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One Stop Shop

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One Stop Shop

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    1. Republic of Cyprus Ministry of Commerce, Industry & Tourism 1 OneStop Shop

    2. Republic of Cyprus Ministry of Commerce, Industry & Tourism 2

    3. Republic of Cyprus Ministry of Commerce, Industry & Tourism 3 Member States should establish by 2007, a one-stop-shop, or arrangements with equivalent effect, for setting up a company in a quick and simple way. Member States should also take adequate measures to considerably reduce the average time for setting up a business with the objective of being able to do this within one week anywhere in the EU by the end of 2007. Start-up fees should be as low as possible and the recruitment of a first employee should not involve more than one public administration point.

    4. Republic of Cyprus Ministry of Commerce, Industry & Tourism 4 Adoption of the Institution of the One-Stop Shop In light of the intensification of competition and especially in conjunction with the accession of Cyprus to the European Union, the Government has decided to pursue a number of measures in order to further enhance and simplify the business and investment environment. Towards this end, the Government, under the auspices of the Ministry of Commerce, Industry and Tourism, has set up in Nicosia an One-Stop-Shop for local and foreign based companies.

    5. Republic of Cyprus Ministry of Commerce, Industry & Tourism 5 Aim facilitate, accelerate and simplify the process of setting up a business reduce considerably the average time for setting up a business with the objective of being able to do this within one week bypass the existing procedures where these are dysfunctional, and serve both Cypriot and foreign investors

    6. Republic of Cyprus Ministry of Commerce, Industry & Tourism 6 Advantages The investor will be in contact with one single point to obtain almost all the required permits in one streamlined coordinated process Considerable reduction of the average time for setting up a company Reduction of the level of bureaucratic intervention

    7. Republic of Cyprus Ministry of Commerce, Industry & Tourism 7 Logo of the One-Stop Shop

    8. Republic of Cyprus Ministry of Commerce, Industry & Tourism 8

    9. Republic of Cyprus Ministry of Commerce, Industry & Tourism 9

    10. Republic of Cyprus Ministry of Commerce, Industry & Tourism 10 Range of Services Offered Provision of information and guidance to potential investors and aftercare service to existing investors Registration of a Company VAT Registration Income Tax Registration Registration with the Social insurance Fund and Employers Registry Application for the issue of Residence and work permits

    11. Republic of Cyprus Ministry of Commerce, Industry & Tourism 11 Investors Service Centre Provision of information and guidance to potential investors and aftercare service to existing investors Assessment of investment proposals and recommendation thereon to the appropriate governmental authorities the acceleration of the required licensing procedures for those investments that are deemed to be beneficial for the Cyprus economy

    12. Republic of Cyprus Ministry of Commerce, Industry & Tourism 12

    13. Republic of Cyprus Ministry of Commerce, Industry & Tourism 13 VAT Registration Information and guidance regarding the procedure that must be followed by a company in order to submit its application for VAT Registration Information regarding VAT Legislation

    14. Republic of Cyprus Ministry of Commerce, Industry & Tourism 14 Assistance to the employers in finding suitable personnel from Cyprus or from EU

    15. Republic of Cyprus Ministry of Commerce, Industry & Tourism 15 Registration of a company with the Employers Registry Registration of employees with the Social Insurance Fund

    16. Republic of Cyprus Ministry of Commerce, Industry & Tourism 16 Civil Registry and Migration Department Issue of temporary residence and work permit to third country nationals (i.e. Executive Directors / Middle Management Staff or other Key personnel) Issue of residence permit to E.U. nationals

    17. Republic of Cyprus Ministry of Commerce, Industry & Tourism 17 Income tax registration of a new taxpayer (i.e. a new company)

    18. Republic of Cyprus Ministry of Commerce, Industry & Tourism 18

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