This initiative marks a strategic shift in the government’s efforts to reduce red tape, improve service delivery, and enhance the island’s competitiveness as a destination for large-scale and strategic investment projects.
What is the Business Support Centre? The BSC is a centralised service hub that merges the Business Facilitation Unit (BFU) with the Point of Single Contact , and works in collaboration with Invest Cyprus and other key regulatory authorities.
Its main purpose is to:
Provide coordinated support for company formation and project licensing Streamline communication with relevant authorities Offer fast-track procedures for strategic investments Act as a liaison between investors and government departments The Centre is based in Nicosia , but supports a hybrid model, ensuring that services are accessible remotely for investors across the island.
Why Was It Created? The Business Support Centre reflects a national policy to:
Attract high-level investments Support entrepreneurship Improve economic resilience and employment Align public service delivery with international best practices According to President Nikos Christodoulides , the Centre is part of Cyprus' broader digitalisation and administrative reform strategy. It aims to deliver "faster and better service" tailored to investor needs and reduce friction in the licensing and approval process.
Key Services and Functions The Centre acts as a single point of contact for:
Business setup and expansion (domestic and foreign) Licensing and permits for strategic projects Support for renewable energy and infrastructure projects Assistance with company registration for businesses with foreign interest One of the most notable features is the appointment of a dedicated project coordinator for strategic investments. This person will manage communication with all licensing authorities, helping ensure that approvals are granted within a 12-month time frame .
Who Benefits From the Business Support Centre? This initiative is designed for:
Foreign companies entering the Cyprus market Cypriot businesses launching large-scale or complex projects Investors in key sectors such as technology , energy , and financial services Entities qualifying under Law 84(I)/2023 , which includes strategic development projects What Comes Next? A ministerial committee will oversee the operation of the Centre and evaluate its effectiveness. While the Centre is currently centralised in Nicosia, there may be plans for expansion depending on the demand and impact.
Digital transformation remains a top priority, with integrated platforms and scalable tools in development to ensure transparent, user-friendly service.
Final Thoughts The launch of the Business Support Centre represents a significant milestone in Cyprus' journey toward becoming a leading business and investment destination in Europe.
By combining streamlined services, digital innovation, and investor-focused coordination, the Centre is expected to:
Reduce bureaucracy Accelerate investment processes Increase foreign direct investment Create jobs and boost economic resilience For entrepreneurs and corporate investors, this is a welcome step forward.
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