Breaking news

Government Prioritizes Energy Security While Reducing Consumer Costs

by THEFUTURE.TEAM

April 24, 2026

Energy Security As The Primary Policy Focus

Michalis Damianos reiterated that ensuring energy security remains the government’s primary objective, with reducing costs for consumers identified as the next key priority. Speaking on a televised program, he explained that there is general agreement on the targets set in cooperation with Public Power Corporation, although approaches to achieving these objectives continue to differ. The discussion reflects an ongoing effort to balance long-term planning with immediate market pressures.

Natural Gas: A Strategic Pillar

A central element of this strategy is the introduction of natural gas into the energy system at Vasiliko. According to the minister, natural gas is expected to offer a more cost-efficient and less polluting alternative compared with existing fuels. Its integration is seen as a necessary step toward modernizing the energy mix and supporting a more stable pricing environment over time.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Investing In Storage And Renewables For Future Stability

Alongside natural gas, attention is also being directed toward expanding energy storage capacity and accelerating the development of renewable energy sources. These initiatives are expected to play a key role in improving grid stability and managing fluctuations in supply. Over the medium term, such investments are also intended to contribute to a gradual reduction in electricity costs, while supporting broader environmental objectives.

Addressing Persistent Challenges

Progress on major infrastructure projects has not been without obstacles. Delays affecting developments such as the Vasiliko power station and the broader rollout of natural gas have been acknowledged. Minister Damianos attributed these setbacks to structural and coordination challenges involving multiple stakeholders, noting that large-scale energy transitions often require complex alignment between public institutions, private operators, and regulatory bodies.

Engaging In Constructive Dialogue

Recent developments involving labor groups and the potential for further industrial action have added another layer of complexity to the sector. In response, the government has emphasized the importance of maintaining open and constructive dialogue. The aim is to reach balanced solutions that address workforce concerns while ensuring that strategic energy objectives remain on track.

The Future Forbes Realty Global Properties

Cyprus Company Registration: Two To Four Days, Unless Security Checks Intervene

by THEFUTURE.TEAM

November 9, 2026

Cyprus aims to register companies within two to four working days when applicants submit complete documentation. However, regulatory approvals, sanctions checks, foreign ownership and national security considerations can extend the process or prevent registration.

Energy, Commerce and Industry Minister Michael Damianou outlined the timeframe in a written response to MP Efrem Christou, who asked about company formation procedures and the checks required before approval.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Fast Registration Depends On Complete Documentation

Damianou said authorities seek to process complete applications within two to four working days, regardless of a company’s structural complexity. The timeframe also depends on whether applicants pay an additional fee for expedited processing.

According to the official incorporation requirements, the standard registration fee is €165, rising to €235 for companies without share capital. Expedited processing costs an additional €100.

Applicants must submit an approved company name, a memorandum and articles of association, and forms HE1, HE2 and HE3. Public companies must also provide form HE5.

Regulated Businesses Require Additional Approval

Companies operating in certain sectors must obtain prior clearance from the relevant authorities or professional bodies. These include medical and dental businesses, law firms, insurance and reinsurance companies, and firms supervised by the Cyprus Securities and Exchange Commission.

The Central Bank of Cyprus must also approve company names associated with payment institutions, electronic money and foreign exchange services. Additional restrictions apply to educational institutions using terms such as “university” or “college”, casino operators, broadcasters and wine producers.

Non-profit organisations seeking to register without “Limited” or “Ltd” in their names also require ministerial authorisation.

Sanctions And Foreign Ownership Trigger Extra Checks

Applications involving shareholders, directors or company secretaries subject to EU, UN or US sanctions receive additional scrutiny. Registration can proceed only if the competent sanctions authority does not prohibit it. Damianou noted that US sanctions are considered indirectly but have not been incorporated into Cyprus legislation in the same way as EU and UN restrictions.

Applications involving Turkish interests are also subject to additional review. Under procedures introduced around 20 years ago, the registrar must consult national security services before proceeding with registrations involving Turkish interests or businesses that could threaten the Republic’s security.

Damianou distinguished these cases from applications submitted by Turkish Cypriots, saying there is “no substantial difference” in how their registration documents are examined. Applications may nevertheless be refused if classified information raises concerns about national interests or national security.

Public Servants Face Separate Restrictions

Under Article 65 of the public service law, government employees cannot act as directors, company secretaries or shareholders in private or public companies without prior special permission from the finance minister.

Proposed Law Would Expand Registrar’s Powers

The government is also seeking to strengthen the Registrar of Companies’ authority to address potential security risks. An amendment to the companies law, submitted to Parliament on September 17, would allow the registrar to reject applications, refuse company filings or remove existing businesses from the register on grounds including national security, public order, public interest and the protection of state sovereignty.

The proposal, approved by the Council of Ministers on August 6, remains before the House commerce committee. It would allow authorities to withhold detailed justifications where disclosure could reveal sensitive information, while informing affected companies of the general grounds for decisions.

The bill follows parliamentary discussions about companies controlled by non-EU nationals, particularly those with Turkish ultimate beneficial owners, and possible implications for property ownership through foreign-controlled businesses. Further details are available in the proposed amendment and earlier parliamentary reporting.

Balancing Investment And Oversight

Cyprus is seeking to maintain an efficient company registration process while strengthening checks on ownership, sanctions compliance and potential security risks.

The two-to-four-day target supports the country’s appeal to entrepreneurs and international investors, but the actual timeline depends on the nature of the business, the documentation submitted and any additional regulatory or security reviews required.