The establishment of the Cyprus Business Development Organisation aims to place entrepreneurship support policy on a more structured footing, with particular emphasis on small and medium-sized enterprises, innovation and outward orientation.
The relevant bill was submitted to Parliament on Thursday. According to the explanatory report, the purpose of the Cyprus Business Development Organisation is to help improve access to financing for SMEs, startups and self-employed individuals, as well as to address financing gaps observed in the market, in line with national and EU state aid rules.
The new organisation forms part of a broader plan to strengthen the business ecosystem, at a time when the Cypriot economy is recording positive growth rates but continues to face structural challenges such as low productivity and the need for technological modernisation.
In the government’s plan, as outlined in the Ministry of Finance’s Strategic Fiscal Policy Framework, support for entrepreneurship is highlighted as a key priority, with interventions aimed at reducing bureaucracy, improving access to financing and enhancing business competitiveness. Particular emphasis is placed on attracting quality investments that can strengthen the productive base of the economy and create high value-added jobs.
Among the initiatives being promoted are the optimisation of procedures for securing residence and work permits for specialised staff from third countries, as well as the development of modern infrastructure for information and communication technologies.
