Entrepreneurship in Cyprus has received a significant boost with the initiation of the second phase of the New Business Activity Support Plan, under the umbrella of the THALEIA Programme. Co-financed by European funds and the Republic of Cyprus, this initiative is a game-changer for young and female entrepreneurs across the island. But what does this programme entail, and how can you benefit from it?
What is the THALEIA Cyprus Entrepreneurs Programme?
The THALEIA Programme stands as a beacon of support for nascent business ventures, designed to alleviate financial burdens and foster innovative ideas. With a notable budget of €20 million, the plan targets young men and women aged 18-29 and offers substantial funding of up to 70% of eligible expenses for their startups. Additionally, it extends a helping hand to men aged 30-50 and women aged 30-55, providing 60% funding support.
The programme covers a wide range of costs, up to €120,000 per company, yet it's crucial to note that certain activities are excluded. Therefore, consulting the Plan Guide for detailed information is recommended.
How Can Entrepreneurs Benefit?
Starting a business comes with its set of challenges, but financial hurdles shouldn't stand in the way of innovation. Here's how the THALEIA Programme can benefit entrepreneurs in Cyprus:
Significant Financial Support: With up to 70% funding, entrepreneurs can allocate resources efficiently, focusing on innovation and growth rather than financial constraints.
Wide Coverage of Costs: Whether it's initial setup costs, marketing, or research and development, the support encompasses a broad spectrum of expenses to get your business off the ground.
Empowerment of Young and Female Entrepreneurs: By specifically targeting young and female entrepreneurs, the programme works towards levelling the playing field and encouraging diversity in the business landscape of Cyprus.
Who is Eligible, and How to Apply?
Eligibility for the THALEIA Programme revolves around the age and gender of the prospective entrepreneurs, along with the nature of their business idea - noting that certain sectors are excluded.
To navigate through the application process and make the most out of this opportunity, partnering with a knowledgeable legal team can make a significant difference. Tsitsios & Associates LLC, an established law firm with over 30 years serving the Cyprus market, is poised to guide aspiring entrepreneurs through the procedure, ensuring a smooth and successful application.
In Summary
The THALEIA Programme is more than just a funding initiative; it's a forward-looking venture aiming to cultivate a robust entrepreneurial ecosystem in Cyprus. By empowering young and female entrepreneurs, the programme is setting the stage for innovation, diversity, and economic growth.
Interested in exploring this opportunity further or in need of guidance? Do not hesitate to reach out to Tsitsios & Associates LLC at info@klztlaw.com for expert assistance and to make your entrepreneurial dreams a reality.
Don't forget to subscribe to our newsletter for more updates and insights!