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Financing a Business in Cyprus
Financing is the next big step on your journey to set up a business in Cyprus. You need to have plenty of research and planning done before thinking about your finance. Talking to your accountant in Cyprus can be vital at this time as they know their stuff when it comes to money and can help advice you on possible ways of obtaining finance.
Here are some ways to consider when trying to obtain finance.
- Bank finance - If you have a well written and well planned business plan you can take this to your bank. This will help your bank to see how their money will start, develop and grow your business.
- Floating your company on a public stock exchange is a way of raising money for future growth. AIM, the junior partner of the London Stock Exchange (LSE), has established itself as the preferred route for younger companies wanting to go public.
- Tax relief and incentives there may be certain tax relief and incentives that you may qualify for and its worth investigating. The Cypriot government has introduced a wide spectrum of investment motives, mainly for small to medium sized businesses. Going to the Ministry of Commerce, Industry and Tourism will help you find out more. http://www.mcit.gov.cy/
- Public Aid there is help and advice for small to medium sized businesses with their finances. There are possible grants, loans and financial support. The Cyprus Investment Promotion Agency can advise. http://www.cipa.org.cy/
- European Aid grants are direct financial contributions from the EU budget or from the European Development fund. It is worth checking out your possible grants, funds and programmes by following the link and looking under a particular section i.e. Agriculture, Energy or Audiovisual and Media. http://ec.europa.eu/grants/index_en.htm
There are over 450 funding sources for reimbursable grants, aid schemes, individual fellow and traineeships, loans and guarantees. These can be awarded from such organisations like the European Commission, the Council of Europe, the European Investment Bank and others. Helpful links are:
http://www.eubusiness.com/funding/eu-funding/european-funds/
and http://cordis.europa.eu/eu-funding-guide/finding-sources_en.html
