Within the framework of the Strategic Development Plan 2007 -2013, the Industrial Development Service of the Cyprus Ministry of Commerce, Industry and Tourism implements a Grant Scheme for Manufacturing Enterprises located within the area of the British Bases in Cyprus. 

The Scheme will be implemented for a period of 6 years that is, 2008 – 2013.The Scheme’s main objective is to support, develop and promote small and medium sized manufacturing enterprises (SMEs) as well as specific handcraft units.  Enterprises dealing with the processing of agricultural, fishing and foresting products are not covered by the Scheme.

The Scheme is open to manufacturing units which will invest at least €10.000 (small size enterprises) and €30.000 (medium size enterprises), in new machinery and / or equipment and / or know-how.  There is no minimum amount of investment for handicraft units.  Handicraft units employing up to 3 persons may also apply for investments made in buildings.  This may include the cost of building new premises or expansion of existing ones. The first call was announced on the 20th of May and applications may be submitted until 29/08/2008.

The total available budget for the first call is €1 million. The maximum grant per successful applicant (for the period 2008 – 2013) is calculated as a percentage on the eligible amount of investment.

Harris Kyriakides LLC can provide advise and representation in respect of the legal, tax and business aspects of any contemplated project. For more information, please contact us at info@kyrlaw.com.cy.