The Business Facilitation Unit (BFU) in Cyprus and its Benefits

The Business Facilitation Unit (BFU), established in January 2022 under the Ministry of Energy, Commerce, and Industry, serves as a central hub for both foreign and Cypriot companies aiming to initiate or expand their operations in Cyprus. Its primary goal is to streamline administrative procedures, enhance the business environment, and reduce bureaucracy, thereby promoting entrepreneurship and attracting investment.​

Key Services Offered by the BFU:

1. Single Point of Contact: The BFU acts as a liaison between businesses and various governmental departments, providing guidance on necessary licenses and permits required for business establishment and operation in Cyprus. ​
2. Company Registration Assistance: It facilitates the entire registration process, including company name approval, incorporation, tax registration, and social insurance enrollment, ensuring a swift and efficient setup.
3. Support for Foreign Interest Companies: The BFU manages the registration of companies with foreign interests, enabling them to benefit from government incentives, particularly concerning the employment of third-country nationals.
4. Guidance on Licensing and Permits: Businesses receive comprehensive information about the required permits for their specific activities, along with assistance in navigating the application processes. ​
5. Digital One-Stop Service for Renewable Energy Projects: The BFU offers a streamlined process for licensing renewable energy source projects, acting as the sole point of contact during the entire procedure. ​

Benefits of Engaging with the BFU:

• Efficiency: By consolidating various services under one umbrella, the BFU significantly reduces the time and effort required to establish or expand a business in Cyprus.​
• Expertise: Businesses gain access to knowledgeable professionals who provide accurate information and guidance tailored to their specific needs.​
• Facilitated Employment of International Staff: Companies registered with the BFU can more easily obtain residence and employment permits for third-country nationals, supporting talent acquisition from a global pool.

In summary, the BFU plays a pivotal role in enhancing Cyprus’s appeal as a business destination by offering streamlined services and support to both local and international enterprises. Engaging with the BFU can lead to a more efficient and successful business establishment process in Cyprus.​

At Innoserve, we work closely with the Cyprus government authorities to ensure a smooth transition for businesses setting up or relocating to Cyprus. Here’s how we can assist:

1. Full Support for Company Registration
   From choosing the right legal structure to handling incorporation, tax registration, and social insurance, we handle the entire setup process for you.
2. Third-Country National Employment Advisory
   We guide you through employment permit processes and help you structure your workforce strategy efficiently.
3. Ongoing Accounting, Tax & Compliance
   Once your business is set up, we provide ongoing accounting, VAT, payroll, and corporate tax services to keep you fully compliant and optimized for growth.
4. Relocation & Headquartering Support
   Thinking of relocating your business or opening a regional office in Cyprus? We handle the financial, legal, and logistical aspects to make your move seamless.