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Cyprus Government Launches Subsidy Program to Foster Entrepreneurship

Cyprus Government Launches Subsidy Program to Foster Entrepreneurship

Cyprus Government Launches Subsidy Program to Foster Entrepreneurship

The Ministry of Energy, Trade, and Industry has reopened applications for subsidies aimed at aspiring entrepreneurs. Starting from June 18 until July 31, young men and women interested in starting businesses are encouraged to apply.

This initiative seeks to nurture entrepreneurship among young adults who wish to leverage their knowledge, experience, professional training, talents, and business plans. Funded under the European “Talia” program for the years 2021-2027, the project boasts a total budget of 20 million euros. Beneficiaries include young residents of Cyprus aged 18-29, as well as men aged 30-50 and women aged 30-55. One crucial eligibility criterion is that beneficiaries must have been unemployed or not engaged in entrepreneurial activities in the past six months prior to application.

The maximum subsidy amount is set at 120,000 euros, covering up to 60% of the total project budget.

Applications and accompanying documents must be submitted online via the platform https://fundingapps.meci.gov.cy.

In the meantime, President Nikos Christodoulides reaffirmed the government’s commitment to fostering an environment conducive to innovation and entrepreneurship. Speaking at the Cyprus Institute’s graduation ceremony on June 13 at the Nicosia Municipal Theater, he highlighted Cyprus’s recent achievement in entering the top 50 countries globally most suitable for startups, showcasing the country’s growing innovation landscape and diversified industrial base.

Furthermore, the president emphasized the critical role of education in promoting scientific research and innovation. Integrating advanced laboratories, research centers, and industry partnerships within academic institutions ensures that students are well-prepared to contribute to the innovation landscape. Initiatives promoting STEM education among younger students are also essential in nurturing the next generation of scientists, engineers, and innovators.

This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication. This article is for informational purposes only. For further advice, please contact us at the contacts listed on the site. 

 

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