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Cyprus Launches Premier Business Facilitation Center to Empower Local And Foreign Investors

by THEFUTURE.TEAM

December 18, 2025

President Christodoulidis Spearheads A New Era

In a decisive move to bolster the country’s business landscape, President Nikos Christodoulidis announced in December 2024 the establishment of the Center for Business Facilitation – a dedicated one‐stop shop designed to streamline government services for both Cypriot and foreign investors. Officially inaugurated in May 2025, the center is set to redefine business engagement in Cyprus.

Strategic Consolidation of Services

Positioned as a central hub for enterprise support, the center consolidates multiple public services under one roof. This innovative approach promises to eliminate bureaucratic hurdles and deliver a coordinated service experience, thereby enhancing the competitiveness of Cyprus on the global stage. The initiative reflects the country’s commitment to providing timely responses to investor needs and rectifying long-standing operational inefficiencies.

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Partnership With The Federation Of Employers And Industrialists

Supporting this transformation is the influential Federation Of Employers And Industrialists (OEβ), which showcased the center’s comprehensive suite of services during an informational session on December 15, 2025. According to the federation, the center stands as a critical tool in driving business development and competitive advantage through improved service delivery across public agencies.

Integrated Service Offering For Investors

The Center for Business Facilitation operates through a unique public partnership model. It incorporates the Business Support Unit (BFU) of the Ministry of Energy, Commerce and Industry alongside the Strategic Development Unit (TSA) from the Department of Urban Planning and Housing. Additional dedicated contact points are provided by various regulatory bodies, including representation from Invest Cyprus, ensuring a fully coordinated mechanism for investment licensing and information dissemination.

A Comprehensive Suite Of Services

The center offers a wide range of services designed to accompany businesses throughout their lifecycle. Key offerings include:

Tailored information and personalized guidance
Registration in the Register Of Companies With Significant Foreign Ownership
Support in the implementation of energy projects via the Single Energy Projects Service
Access to the Unified Service Center (UKC Cyprus)
Licensing for strategic development projects as outlined under Law No. 84(I)/2023

End-to-End Business Information Platform

Beyond service facilitation, the center provides integrated information covering all stages of the business lifecycle, including:

Business Planning and Launch
Operational Management and Growth Strategies
Financing Solutions
Exit Strategies

Additionally, detailed guidance on regulatory licensing is available for sectors ranging from industrial setups, retail trade, education, healthcare, to tourism and cross-border services.

Registration And Investment Criteria

The center also outlines the eligibility criteria for inclusion in the Register Of Companies With Significant Foreign Ownership. To qualify, a business must meet specific conditions such as:

Majority share ownership by non-Cypriot nationals
Public companies listed on recognized stock exchanges
Certain sectors including maritime, high technology, innovation, biogenetics, and biotechnology

Furthermore, companies are required to maintain independent office spaces within Cyprus separate from residential zones, along with an initial investment of at least €200,000.

Priority Sectors For Strategic Development

The center gives priority to monitoring licensing progress for projects in key strategic sectors. These include projects that have secured or are in the process of securing government or EU financing, renewable energy and energy storage projects, critical infrastructure developments under the Decadal Transmission System Plan, and initiatives in the manufacturing and data center infrastructure sectors.

By consolidating these services under one cohesive framework, Cyprus is positioning itself as a leading destination for global investment and business excellence.

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Google Cloud Outage Disrupts Banking And Digital Services Across The UK

by THEFUTURE.TEAM

October 20, 2026

A power outage at a Google Cloud data centre near London disrupted services across the UK on Tuesday, affecting banks, businesses and other digital platforms. Google said the incident was caused by a power event at its cloud operations, with full recovery expected by around 1300 GMT.

The disruption began at 0608 GMT and affected Google Cloud services in the europe-west2 region, which is hosted in London. In an initial update, the company reported elevated error rates and intermittent network failures across multiple services as engineers worked to restore operations.

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Banking Services Hit By The Disruption

Revolut was among the most visibly affected companies, with customers reporting problems with ATM withdrawals, bank transfers and card top-ups. A source close to the matter linked the issues to the Google Cloud outage.

Traditional banks also reported disruptions. Lloyds said some customers were experiencing problems with its app and online banking, while HSBC confirmed difficulties accessing its services. HSBC added that it was monitoring the situation and noted that other organisations were affected as well.

Disruption Spreads Beyond Finance

Downdetector, which tracks online service disruptions, recorded hundreds of reports involving other businesses, including property website Rightmove and the Royal Mail postal service. The reports suggested that the outage was affecting multiple parts of the UK’s digital economy.

The incident highlights the risks facing businesses that depend on shared cloud infrastructure. Even a temporary failure at a single provider can disrupt services across several sectors, from banking and payments to logistics and consumer platforms.

Companies Reassure Customers

Revolut said it had been working to resolve the issue since it was identified and apologised to affected customers. The company also confirmed that customers’ money and data remained safe.

As cloud platforms underpin an increasing share of digital commerce, the outage illustrates how disruptions to critical infrastructure can spread far beyond the provider itself, affecting businesses and customers across the economy.