Reinforcing Med Microfinance Network System for Start-ups

Point of Single Contact Cyprus

  1. What are the existing microfinance measures in the country today? (indicate the number of measures)
TYPE OF MEASURE  MEASURE (indicate the names of the measures)
NATIONALPoint of Single Contact Cyprus
LOCAL (provincial, regional, municipal or equivalent territorial reality) 

B)     For each MEASURE ( to repeat for each measure)

Name/Title: Christos Michaelides
Name of responsible organization: Point of Single Contact Cyprus  
Starting year2015End yearongoing
Within the scope of harmonization with the Services Directive, the Ministry of Energy, Commerce and Industry has established the Point of Single Contact (PSC Cyprus) in order to facilitate the establishment of businesses in the services sector and the cross border provision of services within the internal market. The PSC Cyprus is meant to become the single interlocutor, by fulfilling a coordinating role, between service providers and competent authorities, for the gathering of information and the completion of the relevant procedures and formalities, which service providers have to comply with, in the Republic of Cyprus, in order to have access to, or exercise a service activity, whether through the establishment of a business or by providing temporary services across border from another EU member state. Information and guidance on setting up a new business, exercising regulated professions and providing regulated services in the Republic of Cyprus  
  1. What kind of activity does this measure finance?
Creation of new businesses  Yes
Strengthening of existing businesses  Yes
Specific investments – specify type (i.e. innovation, research, environmental transition, hiring, internationalization, purchase of goods)  Yes Agriculture, health, etc…  
Training activities  No
Other (specify) 
  • What type of financing is it?
Low-interest loan (indicate the repayment time and, if present, the requirement for collateral)No  
Non-repayable grant (indicate the percentage of non-repayable fund)No If Yes, percentage of non-repayable fund:
Tax credit 
Other (specify) 
  • How does the activation of the measure work?
One-stop means 
Call with closing date 
  • Financial entity of the measure (indicate the resources allocated)
Overall amountn/a    
% facilitation for each recipient 
Minimum amount that can be financed 
Maximum amount that can be financedn/a  
Origin of financial resources (European, State, Regional authority, Municipal authority, other) 
  • Type of funded social structure (indicate if belonging to a specific category is required in order to access the measure)
 FemaleOver 50Unemployed (specify any type)Disadvantaged groups (specify type)Youth (specify age range)Other (specify)
  • Does the measure provide for accompaniment and training or only financial support?
Financial support + accompaniment/training 
Only Financial support 
  • Is the measure considered a good practice and as such replicable in other national and / or international contexts?

C) How many initiatives have been financed in the last 3 years and for what economic amount? *

Number of initiatives Total economic amount

*  Information and guidance on setting up a new business, exercising regulated professions and  

    providing regulated services in the Republic of Cyprus

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