Cyprus offers three types of funding solutions to companies each serving a different purpose.
Each year the government produces incentives for the acquisition of industrial equipment to help Cyprus businesses improve their factories and their establishments. These funding solutions could vary from Euro 100,000 - Euro 500,000 and are usually given in stages by the government after the company pays in advance a significant amount of the investment which is reimbursed at a later stage.
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Each year the government offers subsidized personnel solutions for all sized Cyprus Companies to improve the skills and unemployment rate of people in the Republic. These subsidies are very important as they can reach up to 80% of the payroll cost for the specific employee who enrolls into the system.
Typically, the company will have to apply to the appropriate ministry offering the scheme and once selected to employee the person for the work based on the schemes specific requirements. In recent years because the approval process from the government is slow it is advisable to employee the candidates prior to the approval in order to meet time frames set by the programmes.
Therefore, the company would employee the candidate and pay for full its wages until the end of the programme at which point the company will request for the subsidy back which takes on average 2 months to be given.