Cyprus is the perfect choice to start and scale new companies
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Case studies and testimonials: reasons to start in Cyprus

Many successful tech companies have already either relocated or expanded in Cyprus.

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How to set up in Cyprus

Setting up and running your business

Guide to incorporation: here is your guide to business incorporation.
Guide to registering: register your company name here.
Guide to annual filings: general tax information, submission forms and filings, are here.
Average rental and other costs

Grants and funding guide

Full details can be found here

Recruiting talent

Guide to obtaining start-up visas: here is your guide with all the information and application forms for the Cyprus Startup Visa scheme.

Guide to hiring and employing in Cyprus: here is a detailed employer’s guide regarding obligations for the payment of contributions to the Social Insurance, Annual Holidays with Pay, Redundancy, Human Resource Development and Social Cohesion Funds.

Guide to obtaining residency for EU nationals: this is the official guide for nationals from EU Member States that want to apply for permanent residency.

Guide to obtaining residency for non-EU nationals: here are the official application documents to obtaining residency for non-EU nationals. Citizenship programmes: a detailed breakdown of the Cyprus residence visa categories.

Cyprus ecosystem

Startup Stages

There is no one right way to build a technology company, but for the sake of simplicity we have outlined a basic, common, sequential framework.

1a. IDEA-STAGE

This is where new entrepreneurs get inspired, learn best practices, develop skills, validate ideas, and begin to build their team and product.

INSPIRE
Startup Media: Centralized local information, listings, and news. (i.e. startup blogs/ publications/ lists/ FB groups/ newsletters, Startup Digest)
Inspirational Events: Open, inclusive, beginner startup events (i.e. Startup Weekend, idea fairs, and inspirational meetups)

1b. IDEA-STAGE

This is where new entrepreneurs get inspired, learn best practices, develop skills, validate ideas, and begin to build their team and product.

EDUCATE
Training & Feedback: Skill & Idea development. (Ex. bootcamps and comprehensive training programs, like Founder Institute, General Assembly, Lean Startup Machine, code camps, etc)
Inspirational Events: Open, inclusive, beginner startup events (i.e. Startup Weekend, idea fairs, and inspirational meetups)

1c. IDEA-STAGE

This is where new entrepreneurs get inspired, learn best practices, develop skills, validate ideas, and begin to build their team and product.

VALIDATE
Team Formation: Resources for teaming up. (i.e. events or other resources that facilitate early-stage recruitment and cofounder matching, like CoFoundersLab, FounderDating, and entrepreneur networking groups and events, “find a cofounder XXX”)
Build First Product: Hackathons & resources to build. (i.e. hackathons and other builder-focused events and resources)

2a. LAUNCH-STAGE

In this stage, entrepreneurs establish and formalize the company, develop the product, get feedback from customers, and prepare for the next step.

START
Establish: Law firms & banks that specialize in helping startups
  • Christina Aristidou LLC
  • CNN Law LLC
  • Koushos, Korfiotis, Papacharalamobus LLC
  • Nayia Antoniou LLC
Workspace: Co-working and flexible workspaces (note: “official” office space goes in 3.1.a. Infrastructure)

2b. LAUNCH-STAGE

In this stage, entrepreneurs establish and formalize the company, develop the product, get feedback from customers, and prepare for the next step.

DEVELOP
Formalize: Accounting, development and HR for early-stage startups.
Prepare for Seed: Incubators and advanced mentorship. (i.e. advanced knowledge sharing, later stage events and resources for startup TEAMS, Startup Next, etc)
  • Founder Meetups

2c. LAUNCH-STAGE

In this stage, entrepreneurs establish and formalize the company, develop the product, get feedback from customers, and prepare for the next step.

LAUNCH
Seed Accelerators: Seed funding mentor programs (Techstars-style programs that provide funding)
Pitch & Demo: Show local startups for investment (i.e. demo days for companies seeking seed investment)

3. GROWTH-STAGE

Here, a startup proves their utility, receives recognition, and scales up. This usually requires funding, angels, VCs, and ways to connect them to startups.

RECOGNITION
Investor Networking: Connect professional investors with founders. (i.e. events or groups that facilitate connections with professional investors vs. angels, venture capital associations)
Major Media: Mainstream local business press. (i.e. major local or regional publications that frequently champion local businesses, major local or regional publications with a business section)
  • CAPITAL
  • EUROKERDOS
  • GOLD magazine
  • INBUSINESS

3. GROWTH-STAGE

Here, a startup proves their utility, receives recognition, and scales up. This usually requires funding, angels, VCs, and ways to connect them to startups.

FUNDING
Angels / Micro-VCs: Seed-stage investors
Venture Capitalists: Series A and beyond

3. GROWTH-STAGE

Here, a startup proves their utility, receives recognition, and scales up. This usually requires funding, angels, VCs, and ways to connect them to startups.

GROWTH
Infrastructure: Office space, HR, local business insurance. (i.e. office space/ HR/ insurance providers for capital-rich companies to grow and scale)
Expansion: Growth accelerators/consultants. (i.e. programs and business consultants for capital-rich companies to grow and scale)
  • Deloitte
  • EY
  • KPMG
  • PWC

4. SUCCESS STORIES

Successful homegrown companies that have raised significant institutional funding, employ a large workforce, or have achieved liquidity.

Cyprus ecosystem

Supporters

To facilitate the steps, every ecosystem needs strong supporters.

1. EVANGELISTS

Successful local founders who lead the ecosystem & frequently mentor newbies. (i.e. Local leaders who have taken a leadership position, speak at a lot of startup events, mentor all the programs, etc.)

2. GOVERNMENT

Public organizations that facilitate local economic development

  • Cyprus Investment Promotion Agency
  • Ministry of Energy, Commerce, Industry and Tourism
  • Ministry of Finance
  • Presidency
  • Research Promotion Foundation
  • Unit for Administrative Reform

3. TALENT

Major local business or tech universities and employers that attract and retain local talent.

1. Local Universities: (universities with prominent technical or business programs)
  • Cyprus International Institute of Management (Entice)
  • Cyprus University of Technology
  • European University
  • Frederick University
  • University of Cyprus
  • University of Nicosia
Local Employers: (Major technical employers with large local offices)
  • 3CX
  • Amdocs
  • Cyta
  • IBM
  • Logicom
  • Microsoft
  • MTN
  • NCR
  • Odyssey
  • Oracle
  • Wargaming