About 30 large foreign companies are considering the idea of moving to Cyprus. Six of them have already made formal applications for relocation, half of which have been approved, the Minister of Energy, Trade and Industry of Cyprus, Natasa Pilidou said. According to her, the applicants mainly represent the high technology sector.

Natasha Pilidou identified as one of the main objectives of the department to combat the typical bureaucracy of Cyprus, which prevents the attainment of the planned heights in attracting foreign investment in the country. According to the Minister, despite the many competitive advantages of Cyprus, such as the British-style legislative framework, friendly tax regime and opportunities for recruiting both local and third country staff, bureaucratic delays and under-regulation of investment processes complicate matters.

Natasa Pilidou recalled that last September in Cyprus launched a mechanism for the quick activation of the business through “one window”. From the moment of joining a foreign company, the process of registration and receipt of all documents should ideally take no more than seven working days. It takes 4-6 weeks to process residence and work permits for personnel in the country.

Another effective tool to combat bureaucracy should be a law on investment, which has already been submitted to Parliament.