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SERVICE OF INDUSTRY AND TECHNOLOGY

Title: Scheme for the Enhancement of Youth Entrepreneurship 2nd Call


Program Description


The Ministry of Energy, Commerce, Industry and Tourism of the Republic of Cyprus in an attempt to promote and encourage entrepreneurship among young people, introduced the “Scheme of Youth Entrepreneurship".

The current scheme is based on the Operational Programme 2014-2020 for "Competitiveness and Sustainable Development" which is co-financed by the European Regional Development Fund and the Republic of Cyprus.

The aim of the Scheme is to develop, support and encourage entrepreneurship by young people between the ages of 20- 40, who wish to establish an enterprise in the sectors of manufacturing, services, tourist activities and e-commerce.

Emphasis is given in the development of new technologies, in the use of innovative methods of production and promotion of products and services, in the growth of business skilfulness in the sector of environment and generally in the promotion of modern enterprising activities aiming at the creation dynamic and competitive enterprises.

This scheme concerns young people who had not any previous business activity in any sector, for at least a period of 6 months before the date of the submission of their proposal, are either unemployed or employees.

Eligible candidates may participate in only one proposal and their participation must represent at least 75% of the total share / corporate capital. The grant is offered as a percentage (50%) on the approved budget with a maximum amount of €70,000 Euros for the manufacturing sector, and €50,000 Euros for the other sectors.

The majority of businesses created are in the fields of manufacturing such as bakeries, small food factories, metal factories, of e-commerce, services such as law and accounting offices, surgeries, nurseries, mechanics, and tourism such as taverns, restaurants, bars, cafes, traditional small hotels, etc.

Undoubtfully, Grant Scheme offers incentives that encourage young people to establish new businesses, create new job opportunities and contribute to the economic development of the country.

    Type of Category

    • Entrepreneurship

    Eligible Applicants

    • Physical/ Natural Persons

    Eligible Expenditures

    • Equipments, Buildings- Decoration
    • Training
    • Promotional activities
    • Other Expenses
    • Working Capital

    Type of Funding

    Co-Financed by the Republic of Cyprus and the European Structural and Cohesion Funds

    Total Budget:

    Call Budget: €6 mil.

    Managing Authority

    Industry and Technology Service MECIT

    Contact Point

    Vicky Tsangaridou Hadjipavlou - Commerce and Industry Officer
    Tel.: +357 22867194
    Email: vtsangaridou@mcit.gov.cy

    Persefoni Marcou - Commerce and Industry Inspector
    Tel: +357 22867317
    Email: pmarcou@mcit.gov.cy

    Athina Xanthopoulou - Commerce and Industry Inspector
    Tel: +357 22867178
    Email: axanthopoulou@mcit.gov.cy

    Spyros Prodromou - Commerce and Industry Inspector
    Tel: +357 22867156
    Email: sprodromou@mcit.gov.cy

    Please note that the Guide of the Scheme and all related documents are available in Greek only.