The aim of the Schemes are to develop, support and encourage entrepreneurship by young people and women that fall in the age range of 20 – 40 for the young people and 18-55 for the women, who wish to establish an enterprise in the manufacturing, service or tourism sector 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 development of environmental friendly products and generally in modern entrepreneurial practices aiming at the creation of a dynamic and competitive unit. Eligible candidates can be men and women who:
· Reside legally in the Cypriot Democracy and their age range of 20 – 40 for the young people and of 18-55 for the women.
· Are either unemployed, employed or freelance professionals at the date of submission of their proposal.
· Had no any previous business activity in any sector for a period of six months before the date of submission of their proposal.
As beginning of enterprising activity is comprehended the self-employment or the attendances in company in percentage from 25%. In this case it will be participate in the capital of company up to 75% young men and women which will practice also the administration of this.
Under the program, the form of the aid consists of:
- Grant from € 5,000 to € 70,000 per proposal for manufacturing sector,
- Grant from € 5,000 to € 50,000 per proposal for tourism, services and e-commerce.
The completion of financed investment may not exceed twenty-four months from the date of acceptance of the relevant decision.
The expenditure categories covered by the program are:
– Equipment/Special Installations/Buildings/Configuration of Spaces
– Promotion and Publicity
– Consulting Expanses
– Initial Capital