The creation of the Fast Track Business Activation Mechanism (FTBAM) was approved by the Council of Ministers on 3 September 2020 and is aimed towards third country nationals who wish to set-up a company in Cyprus. The FTBAM provides that all necessary procedures for the registration and incorporation of a company in Cyprus are completed within 7 working days from the day that the company joins the FTBAM.
The FTBAM also includes provisions in relation to the issue of residence permits to third country nationals, who are employed by companies that have joined the FTBAM, within a period of 2 months.
To utilize the FTBAM, interested companies must meet certain qualitative and quantitative criteria.
In addition to the above, the FTBAM can be utilised by Cypriot companies wishing to employ staff from third countries who possess skills for which there is a shortage in Cyprus and which fall into the sectors of shipping, high technology and innovation, pharmaceuticals, biogenetics and biotechnology.
For further information on the Fast-Track Business Activation Mechanism please refer to our article on Residence and Immigration Permits or contact us at Royal Pine & Associates.
The author of the article is Zoe Christodoulou.
Zoe is the Risk & Compliance Officer at Royal Pine & Associates. She is a qualified lawyer with experience in the financial industry and holds the Advanced Certificate of CySEC.
* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render legal advice.