The business community has welcomed the inauguration of Cyprus’ new Business Support Center, describing it as a crucial step towards cutting red tape and facilitating foreign and domestic investment.

The one-stop-shop, launched this week by President Nikos Christodoulides, is designed to streamline services for companies wishing to set up or expand operations on the island, bringing together key government departments and Invest Cyprus under one roof.

Speaking at the opening ceremony, Christodoulides said the Centre reflects Cyprus’ wider goal of reducing bureaucracy and digitalising public services, promising “faster and better service” tailored to the needs of investors and enterprises.

“It’s an important step in our effort to create a Cyprus with fewer obstacles, a Cyprus that’s easier to do business in,” he said.

As noted by InBusinessNews, the Centre’s launch has been met with optimism across both the public and private sectors, with Invest Cyprus, responsible for attracting foreign direct investment, playing an active role from the outset.

According to Marios Tannousis, CEO of Invest Cyprus, the Centre’s operation, combined with the new legal framework on strategic developments, is expected to significantly speed up investment procedures.

“It will help fast-track projects, both for Cypriot and foreign investors,” he said, confirming that Invest Cyprus has seconded staff to the new facility and remains a key partner in its rollout.

He described the initiative as “a very good move” that will promote economic growth and create new jobs, particularly by easing the process for international businesses entering the local market.

Tannousis also spoke of growing interest from the Middle East and India, as well as rising momentum from the United States following President Christodoulides’ recent investment-focused trip to New York.

“That momentum stems from targeted meetings with investors across sectors like technology, financial services and energy,” he said, adding that initial moves from Indian companies are already visible.

These developments, he stressed, are not coincidental.

“We’re seeing the results of placing strategic importance on the investment sector, directly from the President and across government,” he said, expressing confidence that further results are on the horizon.

That optimism was echoed by Evgenios Evgeniou, president of Invest Cyprus, who recently addressed the ‘Minds in Cyprus’ event in London.

He described 2023 as a landmark year, with foreign direct investment reaching €3.2 billion, up 129 per cent from 2022, and 2,500 new jobs created.

In 2024, he added, 440 companies relocated to Cyprus, generating another 1,500 jobs.

“Foreign companies that are already established here are growing and have increasing needs for talent,” he said, pointing out that Cyprus ranks second in the EU for foreign investment per capita, and among the top ten globally.

Meanwhile, the federation of employers and industrialists (Oev) also hailed the Centre’s launch as a move in the right direction.

“It’s a positive development and one we strongly support,” said director general Michalis Antoniou in comments to InBusinessNews.

He added that such steps bring a positive momentum to the economy and signal a commitment to improving the business environment.

However, he made clear that the Centre’s effectiveness will ultimately be judged by its practical results. “We will monitor how it functions in practice, whether it truly simplifies procedures, and where needed, we’ll propose improvements,” Antoniou said.

He added that if the Business Support Center manages to operate as effectively as the Citizen Service Centers, “then the rules of the game will truly change, bringing significant benefits to businesses and investors alike.”

The Cyprus Chamber of Commerce and Industry (Keve) also welcomed the Centre’s creation, noting on  social media platform ‘X’ that it has long advocated for such an initiative to strengthen Cyprus’ attractiveness as a place to do business.

“The Center is expected to serve as a single access point, offering fast, effective and transparent support,” it said in a statement, adding that it was a joint initiative between the Ministries of Interior and Energy.

According to the Chamber, simplifying procedures and accelerating business licensing are vital to improving the country’s competitiveness.

“Investors need a stable, predictable and effective framework that builds trust and reduces administrative burdens,” it said, underlining the need for adequate staffing, digital tools, and the authority to act decisively.

“The Keve fully supports efforts that contribute to a more business-friendly state and reinforce Cyprus as a leading investment destination,” it concluded.

For more information, you can click here, and also here.