The Ministry of Energy, Commerce, Industry and Tourism of Cyprus in partnership with the EU Regional Structural Funds offers new and existing companies registered in Cyprus the opportunity to receive various types of financing in the form of subsidies. These subsidies are aimed at increasing competitiveness, developing technology, innovation, research and development, and increasing employment. Currently, the Ministry offers the following main categories of subsidies:
- Youth entrepreneurship.
- Women’s entrepreneurship.
- Competitiveness of SMEs in the secondary sector of economy.
The selection criteria are different for each category. The subsidy covers 50% of the costs required to set up a new company or expand or modernize an existing one and is paid in one or two installments after the costs have been incurred. In 2015 it became possible for the first time to receive part of the subsidy in advance.
It details the entrepreneur's goals and the steps he will take to achieve them. The preparation of a business plan is in most cases a prerequisite when applying for a grant. A business plan is useful for the following reasons:
- It is a useful guide when starting a new company or investment as it details each step of the process and minimizes any uncertainty.
- In the case of the bank financing it is necessary to provide a business plan that demonstrates the expected profit of the company and will serve as additional evidence of the entrepreneur's creditworthiness.
- This is a prerequisite for any effort to attract new investors.
- It acts as a benchmark in relation to the actual numbers and figures of the company.
SERVICES OFFERED BY AMAZON CORPORATE& IMMIGRATION SERVICES
With our extensive experience we can guarantee the preparation of a complete and comprehensive business plan in accordance with the requirements set by the Ministry of Energy, Commerce, Industry and Tourism, as well as banking corporations. We also provide the following services during the application process:
- Submitting an application and filling in all the necessary documents.
- Consultations on determining the necessary costs.
- Continuous interaction with the Ministry staff to track the progress of the application.
- Identification of strategic partners and investors.
- Search for strategic partners.
- Legal information (for example, regarding the company formation, the Charter, etc.).
- Assistance in the selection of suitable premises for the company (offices, production premises).
- Accounting and auditing for the subsidized costs.
- Accounting services.
- Advertising services.
- Creation of the corporate websites and mobile applications.
- Business insurance services.