Young Entrepreneurship Funding Program - Up to 70% subsidy for new businesses

Young Entrepreneurship Funding Program
Up to 70% Subsidy on Costs
 

Eligibility: New Businesses

Expenses Coverage: Buildings Purchases & Repairs, Technological Upgrades, Office Furniture, Computer Equipment, Marketing Expenses, Many More

If you are planning to set up a factory, start a new business, repair your existing business, or update your organisations systems and software why not save as much as possible by taking advantage the available EU and Cyprus programs which aim to help businesses just like yours.

How it works?

Eligibility

a) Physical Persons

• Individuals who have been living in Cyprus for at least 6 months and who are entitled to work in the republic of Cyprus
• Men or women <50 years of age and <55 years of age respectivly can obtain 60% funding (from what they have spend)
• Persons < 30 years old can receive up to 70% funding (from what they have spend)

b) Legal Persons or businesses

• A Cyprus company or a sole trader must be register and apply for the scheme (lets call it a "Vehicle")
• The Vehicle must be new without previous trading history
• Dormant and off the shelf companies can apply as long as an auditor verifies that they have no previous trading history for at least 6 months
• The applicant must be a person who will cease employment once the approval of the application is granted and become an employee of the new business
• No business activity related to the Vehicle should exist prior to the application eitherwise the application will be voided

c) Application Main Characteristics

• Maximum amount to be funded Euro 120,000 (in year three and after all expendidure have been paid)
• Expenses cannot be incurred before the application; you can only claim for expenditure after you have submitted the application
• Expenses below Euro 100 are excluded
• The application must be escorted by offers not invoices
• All invoices issued after the application must be paid by the company or applicant. Cash are excluded.
• Invoices from non-Cyprus VAT entities are excluded
• A small business plan must be written and a fair amount of narative to be provided

d) Example of eligible costs

• Equipment / installations
• Heavy duty equipment
• Computer hardware and software
• Buildings alterations
• Motor vehicles
• E-commerce / website applications
• Fin-tech / software companies support
• Travel industry
• Office/ building upgrades (electrical, kitchen, fixtures and fittings etc)
• Marketing
• Hiring of employees

d) Funding
The funding process takes place in three stages, and it is possible to obtain 40% of the requested funds prior to an inspection in year 1 or year 2. 

After the end of year 3 following the submission of the application, the applicant will receive, if successful, the funds requested as per application form.

During year 2 and 3 all accounting documentation, invoices, agreements and payments will be thoroughly examined by the ministry officers followed by a physical visit to the company’s or sole traders premises. The physical inspection typically takes place in year 3. 

These programs are very popular as they cover up to 60% or 70% of the initial investment of eligible costs, there are many Cyprus businesses getting them and are rare as they are announced every 7 years, so you should exploit them!

CYAUSE Audit Services
We are truly an A to Z stop for local and international companies operating in Cyprus and the rest of the world. 

From back-office support, to Accounting, Payroll, Audit, Tax and Funding Engagements, CYAUSE Audit Services Ltd offers continuous high-level services to its International and Local clients. Our focus is not merely to keep your accounting records in shape and up to date at all times but rather to assist you prospect and grow together. This has always been our mission. 

This is why over the last few years we gained the expertise on local government subsidies, EU grants and EU subsidies, to assist tour clients even further.

From the Far East to Central Europe CYAUSE Audit Services has clients from every corner of the world and specialises in the provisions of 100% support to international interest engagements and the Creation of any Company and Bank Account Anywhere in the World.

Our membership with ACCACE (European Network) and 3E International (Asian Network) ensures that we are wired and closely connecting in all jurisdictions getting the latest corporate news and tax developments ensuring our tax planning is accurate and validated before finalisation. These memberships also ensure that we have fast access to accurate information needed by our clients.

CYAUSE Audit Services is an Audit & Assurance firm with offices in Nicosia and Limassol in Cyprus. During 2015 we have been awarded by local regulator I.C.P.A.C and the A.C.C.A (local and international association of Chartered Certified Accountants) for the Quality of our Audit Services and our Office Procedures.

Over the last years we have also been brave enough to create our own YouTube Channel which provides Explanatory Videos on Corporate Cyprus something of great value especially for overseas prospects considering relocating or setting up Cyprus Companies. 

Amongst others we cover the following tutorials in video form:

• Cyprus Taxation
• How to Set up a Cyprus Company
• Cyprus Tax Tips
• Business Advice
• Tax Advice
• Interviews with Businesses and many more.

Our website www.cyprusaccountants.com.cy also provides a plethora of tax information about various jurisdictions as well as Cyprus Tax Calculators and Access to our Articles which you can use at your own time.

If you would like us to assist you applying for funding or any other related matter, contact us at:

• kt@cyprusaccountants.com.cy
• +357 99 428 543.

Thank you, Kyriakos Tramountanellis

Read the Quide for this program (in Greek Only)