Within the framework of attracting foreign investment and due to the need to simplify administrative procedures equal to those enjoyed by local investors, a Foreign Investors Service Centre (FISC) was established on 5 September 2005 under the auspices of the Ministry of Commerce, Industry and Tourism.
The main task of the Centre is to evaluate all investment proposals submitted by foreign and local investors, to accelerate and simplify licensing procedures in this regard. The importance of the establishment of the Centre lies in the fact that it will operate as a full service for foreign companies interested in investing in Cyprus. In particular, it will serve as a central agency for providing support, information and liaising with foreign investors.
Undoubtedly, the new Centre will contribute to upgrading and modernising the liberalisation of Cyprus’ foreign direct investment policy, since it has been given the power to submit proposals and observations whenever it considers that the current system for approving investing proposals needs to be further enhanced.