Cyprus is to get a new Investment Services Centre to co-ordinate government services to new investors. The Centre will provide information and assistance regarding the financial, taxation and legislative aspects of setting up a company in Cyprus, particularly for foreign investors, as well as an 'after care' service programme for investors which will include advice on accessing Government grants and subsidies.
The Centre will also be responsible for attracting investment for the establishment of hi-tech parks or 'incubators' on the island. The Cyprus Government will accept proposals for new projects for the incubators from April this year. Applicants will be required to provide a CY£10,000 deposit and, if successful, will be eligible to receive up to CY£100,000 in assistance from the Cyprus Government.
The new Investment Services Centre and hi-tech incubators programme were announced by Commerce Minister Nicos Rolandis, who said that the ISC was the first step in the Government implemention of its new industrial policy, which includes the offer of better services to foreign investors. Mr Rolandis also predicted that the new hi-tech incubators would help re-shape the local economy and bring new technology that will make local industry and services more competitive. "The year 2000 will be the year that the operations of hi-tech firms will change the shape of our industry", he said.
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