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Government launches digital upgrade scheme for businesses

cyprus digital upgrade business scheme

The Ministry of Energy, Commerce and Industry this week issued a call for proposals under its digital upgrade scheme for businesses.

The scheme is included in the Cyprus Recovery and Resilience Plan for the period 2021-2026 and will be financed by the EU’s Recovery and Resilience mechanism, with the total budget allocated amounting to €10 million.

According to the ministry, the scheme aims to encourage investments in digital entrepreneurship and to strengthen the degree of integration of digital technology in businesses, thus contributing to the strategic goals of the Cyprus Recovery and Resilience Plan to accelerate the digital transition of the Cypriot economy.

The scheme is available to any existing small and medium-sized enterprises (SMEs) that will implement various actions in the category of digital upgrading, including e-commerce, as well as new small and medium-sized enterprises whose investment proposal necessarily includes e-commerce activities or the use of advanced digital technologies.

The ministry added that the companies should be established or are planning to relocate to Cyprus, excluding the areas in which the government of the Republic of Cyprus does not exercise effective control.

The maximum sponsorship amount is capped at 50 per cent of the eligible budget of the proposal with a ceiling of €50,000.

The sponsorship can cover a wide range of costs, including off-the-shelf software, specialised software, IT systems, programs and IT services, as well as other digital upgrade costs not directly related to IT systems.

It is also noted that in the case of businesses that are established or will be established in mountainous and disadvantaged areas, the sponsorship ratio rises to 60 per cent of the eligible budget of the proposal, with a ceiling of €60,000.

The submission period will begin on March 7, 2023, at 9am. Applications will be accepted through the ministry’s electronic grant scheme system until March 31, 2023.

Proposals may also stop being received earlier than the above date in the event that the total budget has already been fully allocated.

Additional information can be found on the ministry’s website, while applications can be submitted here.

 

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