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20.04.2017 - 13: 09

Cyprus will issue "innovation" visa

According to the latest official information, the Government of Cyprus, aimed at active attraction of investments and improvement of the country's economy, has decided to launch a "special visa program for start-up companies." This program will enable promising and talented entrepreneurs from third countries, whose business projects have a great potential for growth, take advantage of the simplified scheme moving to Cyprus for the development of their own business.

It is worth noting that the "visa for start-ups" are available in two types: individual and collective.

Individual visas for start-ups

Apply for this type of visa may be citizens of any foreign state that have:

  • the status of the sole founder of a start-up project;
  • the minimum amount of project financing in the amount of € 50 thousand. This amount can be obtained through external loans as well as venture capital or investment kraudfandingovye;
  • Diploma of Higher Education or any other professional qualifications;
  • good knowledge of Greek and / or English.

Requirements for companies

The company must be innovative, ie, that which bears the costs for the development of at least 10% of all the company's current expenses for at least one year preceding the year of applying for a start-up visa. This fact must be confirmed by a certified auditor, and backed by the IFRS reporting. In the case of new enterprises, not able to provide financial statements to evaluate the degree of innovation it can be used by the applicant's business plan.

A prerequisite of successful receipt of a start-up visa is the placement of the company's headquarters in Cyprus and business in the framework of the Cyprus tax jurisdiction. It is worth noting that in kovorkingovye space can be used as the head office of a start-up project. For example, specially equipped coworking space company Eltoma Corporate Services, as well as business accelerators, or a start-up incubator.

Advantages of individual visa

The founders of start-ups will receive the following benefits:

  • right to engage in economic activity and residence in the territory of the Republic of Cyprus for a period of one year with an option to extend the visa;
  • right to engage in self-employment in the territory of Cyprus, or the possibility of obtaining a paid position in a private company;
  • in case of successful implementation of the strategy of development of a start-up company project owner has the right to indefinite resident status in Cyprus;
  • founder of the start-up company has an opportunity to move into the territory of Cyprus, his family;
  • in the case of the successful development of start-up project of the owner reserves the right to attract third-country nationals to work in the company with the possibility of obtaining work permits in a simplified procedure.

COLLECTIVE startup VISAS

This type of visa is available to employees of start-up companies which are resident in third countries. When it should be carried out a number of conditions.

The maximum number of the company's founders - Five people, including senior managers who own shares in the company.

Founders of the company own at least 50% of shares, and each of them has access to financing in the amount of € 25 thousand. The sources of funds can be used by the investment of venture capital funds, kraudfandingovyh organizations and financial institutions.

At least one of the founders of the company must have a university degree or other professional qualifications.

All employees must be proficient in Greek and / or English.

For collective visa, as well as in the case of applying for an individual visa, the company must be innovative, the office must be located in Cyprus, and the company is obliged to carry out their activities within the tax jurisdiction of Cyprus.

Advantages of collective visa

Persons who have a collective startup visa, the following advantages:

  • right to engage in economic activity and residence in the territory of Cyprus for a period of one year;
  • the founders of start-ups the opportunity to self-employment in the territory of Cyprus;
  • senior management has the right to a paid position in a start-up project;
  • in case of successful implementation of the development strategy of a start-up project for the owner of the company and senior management remain eligible for indefinite resident status in Cyprus;
  • opportunity to move his family to live in Cyprus;
  • in the case of the successful development of start-up project of the owner reserves the right to attract third-country nationals to work in the company with the possibility of obtaining work permits in a simplified procedure.

A source: Successful business

Author: Dmitry Kucheryuk

Tags: Cyprus, Visa, Migration, Economy, Investing