Cyprus has launched a new Business Support Centre (BSC) to streamline licensing procedures and support both local and international investors, offering a single point of access to key public services.

According to Elena Damianou, a member of the Centre’s team, the aim is to simplify processes, reduce delays, and provide a coordinated approach through the collaboration of three main bodies.

She mentioned that these bodies are 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.

Speaking to the CBN outlet, she explained that “This integrated approach is designed to provide more streamlined, coordinated and accessible services, ultimately improving the overall experience for both domestic and international investors.”

In the short term, the Centre is expected to offer practical support and stimulate business activity.

In the long term, it will contribute to stronger innovation, employment, and economic resilience. A ministerial committee will oversee its operation and propose further measures as needed.

“The BSC represents a strategic initiative of the government that aims to support entrepreneurship, enhance the competitiveness and extroversion of the Cypriot economy, as well as attract high-level investments,” Damianou said.

The Centre will offer guidance on company formation and licensing, registration in the registration of companies with foreign interests, and support for renewable energy and zero-emission technology projects, as well as infrastructure linked to electricity transmission.

It will also assist with the establishment of service-sector companies and manage the licensing of strategic development projects. For investments qualifying under Law 84(I)/2023, a fast-track mechanism will apply.

“With the operation of the Centre, for projects of strategic importance, the appointment of a project coordinator is foreseen,” she explained.

“During the investment licensing process, the project coordinator will be responsible for coordination and communication with the licensing authorities, acting as the sole point of contact between the investor and the government departments.”

She added that necessary licences will be secured centrally, through this mechanism, within a time frame not exceeding 12 months.

Asked how much time this could save investors, Damianou pointed to the value of eliminating duplicated steps and avoiding multiple contact points across departments.

“The investor will no longer have to navigate the system alone, they will have coordinated support throughout.”

Although the Centre is currently based in Nicosia, she confirmed that investors across the island will have access through remote meetings.

“This hybrid service delivery model guarantees consistent support, both virtually and in person,  aligned with the evolving needs of investors,” she said.

At this stage, there are no plans to open branches in other cities.

However, further evaluation may be carried out once the Centre’s operations are stabilised.

Damianou emphasised that digital transformation remains a priority.

“The development of integrated platforms and digital tools allows for scalable, user-friendly service delivery, enhancing accessibility, operational efficiency and administrative transparency,” she said.

This approach, she added, reflects international best practices and supports a more modern, efficient public administration.