Transcript Slide 1

One–Stop Shop
Acceleration of Procedures
for Setting-up a Business
Republic of Cyprus
Ministry of Commerce, Industry & Tourism
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European Union political leaders have agreed, at the
Spring European Council of March 2006, that their
governments…
…should take adequate measures to considerably
reduce the average time for setting up a business,
with the objective of being able to do this within
one week anywhere in the EU by the end of 2007.
Republic of Cyprus
Ministry of Commerce, Industry & Tourism
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 Member States should establish by 2007, a one-stopshop, or arrangements with equivalent effect, for
setting up a company in a quick and simple way.
 Member States should also take adequate measures to
considerably reduce the average time for setting up a
business with the objective of being able to do this
within one week anywhere in the EU by the end of
2007.
 Start-up fees should be as low as possible and the
recruitment of a first employee should not involve
more than one public administration point.
Republic of Cyprus
Ministry of Commerce, Industry & Tourism
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Adoption of the Institution
of the One-Stop Shop
 In light of the intensification of competition and
especially in conjunction with the accession of Cyprus
to the European Union, the Government has decided
to pursue a number of measures in order to further
enhance and simplify the business and investment
environment.
 Towards this end, the Government, under the auspices
of the Ministry of Commerce, Industry and Tourism,
has set up in Nicosia an One-Stop-Shop for local and
foreign based companies.
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Ministry of Commerce, Industry & Tourism
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Aim
The aim of the Government for adopting the institution
of the One-Stop Shop was to:
 facilitate, accelerate and simplify the process of
setting up a business
 reduce considerably the average time for setting up a
business with the objective of being able to do this
within one week
 bypass the existing procedures where these are
dysfunctional, and
 serve both Cypriot and foreign investors
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Ministry of Commerce, Industry & Tourism
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Advantages
 The investor will be in contact with one single point to
obtain almost all the required permits in one
streamlined coordinated process
 Considerable reduction of the average time for setting
up a company
 Reduction of the level of bureaucratic intervention
Republic of Cyprus
Ministry of Commerce, Industry & Tourism
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Logo of the One-Stop Shop
Republic of Cyprus
Ministry of Commerce, Industry & Tourism
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Structure of the Service
Senior Officer
Investors
Service Centre
Ministry of
Commerce,
Industry
and Tourism
Registrar of
Companies
and
Official Receiver
VAT
Department
Civil Registry
and
Migration
Department
Inland Revenue
Department
Department of
Labour
Social
Insurance
Services
Registry
Republic of Cyprus
Ministry of Commerce, Industry & Tourism
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Pipeline
Registry
Investor
Provision of Information
Relegation to the competent Officer
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Investors Service Centre
Registrar of Companies and Official Receiver
Civil Registry and Migration Department
Inland Revenue Department
VAT Service
Social Insurance Services
Department of Labour
Senior Officer
Coordination of
activities among
the Officers of
various
Departments
Completion
of the Registration Procedure within 7 days
Republic of Cyprus
Ministry of Commerce, Industry & Tourism
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Range of Services Offered
 Provision of information and guidance to potential
investors and aftercare service to existing investors
 Registration of a Company
 VAT Registration
 Income Tax Registration
 Registration with the Social insurance Fund and
Employers Registry
 Application for the issue of Residence and work
permits
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Ministry of Commerce, Industry & Tourism
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Investors Service Centre
Provision of information and guidance to potential
investors and aftercare service to existing investors
Assessment
of
investment
proposals
and
recommendation
thereon
to
the
appropriate
governmental authorities the acceleration of the
required licensing procedures for those investments
that are deemed to be beneficial for the Cyprus
economy
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Ministry of Commerce, Industry & Tourism
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Registration of a company
Approval of a name
Examination of the constitution documents which are
notified to the Department of Registrar, i.e.
Memorandum
and
Articles
of
Association,
shareholders, capital, directors, registered office etc
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Ministry of Commerce, Industry & Tourism
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VAT Registration
Information and guidance regarding the procedure
that must be followed by a company in order to
submit its application for VAT Registration
Information regarding VAT Legislation
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Ministry of Commerce, Industry & Tourism
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• Assistance to the employers in finding suitable
personnel from Cyprus or from EU
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Ministry of Commerce, Industry & Tourism
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Registration of a company with the Employers Registry
Registration of employees with the Social Insurance
Fund
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Ministry of Commerce, Industry & Tourism
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Civil Registry and
Migration Department
Issue of temporary residence and work permit to third
country nationals (i.e. Executive Directors / Middle
Management Staff or other Key personnel)
Issue of residence permit to E.U. nationals
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Ministry of Commerce, Industry & Tourism
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Income tax registration of a new taxpayer (i.e. a new
company)
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Ministry of Commerce, Industry & Tourism
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Outcome
Information / Guidance to potential investors
During the period January – December 2008, the
Investors Service Centre provided information /
guidance to 300 potential investors.
Registration of a Company
During the period January – December 2008, 7414
Companies had been registered with the Registrar of
Companies and Official Receiver.
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Ministry of Commerce, Industry & Tourism
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