E.U. Subsidies

 

The Cyprus Ministry of Energy, Commerce, Industry and Tourism, in partnership with the EU Regional Structural Funds, offers new and existing companies registered in Cyprus the opportunity to receive various types of funding in the form of subsidies. These subsidies aim to promote competitiveness, technology, innovation, research and development, as well as to boost employment rates. The main subsidy categories presently on offer by the Ministry are:

The eligibility criteria differ for each category. The subsidy covers 50% of the expenses needed to establish a new company or to expand or upgrade an existing one and is paid in one or two instalments, after the expenses are made.  In 2015, for the first time, it is possible to receive a portion of the subsidy in advance.

Business Plan

The business plan is the ‘architectural plan’ of a new investment or enterprise. It details the entrepreneur’s objectives and the steps he or she will take to achieve them. Preparing a business plan is a prerequisite in most cases when applying for a subsidy. A business plan is useful for the following reasons:

  • It is a helpful guide when creating a new company or investment, as it details every stage of the process and minimizes any uncertainty.
  • In the case of bank financing, one must provide a business plan which demonstrates the company’s expected profits and acts as an additional testament to the entrepreneur’s creditworthiness.
  • It is a prerequisite for any efforts to attract new investors.
  • It acts as a point of reference and a benchmark in relation to the company’s actual figures.

Services offered by A.F.C.

Amazon Financial Center, with its extensive experience, can guarantee the preparation of a complete and comprehensive business plan, in line with the demanding specifications set by the Ministry of Energy, Commerce, Industry and Tourism and by Banking Corporations. We also provide the following services during the application process:

  • Submitting the application and filling in all the necessary documents.
  • Consultancy services to determine the expenses required
  • Constant interaction with Ministry personnel to monitor the application’s progress
  • Identifying strategic partners and investors
  • Finding strategic suppliers
  • Legal information (for example, regarding the company’s establishment, articles of association and so on)
  • Assistance in finding suitable premises for the company (offices, industrial space)
  • Bookkeeping and auditing with regard to the subsidized expenses
  • Accounting services
  • Advertising services
  • Creation of corporate websites and mobile apps
  • Business insurance services

May you have any queries, don’t hesitate to contact us.