The Company of Foreign Interests (BCS) framework allows eligible Cyprus companies to employ highly skilled third-country nationals through a simplified immigration process, without the standard labour market test applicable to other categories of employment.
At M.S. MyConsultancy Services Ltd, we assist companies from the initial eligibility assessment through to registration with the Business Support Center (BSC) and the subsequent immigration procedures for their employees.
Who Can Register?
A Cyprus company may qualify for registration as a Company of Foreign Interests where it meets the applicable ownership, investment and business activity requirements.
Eligibility may be established through, among other routes:
- Majority ownership by third-country nationals;
- Qualifying minority foreign ownership where the required investment threshold is met;
- Companies operating in qualifying sectors, including certain high-tech, innovation, pharmaceutical, biotechnology and other eligible activities;
- Other qualifying corporate structures recognised under the applicable framework.
Key Registration Requirements
€200,000 Initial Investment
The company must generally demonstrate an initial investment of at least €200,000, subject to the applicable requirements.
The investment may, depending on the circumstances, be demonstrated through:
- Funds transferred from abroad into the company’s qualifying Cyprus bank account;
- Acquisition of business premises or business equipment; or
- A qualifying increase in the company’s share capital.
The investment must meet the applicable timing, source and documentation requirements.
Genuine Business Presence in Cyprus
The company must maintain a genuine business presence in Cyprus and have appropriate business premises.
The business premises must be separate from residential accommodation and should reflect the company’s actual or planned business operations.
Business Activity
The company must demonstrate genuine or planned business activity in Cyprus.
The application is assessed based on factors such as:
- The nature and scope of the company’s activities;
- Its business profile and objectives;
- Existing or planned personnel;
- The expertise required for its operations; and
- Its plans for development and expansion in Cyprus.
Employing Third-Country Nationals
Once registered, a Company of Foreign Interests may employ eligible highly skilled third-country nationals under the applicable immigration framework.
For new highly-paid employment applications, the main requirements generally include:
- Minimum gross monthly salary of €2,500;
- Relevant academic qualifications or at least 2 years of relevant experience;
- Employment contract of at least 2 years;
- Compliance with the applicable immigration and employment requirements.
Highly paid employees are not subject to the standard labour market test applicable to supportive-level employment.
Directors, Key Personnel & Specialists
The BCS framework covers different categories of highly skilled personnel, including:
- Directors
- Key Personnel
- Specialists
Specialists are not restricted to specific professions or skills, allowing eligible companies greater flexibility when building their international teams in Cyprus.
Family Members
Eligible employees may also be able to obtain residence permits for their qualifying family members, subject to the applicable immigration requirements.
We can assist with the relevant family reunification and residence procedures alongside the employee’s application.
70:30 Staffing Commitment
Companies of Foreign Interests are expected to work towards the 70:30 ratio between third-country nationals and Cypriot / EU employees over the applicable five-year period.
There is currently no fixed quota limiting the number of highly paid third-country nationals a qualifying company may employ. Compliance with the applicable staffing policy will be assessed under the relevant framework.
BCS Registration Process
01. Eligibility Assessment
We review the company’s ownership structure, investment, activities, premises and staffing plans to determine whether it can qualify as a Company of Foreign Interests.
02. Corporate Structure & Preparation
We identify any areas that need to be addressed and prepare the company for the registration process.
03. BSC Application
We prepare and submit the registration application to the Business Support Center (BSC).
04. Registration Confirmation
Once approved, the company receives confirmation of its registration in the Register of Companies with Foreign Interests.
05. Employee Immigration
Following registration, we assist with the residence and employment applications of eligible third-country employees.
06. Ongoing Compliance
We provide ongoing assistance with renewals, employee immigration matters and the company’s continuing compliance with the applicable BCS requirements.
Processing Time
A complete BCS registration application is generally examined within approximately 10 business days, subject to the company’s eligibility and the completeness of the application.
Why Register as a Company of Foreign Interests?
BCS registration can provide eligible companies with:
- Access to a simplified immigration route for highly skilled third-country nationals;
- Greater flexibility in international recruitment;
- No standard labour market test for highly paid personnel;
- The ability to build an international workforce in Cyprus;
- Access to related immigration services for eligible family members.
Our Support
At M.S. MyConsultancy Services Ltd, we provide end-to-end support for Companies of Foreign Interests, including:
- Eligibility assessment;
- Corporate and investment structure review;
- BCS registration;
- Preparation and submission of the application;
- Liaison with the relevant authorities;
- Residence and employment permits for third-country employees;
- Family reunification applications;
- Renewals and ongoing immigration support.
Planning to establish or expand your international business in Cyprus?
Contact us to assess whether your company qualifies for BCS Registration.