OneStop Shop

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OneStop Shop
Acceleration of Proceduresfor Setting-up a
Business
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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.

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• Member States should establish by 2007, a
  one-stop-shop, 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.

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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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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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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

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Logo of the One-Stop Shop

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Structure of the Service


Registry
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Pipeline
Investor
Registry Provision of Information
Relegation to the competent Officer

• 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
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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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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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• 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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• 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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• Assistance to the employers in finding suitable
  personnel from Cyprus or from EU

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• Registration of a company with the Employers
  Registry
• Registration of employees with the Social
  Insurance Fund

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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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• Income tax registration of a new taxpayer (i.e. a
  new company)

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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.