Startup & Innovation Funding

On 3 July 2019, the Cyprus Research Promotion Foundation announced three new programmes with a total budget of EUR18mln available for funding innovative enterprises already established in Cyprus and startups. These programmes are part of the Restart 2016 – 2020 Programmes which have a total budget of EUR99,140mln. The Restart 2016 – 2020 Programmes are a multi-annual development framework of programs for the support of research, technological development and innovation in Cyprus, which is co-funded by national and European resources and is implemented together with other national initiatives.

Calls for Proposals towards enterpreneurial innovation are now available, as follows:

1. Pre-seed, which relates to the creation and initial development of startups with international orientation. In particular, this program aims to support the creation and initial development of innovative start-ups that aim to develop innovative products and services with the prospect of penetrating into the international market;
2. Seed, which relates to the development of internationally competitive innovative products and services by startups. In particular, this program aims to support the rapid development of dynamic and innovative start-ups that intend to develop internationally competitive products or services, as well as to mobilise private investment funds for this purposes; and
3. Innovate, which relates to the development and promotion of internationally competitive innovative products and services by existing enterprises. In particular, this program aims to support existing enterprises that will invest in research and innovation for the development of competitive innovative products or services with quick global market penetration prospects.

These new programmes were presented in Cyprus by the Research and Innovation Foundation together with the European Commission, the European Commission Representation in Cyprus, the Enterprise Europe Network and the Directorate General for European Programmes, Coordination and Development.

Needless to say that established enterprises and startups could add substantial value to their business through such programmes. The relevant proposals by interested parties must be submitted in English and electronically via the IRIS Portal.

Cyprus is a rapidly growing and enhancing its reputation as a reliable financial and capital management centre. As a member of the European Union since 2004 and the Eurozone in 2008, Cyprus enhanced its role as robust and reliable destination for key players in various industries and sectors. The professional services industry evolved to cater for businesses of local and international clients, in line with the risks of the Digital Age and the challenges of globalisation.

We advise our clients on the most appropriate corporate structure and governance for the purpose of their particular enterprise. We establish companies, partnerships, collective investment vehicles, trusts, foundations and charities, and assist with maintenance throughout their business cycle.

Please do not hesitate to contact us if you require any related advice or support.