New business activity plan meeting Cyprus

Scheme for the Development of New Business Activity

The New Business Activity Support Plan is a funding scheme introduced by the Ministry of Energy, Trade and Industry and is now accepting applications. The project aims to encourage the youth in Cyprus to build new businesses with the help of some monetary funding.
The plan is included in the “TH.ALEIA” Program 2021-2027 and is co-financed by the European Regional Development Fund (E .TPA) of the European Union and the Republic of Cyprus.

The scheme has a total budget of €30 million (this may be subject to changes). Applicants have the possibility of receiving funding of up to € 84,000! (70% of a 120K budget plan)


The specifications of the scheme are as follows:

Beneficiaries & Percentage of Funding per Age Category:

  • 18–29 Men & Women – 70% funding
  • 30–50 Men – 60% funding
  • 30–55 Women – 60% funding

Eligible Applicants:

  • Unemployed or Employee
  • No more than 25% shares owned within an active business

Eligible Business Activities:

  • Processing/Manufacturing
  • Services
  • Tourism
  • E-commerce

Excluded Activities:

  • Production, Processing & Trading of Agricultural Products
  • Fisheries & Aquaculture
  • Wholesale & Retail Trade

Eligible Business Costs:

  • Equipment
  • Special Infrastructure
  • Buildings (Construction, Renovation, Purchase)
  • Business Promotion
  • Other costs: 7% (flat-rate) of the total eligible costs, including the consultant fee


Open for submissions until 30.12.2021

Applicants are encouraged to submit applications here:  https : //fundingapps .mcit .gov .cy

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