The Council of Ministers has amended the legislation of the Policy for the Registration of Companies in the Register of Foreign Interest Companies.
On December 12, 2022 in Cyprus the amendments to the " the Policy for the Registration of Companies in the Register of Foreign Interest Companies ", adopted by the Government of the Republic on November 30, came into force. These changes adjust the eligibility criteria for foreign companies and the procedure for their registration through the Business Facilitation Unit (BFU).
Now if more than 50% of registered company shares belong to individuals or legal entities of foreign jurisdiction, its owners are required to make an initial investment of at least 200 thousand euros. The ultimate beneficial owner of the company must transfer these funds to Cyprus legally. When registering a company with the BFU, the relevant confirmation from the bank must be provided.
The Business Facilitation Unit Cyprus was established on January 1, 2022 on the basis of the Fast Track Business Activation Mechanism. This institution has become a single contact center for foreign companies operating in Cyprus. At the official level, the main purpose of the BFU is the fast and effective processing of requests from foreign firms to establish or expand a business in Cyprus.
