The New Entrepreneurship Support Scheme in Cyprus, with a budget of €20 million, aims to empower youth and women to establish new businesses, offering financial support up to 70% for individuals aged 18-29 and 60% for men aged 30-50 and women aged 30-55, targeting various sectors like processing, services, and tourism. Eligible applicants must not have engaged in entrepreneurial activities for the past six months, ensuring a focus on new ventures, with a maximum budget of €120,000 per enterprise to offset startup costs for potential business owners in Cyprus.
What is the New Entrepreneurship Support Scheme in Cyprus?
The New Entrepreneurship Support Scheme in Cyprus is a €20 million initiative aimed at empowering youth and women to start new businesses. It offers financial support up to 70% for individuals aged 18-29 and 60% for men aged 30-50 and women aged 30-55, with a maximum of €120,000 per enterprise, targeting sectors like processing, services, and tourism.
Empowering New Business Ventures
The Cyprus Chamber of Commerce & Industry (Keve) has joined forces with the Ministry of Energy, Commerce, and Industry, alongside the Cyprus Youth Organisation (Onek), to unveil the second call for proposals under the New Entrepreneurship Support Scheme. With a generous budget of €20 million, this initiative is a beacon of support for the Cypriot economy, especially for aspiring entrepreneurs among the youth and women.
The essence of this scheme is to incubate and accelerate entrepreneurship. By channeling focus towards young individuals and women, the program is set to catalyze a new wave of economic activity in various sectors. The strategic aim is to utilize the unique knowledge, experience, and skills these demographics bring to the table.
Criteria for Application
To be eligible for this promising opportunity, applicants must meet specific criteria. The scheme is open to young men and women who have been legal residents in the territories under the control of the Republic of Cyprus for at least the past six months, enjoying unrestricted employment access. Both employed and unemployed persons are welcome to apply, with age brackets defined as 18 to 29 for youth, 30 to 50 for men, and 30 to 55 for women.
A critical condition is that applicants must not have engaged in entrepreneurial activities or held more than a 25% stake in any business in the six months preceding the application. This stipulation ensures that the program truly supports new ventures.
Financial Support and Investment
The program offers a substantial sponsorship rate of up to 70% for individuals aged 18-29. For men aged 30-50 and women aged 30-55, the sponsorship rate is a generous 60%. This financial assistance will be calculated against eligible investment expenses, which may include equipment procurement, special installations, building costs for purchase, construction, or renovation, as well as expenses related to promotion and advertising. The maximum budget available per enterprise is capped at €120,000, a sum that can significantly offset startup costs for processing, service-oriented, and tourism businesses.
Prospective applicants can access all necessary details, including the Scheme Guide, application form templates, and other required documents, on the official website of the Ministry of Energy, Commerce, and Industry.
Engagement and Information Sharing
To further encourage participation and disseminate information, the Cyprus Youth Organisation is set to host a series of informative events about the scheme. Moreover, as the Coordinator of the European Enterprise Network (EEN) Cyprus, Keve will stage a comprehensive two-hour presentation at the Limassol Chamber of Commerce (Evel) on May 14, 2024. This event is designed to provide detailed insights into the New Entrepreneurship Support Scheme and answer potential queries.
The presentations at these events will be conducted in Greek, however, participation is entirely free of charge. This accessibility ensures that all interested parties have the opportunity to understand the full extent of the support available to them.
Interested parties are encouraged to stay informed about the final application deadline and make use of the provided contact numbers for any inquiries or further clarification. This scheme represents an invaluable opportunity for young entrepreneurs and women in Cyprus to bring their innovative ideas to life, fostering a dynamic and inclusive economic environment.
What is the New Entrepreneurship Support Scheme in Cyprus?
The New Entrepreneurship Support Scheme in Cyprus is a €20 million initiative aimed at empowering youth and women to start new businesses. It offers financial support up to 70% for individuals aged 18-29 and 60% for men aged 30-50 and women aged 30-55, with a maximum of €120,000 per enterprise, targeting sectors like processing, services, and tourism.
Who can apply for the New Entrepreneurship Support Scheme in Cyprus?
The scheme is open to young men and women who have been legal residents in the territories under the control of the Republic of Cyprus for at least the past six months, enjoying unrestricted employment access. Both employed and unemployed persons are welcome to apply, with age brackets defined as 18 to 29 for youth, 30 to 50 for men, and 30 to 55 for women. Applicants must not have engaged in entrepreneurial activities or held more than a 25% stake in any business in the six months preceding the application.
How much financial support is provided by the New Entrepreneurship Support Scheme in Cyprus?
The program offers a sponsorship rate of up to 70% for individuals aged 18-29 and 60% for men aged 30-50 and women aged 30-55. This financial assistance will be calculated against eligible investment expenses, with a maximum budget of €120,000 per enterprise, covering costs related to equipment procurement, building expenses, and promotional activities.
How can interested individuals access information about the New Entrepreneurship Support Scheme in Cyprus?
Prospective applicants can find all necessary details, including the Scheme Guide, application form templates, and other required documents, on the official website of the Ministry of Energy, Commerce, and Industry. Additionally, informative events will be hosted by the Cyprus Youth Organisation, and a comprehensive presentation will be held by Keve at the Limassol Chamber of Commerce to provide insights into the scheme and address queries. Interested parties are encouraged to stay informed about the final application deadline and utilize provided contact numbers for further clarification.
