Elena Damianou reveals key elements of the new Business Support Center

Elena Damianou, a member of the newly-established Business Support Center Team, discusses the anticipated short as well as long term impact of the newly-established one-stop-shop for Cypriot and foreign investors, in an exclusive interview with CBN.

She also reveals which services will be offered, how the Center ties in with the government's overall digital transformation plan, and how investors will be able to access it.

President Nikos Christodoulides inaugurated Cyprus’ Business Support Center (BSC) – a one-stop-shop for both Cypriot and foreign investors seeking to establish or expand their business activities in Cyprus - this week, marking a significant milestone in the government’s efforts to cut red tape, streamline services, and attract strategic investment. The BSC will operate through a partnership of public bodies, including the Strategic Developments Sector (SDS) of the Department of Urban Planning and Housing, a liaison from Invest Cyprus, and the Business Facilitation Unit (BFU) of the Ministry of Energy.

• Read more: President inaugurates one-stop-shop for Cypriot and foreign investors (pics)

How important is the BSC for the country? What do you believe will be the immediate, and also longer term, impact of the Centre?

The Business Support Center (BSC) represents a strategic initiative by the Government aimed at supporting entrepreneurship, enhancing the competitiveness and extroversion of the Cypriot economy, as well as attracting high-quality investments.

By bringing together key licensing authorities—such as the Strategic Development Unit of the Department of Town Planning and Housing, the Investment Facilitation Unit of the Ministry of Energy, Commerce and Industry, and Invest Cyprus—under one roof, and by fostering close collaboration with designated Contact Points across relevant licensing bodies, we are creating a centralised, investor-focused hub. This integrated approach is designed to provide more streamlined, coordinated, and accessible services, ultimately enhancing the overall experience for both domestic and international investors.

Elena Damianou gives President Nikos Christodoulides a tour of the BSC, flanked among other by the Finance and Energy Ministers

This initiative is further complemented by the Government’s broader reform agenda, as outlined by President Christodoulides over the inauguration ceremony of BSC, which includes the ongoing simplification and digitisation of public sector procedures. These changes aim to strengthen the overall competitiveness and responsiveness of the Cypriot economy.

In the short term, the BSC is expected to provide tangible support to entrepreneurs and stimulate economic activity. Over the longer term, it will contribute to structural improvements in innovation capacity, job creation, and economic resilience.

The effectiveness of the BSC will be closely monitored by a dedicated Ministerial Committee, comprising the Minister of Interior, the Minister of Energy, Commerce and Industry, and the Deputy Minister to the President. This committee will assess its operations regularly and, where necessary, recommend policy updates or new measures to ensure that the BSC continues to meet the evolving needs of the business environment.

The centre will bring together all key licensing authorities under one roof. How much time is this expected to save potential investors? Can you give us an example?

The Center will provide the following services:

• Provision of personalised guidance and information to all investors regarding the establishment and licensing of businesses, tailored to the type of investment, including advice on eligibility for the Fast-Track Business Activation Mechanism.
• Registration in the Registry of Companies of Foreign Interest.
• Information and facilitation of licensing procedures related to renewable energy and storage projects, zero net-emissions technology production projects, as well as critical infrastructure for the electricity transmission network and projects receiving European or state funding.
• Facilitation of business setup for companies operating in the Services sector in Cyprus.
• Licensing of Strategic Development Projects

Regarding projects characterised as strategic and which meet the provisions of the applicable legislation - The Facilitation of Strategic Development Projects Law, (N.84(Ι)/2023)” - the fast-track licensing mechanism will be applied. With the operation of the Center, for projects of strategic importance, the appointment of a Project Coordinator is foreseen. Throughout the investment licensing process, the Project Coordinator will be responsible for coordinating and communicating with the competent licensing authorities, serving as the sole point of contact between the investor and the governmental departments. In this way, the necessary permits are secured at a central level, through the fast-track licensing mechanism, within a time frame not exceeding 12 months.

The Business Support Center

The BSC is located in Nicosia. Are there plans to open offices in other towns as well?

The Business Support Centre (BSC) is currently based in Nicosia, strategically selected as a central and accessible location for stakeholders across the island. At this stage, the Government’s priority is to ensure the effective establishment and operation of the Centre. Once its core functions are fully embedded and service delivery is stabilised, a structured evaluation will be undertaken by the Government.

Meanwhile, the BSC remains fully accessible to all investors, regardless of location. Through the provision of remote meetings, the Centre ensures comprehensive coverage and responsiveness across the island and beyond. This hybrid service delivery model guarantees consistent support—both virtually and in person—aligned with evolving investor needs.

At the same time, it is important to consider the Government’s ongoing investment in the digitisation and simplification of administrative procedures across the public sector. In this context, the creation of additional physical service points may not constitute the most efficient approach. Instead, the deployment of integrated platforms and digital tools enables scalable, user-friendly service provision—enhancing accessibility, operational efficiency, and administrative transparency. This model reflects international best practices and supports a modern, technology-driven public administration, with reduced bureaucracy.