Cyprus inaugurated its new Business Support Centre (BSC) on Monday, marking what the government described as a turning point in efforts to cut red tape, attract investment and support entrepreneurship.
Located in Nicosia, the centre will act as a one-stop-shop for both Cypriot and foreign investors seeking to launch or expand operations on the island. It brings together key licensing authorities and investor support bodies under one roof, aiming to streamline procedures, improve transparency and reduce bureaucratic hurdles.
The move was formally announced during the general assembly of the federation of employers and industrialists (Oev) by President Nikos Christodoulides, who framed the BSC as “an important tool for facilitating business activity and strengthening the competitiveness of our country.”
“A timeless request of the federation, completely understandable and justified, is the elimination of bureaucracy and the creation of a truly attractive business environment,” Christodoulides said.
“In this direction, and in response to the needs of both local and foreign investors and entrepreneurs, I want to announce today that we are inaugurating the BSC.”
The President emphasised that the new centre embodies a broader shift in how the state should function, “with transparency, speed and real support for entrepreneurship”, adding that “there can be no resilient economy without strong businesses. And there can be no strong state without an effective public administration.”
Energy Minister George Papanastasiou, who visited the new facility ahead of its opening, said the BSC would “facilitate investments and simplify procedures, promoting development, offering guidance, and recommending support for entrepreneurship.”
Papanastasiou added that “The best is yet to come for our Cyprus.”
According to the government, the BSC will serve as a single point of contact for all investment-related licensing and administrative matters.
It will operate through a partnership between public entities, including the Strategic Developments Sector (SDS) of the Department of Urban Planning and Housing, Invest Cyprus, and the Business Facilitation Unit (BFU) of the Ministry of Energy.
The BFU, which has been active since January 2022, already provides targeted assistance to companies under Cyprus’ Strategy for Attracting Investments and Talent.
It helps with permits, fast-track registration with tax and social insurance authorities, and resolving delays with state departments.
It also assists companies of foreign interest in accessing employment incentives and offers digital licensing services for renewable energy projects through its Digital One-Stop Service (DOSS) platform.
The newly launched BSC will also incorporate the role of the Project Manager for projects deemed of strategic importance and high added value. The goal, the government said, is to create a more coordinated and investment-friendly framework while strengthening investor confidence and reducing uncertainty.
Government Spokesperson Konstantinos Letymbiotis, posting on social media, said that “Cyprus is changing. And it is changing in practice.” He described the BSC not merely as a new service, but as “the first step towards embodying a new concept of how the state should operate.”
“With a plan, determination and cooperation with the private sector, we are turning good intentions into tangible results. For a more competitive, more investment-friendly Cyprus, fairer for all,” he said.
According to the presidency, the consolidation of services through the BSC is expected to boost coordination across departments and offer a long-term platform for business-led growth.
“As we eliminate delays, bureaucratic distortions and uncertainty, we’re laying the foundations for a stronger, more inclusive economy,” the statement added.
More information can be found at the below links
https://www.businessincyprus.gov.cy/business-facilitation-unit/
Click here to change your cookie preferences