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:
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:
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: