europesubsidies1In AFC we can help you obtain a European subsidy for expanding an existing business or for creating a new one. We prepare sophisticated feasibility studies and we fully undertake all the steps of your application. Read more.

Investment budget local governmentCyprus is one of Europe’s top destinations for investments and entrepreneurship. Instead of hindering investments, the economic crisis of 2013 led to some unique investment opportunities. Read more.

cyprus residenceCyprus is a dream place to live! We can say with great confidence that Cyprus provides the most flexible program for acquisition of Permanent Residence and Citizenship out of all the Mediterranean European countries.  Read more.

passportThe Cyprus economy in the past few decades has been an ideal environment model for foreign investments. In order to encourage foreign direct investments in recent years, the Cypriot Government has launched a special program allowing non-Europeans to be able to apply for a Cypriot Passport through investment or business ventures. Read more.

amazon-finance-tax-regime-cyprus -smallDespite the significant increase of tax rate Cyprus maintains the characteristics of a tax-haven with the lowest corporate tax in Eurozone. Read more.

amazon-finance-insurance - small

Through its 30 years’ experience, the AFC insurance department provides services to the leading construction and industrial companies in Cyprus. The insurances we provide include: public liability, employer’s liability, D&O, professional liability, CAR, aviation, shipping insurance etc. Read more.

Investment Projects

PIC1

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This novel wave energy technology was advanced by a UK registered company. Through the design and development process, the company’s main objective is to deliver the greatest amount of power at the lowest cost, from a device that is reliable and resilient in the long term.

The company’s R&D program has evolved numerous patents, numerical modeling and model sea-trials throughout the last ten years.

The wave energy sector is likely to rapidly expand over the next two decades; much like the wind turbine and solar market is currently expanding.

Converted into electricity, wave energy could potential satisfy over one tenth of current global power demands.

The company is looking for financing in order to proceed with the production and marketing of the product directly to governments and multinational companies.

1030-Buildings-Looking-up-at-tall-glass-building-

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Sale of a luxurious commercial property with total built up area of 7615 sq.m. The complex is located in a developing trade area in Nicosia and it consists of two towers. The existence of this building certainly constitutes the beginning of rapid development and commercial activity in this area.

The architectural plans of this modern commercial center include shops and offices which comply with all European specifications. The buildings also include two basements which are available for parking and storage facilities.

The whole complex is developed in a way aiming at the creation of offices, conference and exhibition centers, in a unique position with plenty of parking places and green park places.

pic2

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A newly registered Cypriot company is looking for funds in an angel round in order to proceed with the creation of three shops in the main malls (trade centers) of Cyprus (Kings Avenue Mall, My Mall, and The Mall of Cyprus).

The company’s directory has already signed exclusivity agreements with prestigious international suppliers and has prepared the plans with the interior design of each shop.

According to the feasibility study of AFC the company is expected to have a net initial yield of 12% and a ten-year IRR of 28%. The success of this start-up mainly relies on the long-term experience of the company’s directory.

CENTRAL PICTURE

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One of the top UK hotel management companies is seeking investment funds to acquire a traditional 19th century Victorian architecture hotel in one of the most picturesque areas of the country.

The hotel is built on a 50,000 m2 plot of land and has got a total of 145 rooms. Gross yield for the first year is expected to be around 14%.

What the management company suggests is a partial renovation that will contribute to an increase of profit by 7% within five years.

EU Subsidies for doing Business In Cyprus

(I) Purpose of the Scheme

The Scheme’s purpose is to develop, support and promote the work of entrepreneurs aged between 20 and 40 years who wish to operate a business in any sector of the economy.

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(II) Subsidy amount

The programme offers a subsidy amounting to 50% of the approved expenditure, up to a subsidy limit of 70,000 euros for companies in the manufacturing sector and 50,000 euros for companies in the service sector. The limits for the expenditure that can be approved for the 50% subsidy are detailed below.

No. Expenditure Category Limits of eligible expenses in each category
Manufacturing E-commerce – Services – Tourism
1. (a) Equipment(b) Special installations

(c) Buildings – Development of spaces

€115,000 €80,000
2. Training €3,000 €3,000
3. Promotion €5,000 €5,000
4. Other Expenditure €5,000 €5,000
5. Working capital €12,000 €7,000
  MAXIMUM EXPENDITURE COVERED €140,000 €100,000
MAXIMUM SUBSIDY €70,000 €50,000

 

Applications from companies making a proposal for the use of new technology and of innovative production and promotion methods for their goods and services (e.g. e-commerce) are favored.

The scheme will be applied from 2014 to 2020.

(ΙΙΙ) Programme eligibility – Participation requirements

The following may participate in the programme:

  1. Young people who have been legal permanent residents in the regions controlled by the State for at least six (6) months prior to submitting their application.
  2. The applicants must be between 20 and 40 years old.
  3. They must be unemployed or salaried employees when their proposal is submitted.
  4. They must not have had any entrepreneurial activity for at least six (6) months prior to submitting their proposal.

(IV) How the subsidy is paid

Public Financing can be provided in three (3) stages, according to the following table.

Project implementation stages Requirement Public financing
1st STAGE Signing the Public Financing Agreement Advance payment covering up to 40% of the approved state support
2nd STAGE After the implementation and verification of expenses over 30% and 60% of the project. A subsidy corresponding to the verified eligible expenditure, after deducting any advance payment and provided that the eligible expenditure exceeds the minimum investment amount of €10,000
3rd STAGE After the project’s physical and financial subject-matter has been completed and verified, its objectives have been met and the company has started operating A subsidy for the remaining eligible expenditure which has been made and verified

(V) Feasibility Study

Presenting a feasibility study is not necessary in order to apply. It is, however, recommended because it can provide evidence of the company’s sustainability.  One-third of the grade awarded to each application relates to the company’s sustainability.

(Ι) Subsidy’s aim

The subsidy program aims to provide motivation to women, age from 18 until 55, for the creation of the any form of business activity.

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(ΙΙ) Grant Amount

The program subsidies the 50% of the approved expenses for the creation of a business with maximum amount of 70,000 euro for companies of the secondary sector and 50,000 euro for service providing companies. Below are mentioned the maximum amounts of expenses covered by the 50% of the subsidy.

Nu. Eligible Category of Expense Maximum amount of Expenses for each Category
Secondary Sectory E-commerce / Services / Tourism
1. (α) Equipment(β) Special Facilities

(γ) Buildings – Renovations

€115,000 €80,000
2. Training €3,000 €3,000
3. Advertisement – Marketing €5,000 €5,000
4. Other Expenses €5,000 €5,000
5. Operating Expenses €12,000 €7,000
  MAXIMUM AMOUNT COVERED EXPENSES €140,000 €100,000
MAXIMUM SUBSIDY €70,000 €50,000

 

More likely to be approved are the candidates suggesting the application of new technologies, innovative methods of production and original ways of promoting products and services (e.g. e-commerce)

The subsidy program will be implemented for the period 2014 – 2020 as part of the Regional Policy of European Union.

(ΙΙΙ) Beneficiaries of the program – Conditions of Participation

Applicants should satisfy the following requirements in order to be eligible to participate in the program:

  1. Women who have their permanent residence in Cyprus at least six (6) months prior to the submission of the application.
  2. Applicants should be between 18 and 55 years old.
  3. They should be unemployed or employees during the period of submission of the application.
  4. They shouldn’t exercise the any business activity during the last six months before the submission of the

(IV) Payment of the Subsidy

The Payment of the Public Funding (i.e. Subsidy) is made in three (3) phases as it shown in the following table

Phases    Realized Investment Public Funding (Subsidy)
PHASE A Signing of the Public Funding Agreement Subsidy prepayment covering until the 40% of the subsidy.
PHASE B After the realization and certification of expenses between 30% – 60% of the investment Subsidy that corresponds to the 50% of the certified eligible cost, excluding any subsidy prepayment. The total amount of realized investment for phase B should not be less than 10,000 euro.
PHASE C After the completion and certification of the investment (economically and physically) and given that the company started function normally Subsidy over the remaining completed eligible cost

 

(V) Business Plan (Feasibility study)

The creation of a business plan is not indispensable for the submission of the application. Nevertheless it is highly recommended that the form is accompanied with a sophisticated business plan because it enhances the elements that show the sustainability of the company.  The sustainability of the subsidy receives that 1/3 of the grading during the assessment of the application.

(I) Purpose of the Scheme

The scheme’s purpose is to develop, support and promote the work of firms belonging in the secondary sector of the economy

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(II) SUBSIDY AMOUNT

The programme offers a subsidy amounting to 50% of the approved expenditure, up to a subsidy limit of 200,000 euros. The limits for the expenditure that can be approved for the 50% subsidy are detailed below.

A/A Expenditure Category Limits of eligible expenses in each category
1. Building and extension of buildings and facilities. (a) Up to €400,000(b) It shouldn’t exceed the €750 per sq.m.
2. Modification of Buildings (a) Up to €400,000(b) It shouldn’t exceed the €250 per sq.m.
3. New machinery/Equipment Until €400,000
4. Transportation means €50,000
5. Acquisition of Quality Certificates €10,000
6. Marketing – Promotion €10,000
7. Adviser’s salaries (a) Market and Product advancement Research (up to €6,000).(b) Feasibility studies (up to €4,000)
  MAXIMUM EXPENDITURE COVERED €400,000
MAXIMUM SUBSIDY (50% on the eligible expenses) €200,000

Applications from companies making a proposal for the use of new technology and of innovative production and promotion methods for their goods and services (e.g. e-commerce) are favoured.

The scheme will be applied from 2014 to 2020.

 

(III) PROGRAMME ELIGIBILITY – PARTICIPATION REQUIREMENTS

The following may participate in the programme:

  1. New and existing secondary sector enterprises (e.g. food industries, textile industries etc). Our specialists can provide with the analytical list of activities that are covered under the scheme.
  2. New and existing companies coming under strictly defined economic activities (e.g. production and processing of ice, disassembly process, recycle, car painting etc).

 

(IV) HOW THE SUBSIDY IS PAID

Public Financing can be provided in three (3) stages, according to the following table.

Project implementation stages Requirement Public financing
1st STAGE Signing the Public Financing Agreement Advance payment covering up to 40% of the approved state support
2nd STAGE After the implementation and verification of expenses over 30% and 60% of the project. A subsidy corresponding to the verified eligible expenditure, after deducting any advance payment and provided that the eligible expenditure exceeds the minimum investment amount of €10,000
3rd STAGE After the project’s physical and financial subject-matter has been completed and verified, its objectives have been met and the company has started operating A subsidy for the remaining eligible expenditure which has been made and verified

 

(V) FEASIBILITY STUDY

The preparation of a professional business plan is indispensable in the case the total expenses of the project exceed the €100,000 whether it is a start up or an existing business.

In case the expenses are between €50,000 – €100,000 it is still suggested the creation of a feasibility study for the reason that it supports the effort to convince the assessing committee for the viability of your business or plan. The assessment of the viability of the company and feasibility of your project consists the 30% of the total rating points.

(I)Purpose of the project

The key objective of the subsidy is to provide incentives for investments related to the production and trade in wine.

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(II) Investment categories covered by the program

The financing program covers the following categories of investments:

  • Improvement of facilities, infrastructure, production methods and technologies of existing wineries
  • Purchase of new equipment (e.g. machinery, furniture, vehicles, etc.)
  • Costs for consulting services (e.g., architects, engineers and financial analysts). The consulting services cost should not exceed the 12% of the total expenditure.

(III) Subsidy Amount Categories

The ministry does not define a maximum amount of subsidy coverage. The coverage percentage as well as the minimum amount of expenditures depends from the size of the company

The table below summarizes this information:

Α/Α Beneficiary Category Minimum Amount of Expenses Coverage percentage
1. Small /Medium-Sized Enterprise €10.000 40%
2. Large Enterprises €20.000 20%
3. Very large companies (i.e. > 750 employees and turnover > 200 million) €50.000 15%

 

(IV) Additional information

Total budget: €8 million

Commencement date for applications: 20/04/2015

Deadline of applications: 22/05/2015

Contact us for more information

Head Office – Nikou Kazantzaki 1, 3rd floor, Paphos, Cyprus, 8035
Second Office – Thessalonikis 34, Limassol, Cyprus, 3025
T.  +357 26 600 684 | E. info@amazonfinance.eu
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