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Republic of CyprusMinistry of Energy, Commerce, Industry and Tourism
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SME (Small Medium sized Enterprises)
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The economy of Cyprus is dominated by small enterprises. Almost all enterprises (99,9%) employ less than 250 persons whereas the overwhelming majority (95%) employs less than 10 persons. The total number of SME’s in Cyprus is 61.041.

The government of Cyprus emphasized the need for a regulatory climate conducive to investment, innovation and entrepreneurship stressed the need to lower costs of doing business and to remove unnecessary procedures which act as a barrier against the development of SME’s in Cyprus. It is well understood that enterprise policy in Cyprus must ensure competitiveness in all areas of economic activity.

One of the primary objectives of the government development policy concerns the restructuring and modernization of the productive fabric of the economy in order to assist enterprises to meet the challenges of globalisation and accession to the European Union. To this end, various support schemes have been introduced in the different sectors of economic activity. Although the schemes do not generally distinguish between micro, small, medium or larger units, in view of the predominance of SME’s in all sectors, size is one of the parameters which are taken into account in policy formulation.

The existing EU “acquis” does not require transposition into the national legal order. Conforming to the EU policies, implies that the EU’s philosophy on SME’s should be incorporated in Cyprus policies and actions in a more systematic and explicit form.

In view of this, the Ministry of Commerce, Industry and Tourism and the Planning Bureau who have jointly the overall responsibility for the formulation of the Government Policy on SME’s, always take into account the particular needs and specific problems of SME’s, in the process of promoting the various programmes to support SME’s.

The Government Policy for SME’s is fully harmonized with that of the European Union, as it is outlined in the European Charter for Small Enterprises (http://europa.eu.int/comm/enterprise/enterprise_policy/charter). The basic objectives, therefore, of the strategy of Cyprus, aiming at the support and development of SME’s and entrepreneurship are the following:

¨ Introduction of a simplified legal, regulatory and procedural framework for the function of SME’s.
¨ Improvement of the monetary and financial environment.
¨ Assist SME’s to internationalize their activities, taking into account the European perspective of Cyprus and to reorient accordingly the applied strategy, through the improved systems and information services.
¨ Strengthen the competitiveness of SME’s.
¨ Improve the access of SME’s to research, technological upgrading, training and information services.

EU SMEs Centers



© 2016 Republic of Cyprus, Ministry of Energy, Commerce, Industry and Tourism