Business Support Centre to help investors in Cyprus

Cyprus has moved to streamline the way businesses interact with the state through the operation of a new Business Support Centre (BSC), a one-stop shop designed to serve both local and foreign investors seeking to establish or expand activities on the island.

The initiative was first announced by President Nikos Christodoulides in December 2024, with the official inauguration following in May 2025.

The aim, as the President had said at the time, is to ensure faster state responses and to address long-standing bottlenecks linked to business development and licensing procedures.

The effort has been backed by the Employers and Industrialists federation (Oev), which this week, held an information session outlining the services offered by the centre.

According to Oev, the BSC is intended to function as a practical tool to facilitate business activity and strengthen Cyprus’ competitiveness, by focusing on the real needs of enterprises and investors.

At its core, the centre acts as a central point of contact between investors and government authorities on matters relating to information provision and investment licensing.

To that end, key public services have been brought together under one roof to reduce bureaucracy and improve coordination.

Specifically, the Business Facilitation Unit (BFU) of the Ministry of Energy and the strategic developments unit of the Department of Town Planning and Housing have been co-located at the centre.

In parallel, designated contact points from other public and broader public-sector bodies handle licensing-related issues, while a representative of Invest Cyprus also participates in the unit.

According to the presentation, the centre provides a range of services, including tailored information and guidance for investors, registration in the Register of Foreign Interest Companies, support for the implementation of energy projects through the Single Energy Projects Service, assistance via the Single Service Centre, as well as the licensing of strategic development projects that fall under the Facilitation of Strategic Development Projects Law of 2023.

Beyond licensing support, the BSC operates as a digital platform covering all stages of a business life cycle. This includes guidance on planning and starting a business, managing and scaling operations, accessing finance and exploring exit strategies.

It also offers detailed information on regulated activities requiring licensing under the services directive, setting out the duration of licences, applicable obligations, relevant legislation and application procedures across a wide range of sectors.

These sectors include, among others, agriculture and veterinary services, wholesale and retail trade, education, professional services, construction and engineering, health and welfare, tourism and leisure, as well as cross-border services.

The platform also provides detailed guidance on the Register of Foreign Interest Companies (FICs), including eligibility criteria.

To qualify, the majority of a company’s shares must be held by third-country nationals.

Eligible entities include publicly listed companies on recognised stock exchanges, Cypriot shipping companies, high-technology and innovation-driven firms, as well as pharmaceutical companies and businesses active in biogenetics and biotechnology.

In addition, registered companies must maintain independent office premises in Cyprus, separate from residential or shared office spaces, and commit to an initial investment of at least €200,000.

As part of efforts to accelerate strategic investments, priority has been given to specific categories of developments.

Based on a circular issued by the Ministry of Interior to provincial government organisations and urban planning authorities, fast-track handling applies to projects that have secured or are seeking state or European funding, as well as renewable energy and energy storage projects.

Priority treatment also covers critical network infrastructure included in the Ten-Year Transmission System Development Programme (TYNDP), alongside developments related to processing activities and data centre infrastructure.