with respect to the Register of Beneficial Owners

Original source by the Department of Registrar of Companies and Intellectual Property

registration of ultimate beneficial owners Cyprus companies

Registration of beneficial owners data to avoid imposition of fines

Posted on | by [email protected]

The Department of the Registrar of Companies and Intellectual Property, following its announcement on the Functioning of the Register of Beneficial Owners in the interim solution, and in view of the imminent implementation of the final solution of the electronic system of the Register of Beneficial Owners, which is expected around the end of October 2023, invites all companies incorporated or registered under the Companies Law, Chapter 113, the European public limited liability companies (SE) and Cooperatives as well as their officers/partners, if they have not already done so, to register the details of their beneficial owners in the Register of Beneficial Owners of Companies and other legal entities maintained by the Department, in order to avoid the imposition of a monetary burden and/or the initiation of criminal proceedings due to non-compliance. The deadline is on 30th of September 2023.

In addition, following the start of the final solution, a period of one month will be granted for confirmation and completion of the information that has been registered in the system of the interim solution and will have been transferred to the final system by all entities. During this period, requests for information release exemptions should be filed along with reasons for exercising due diligence.

It is pointed out that, at the end of the one-month period, the automatic imposition of fines through the final solution of the electronic system of the Register of Beneficial Owners for the non-compliant companies will begin.

It is reminded that, regardless of the criminal responsibility or prosecution of any person, in case of non-compliance the company or other legal entity and each of its officials are subject to a fine of two hundred euros (€200) and a further fine of one hundred euros (€100) for each day of continued infringement with a maximum total charge of twenty thousand euros (€20,000).

Our firm has extensive expertise on the matter and would be pleased to assist your organization to meet its compliance requirements.

For further inquiries and assistance, please contact us and we will get back to you.