BCS Company Registration
The updated policy that was put into force in late 2021 classifies the below as eligible companies to acquire a license for employing third-country personnel. As per recent amendment of policy put into force in December 2022 companies of foreign interests must also additionally satisfy an investment criterion if an initial investment in the Republic of at least €200,000 that must be proven by presenting the appropriate certificates.
1. Third-country shareholders should own the majority of the company’s shares.
In cases where the percentage of foreign participation in the company’s share capital
is equal to or less than 50% of the total share capital, in order for the company to be
considered as eligible, then the foreign participation should represent an amount
equal to or greater than the amount of € 200.000 as nominal capital.
2. Companies that fulfil the following criteria:
Public companies registered in any recognised stock exchange
Former offshore companies that were operating in Cyprus by approval of the Cyprus Central Bank, before the change of their offshore status
Cypriot shipping companies
Cypriot companies of high technology / innovation
Cypriot pharmaceutical companies or companies operating in the fields of biogenetics and biotechnology
Persons who have acquired Cypriot citizenship by naturalization based on economic criteria, given that they will prove that the conditions under which they were naturalized are still met
Benefits of acquiring a license to employ highly skilled third-country personnel in Cyprus:
Licensed companies are no longer restricted as to the number of third-country employees they are allowed to employ
New policy has set a 5-year period limit for securing at least 30% personnel from CY or EU countries which is set to expire on 31.12.2026
For any general inquiries, please fill in the following contact form: