ServPRO’s 25 highlights to start our newsletter year 2025!

Our team at ServPRO kickstarts the 2025 newsletter year with 25 highlights for you and your business in Cyprus, the European Union (EU) and the wider world:

But first, congratulations are in order: Our Founder & CEO, Petros Theodotou, has been appointed as the Vice President of the International Business and Foreign Investments Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC).

Our Expertise is growing: We have recently established a Tax & Financial Advisory Team within the ServPRO Team, led by our new team member, Petros Ziartis. The Tax & Financial Advisory department focuses on strategic and financial planning, financial forecasting, financial modeling, debt restructuring, mergers and acquisitions, management reporting, tax planning, and ERP system implementation. Visit our Tax Services page for more.

EUIPO’s SME Fund 2025: We’re also welcoming 2025 by offering a 25% discount on our Intellectual Property (IP) trade mark services and, in particular, for national (Cyprus), EU (EUIPO) and world trade mark applications (WIPO). Email us with your details to kickstart the process – please note that due diligence checks apply for all clients, as per EU legislation.

Do you own or work for a SME in Ukraine or the EU? Your Small and Medium-sized enterprise (SME) may benefit from the EU’s SME Fund which, in its 2025 edition, includes reimbursements for trademarks, designs, patents, community plant varieties, IP Scan and IP Scan Enforcement services. Considering the remarkable support provided to 72,000+ SMEs since the first SME Fund 2021 pilot initiative was launched, the SME Fund 2025 is expected to be the biggest thus far.

Looking to relocating your business? Cyprus is an ideal headquartering destination sought-after by high-tech companies, Research, Development & Innovation (R&D&I) driven companies, and pharmaceutical companies. Contact us to get started.

Cyprus, an Innovative Economy: Cyprus has recently been ranked as the 2^nd leader in innovation economy in the region (succeeding Israel) and 27^th in the Global Innovation Index 2024 rankings, driven by its business and regulatory environment, R&D research, and market sophistication. Get in touch with us to explore your options.

Cyprus Startup Visa: The recently revised framework regarding Cyprus’ Startup Visa allows talented entrepreneurs from non-EU/-EEA countries to live and work in Cyprus with the purpose of starting a business with a high growth potential. Get in touch with us to get started on your application.

Cyprus Innovative Enterprises Certificate: Available to innovative enterprises, this certificate is issued as a support tool for tax incentives utilisation for any person (individuals or businesses) that invest in innovative SMEs, either directly or through an investment fund, or an alternative trading platform. Click here to find out more. Contact us to get started on your application.

Official Company Statistics: During the year 2024, the Department of Registrar of Companies and Intellectual Property (DRCIP) recorded a total of 14,444 companies, 96 partnerships, 1,824 trading names (trade names / business names), 43 overseas companies, and 2 SE and EEIG (European Economic Interest Groups) type of companies newly registered with the DRCIP. 2024 ended with a total of 196,090 companies, 5,714 partnerships, 48,891 trading names (trade names / business names), 1,239 overseas companies, 16 European companies, and 12 EEIG registered with the DRCIP. By 31 December 2024, the DRCIP recorded a total of 16,538 strike-off applications, 30,056 name approval applications, 163,178 register searches, 150,945 register updates requests, 128,293 Annual Returns (HE32) filings, 320,073 certificates requests, and 406,507 e-filing submissions.

Already own or manage a incorporated company in Cyprus? Its officers have 90 calendar days from its incorporation to record its beneficial ownership particulars onto the UBO Register. Any changes to the company’s beneficial ownership particulars must be reflected onto the UBO Register within 45 days. The deadline to perform the annual review and confirmation of beneficial ownership particulars for the year 2024 has been extended from 31 December 2024 to 31 March 2025. Read more on the UBO Register by clicking here.

BFU advantages: Consider enrolling your Cypriot entity into the Business Facilitation Unit (BFU) to benefit from multiple benefits, in tax, residency and immigration, social insurance, IP rights registration, and many more. Visit our website to find out more and contact us to collaborate in enrolling your business into the BFU.

Are you an employer in Cyprus? You have an obligation as an Employer to submit each employee’s essential terms of employment to the Ergani Portal, the deadline of which is currently set for 28 February 2025, but expected to be extended to 31 May 2025. This is a requirement that stems from a Decree issued by the Minister of Labour and Social Insurance (ΚΔΠ 455/2024, in Greek).

Employer’s Return: Following transition into submitting returns through the TFA platform, employers must submit their returns (TD7 forms) by 31 May 2025 through Cyprus’ new TFA platform.

Are you a foreigner employed for the first time in Cyprus? If yes, you may be eligible to benefit from 20% or 50% tax exemption on your remuneration (known as first employment tax exemptions).

Tax Incentives (Employees): A notable tax incentive offered to attract foreign businesses and talent of 50% tax exemption is given to new and existing employees relocating/relocated to Cyprus (with the requirement that they were not Cyprus residents during the previous 10 years) with employment remuneration of ≥€55,000 granted for 17 years from the commencement of employment.

Self-employed persons in Cyprus: The deadline to submit tax returns (TD1 forms) of self-employed persons who are under an obligation to prepare audited financial statements and a Summary Information Table (SIT) for the year 2022 has been extended to 31 May 2025. Regarding the year 2023, for those self-employed persons that do not have an obligation to submit a SIT of related party transactions, the deadline to submit their TD1 form is 31 March 2025. For those self-employed persons preparing audited financial statements, with an obligation to submit a SIT of related party transactions, the deadline of submission of their TD1 2023 is 30 November 2025.

Have you considered obtaining a Cypriot Tax Residency? You may do so by application of the 183-day rule, or the 60-days rule. If you have obtained your Cypriot Tax Residency, consider applying for Non-Domicile (Non-Dom) status which affords you 100% exemption of Special Defence Contribution (SDC) tax. Visit our Personal Income Tax webpage for more and Contact us for a consultation.

Investing much? For investments in innovative businesses, the 50% tax exemption covers investments in certified innovative companies and by foreign investors. For investments in R&D, there are notable tax deductions for R&D costs (e.g., by 20%), whereby eligible R&D expenses will be deducted from the taxable income at an amount equal to 120% of the actual amount.

Looking for succession planning? Consider establishing a Cyprus International Trust (CIT). CITs are known for their asset protection advantages, confidentiality privileges, and multiple tax incentives and benefits. ServPRO Legal’s Stephanie Theodotou has been appointed as a Member of the Trusts Committee of the Cyprus Bar Association and, together with our very own TEP Member Petros Theodotou, can assist you in your family’s wealth management and trust-related enquiries.

Get your corporate tax deadlines in order! Companies must prepare and submit their Corporate Tax (TD4 forms) for the year 2023 by 31 March 2025. Companies with obligation to submit a Summary Information Table (SIT) under a Transfer Pricing (TP) study for the year 2023 per TP legislation, an extension has been granted to 31 November 2025. For companies with obligation to submit the SIT for the year 2022, an extension has been granted to 31 May 2025. For more tax-related deadlines, stay tuned for our Tax Diary 2025, expected to be released in March. Visit our Tax Services webpage for our services in taxation.

Social Insurance matters: On the social insurance side of things, the amount of maximum insurable earnings has recently been changed to €66,612. Visit our Accounting & Finance webpage for all our related services.

Is your business involved in imports and exports in/out the EU? Apply to your customs authority for an Economic Operators Registration and Identification (EORI) number, which is valid across the EU. Visit our Corporate & Legal webpage for our services.

Calling All Digital Nomads: You and your family can live in Cyprus and work for an employer or clients abroad; Digital Nomad Visas take approximately 2-4 weeks to be examined and issued. Cyprus is renowned for its safe and peaceful standard of living.

What we’ve done in 2024 – a never ending list, including being featured in GB-CY Business Association Leading Businesses for the year, and our Founder & CEO Petros Theodotou being distinguished as “Cyprus’ Most Influential Business Leader You Need to Know” in The CIO World magazine.
Thank You: We would like to express our gratitude to all our team members, business partners, and distinguished clients that make us who we are. Rest assured, we are constantly working on improving and becoming better each day – in the words of our visionary leader Petros Theodotou, “Every day is an opportunity for personal growth and professional development.”