Cyprus Innovation Funding Scheme

Cyprus Innovation Funding Scheme

Cyprus has further strengthened its commitment to innovation and production through a funding scheme designed especially for entrepreneurs and businesses that are working towards innovation.

The scheme plans to give away roughly 18 million euros by the end of 2020 to new and existing businesses that meet the innovative service or product criteria. The scheme is making the funds available through a grant to the various businesses and as such none of the money needs to be paid back.

The scheme is able to fund up to 25% of the total eligible budget for startup companies and up to 75% of the total eligible projects to companies that are considered existing enterprises at a maximum of 50 thousand euros and 250 thousand euros respectively for each category.

The categories of costs that are eligible for the grant are many and include but are not limited to: staff costs, equipment, instruments, project management costs, materials, third party services, participation in conferences (or other promotional activities), and operational costs.

Businesses that wish to apply to obtain funding will need to meet the criteria, including being a Cypriot company or a European company with a branch in Cyprus, and meeting the innovation criteria or cooperating with another company that is classed as an innovative enterprise.

Through this scheme as well as the various, intellectual property tax exemptions, non-domicile tax exemptions, and low corporate tax rates, Cyprus continues to strengthen its international position as a thriving environment for entrepreneurs and businesses. To learn all about the amazing business and tax benefits, you can see our Company, Individual & Family, and Immigration Benefits. For a more detailed list of the grant criteria please visit the official Republic of Cyprus funding scheme website.

Written October 2019