Funding Scheme for the Digital Transformation of Companies

Expected Call 1st quarter 2025

Check out the Infographic.

Notes:

• The data below is based on the version of the guide in the last call (2023). The relevant data will be updated with the publication of the new notice and possible changes might occur.
• Completion of the preliminary questionnaire is a prerequisite for arranging a meeting: https://forms.gle/x1HKdfqbFMmmJfv16

Upon completion and submission of the questionnaire, the officer in charge will contact you.

Upon completion and submission of this questionnaire, a competent official will contact you as soon as possible for further discussion.

The Ministry of Energy, Commerce and Industry announces the Digital Business Upgrade Plan 2025. This plan, funded by the European Union’s Recovery and Resilience Mechanism, aims to support the digital transition of small and medium-sized enterprises (SMEs) in Cyprus by providing financial support for investments in information and communication technologies and services (ICT). The total budget for 2025 is yet to be announced.

Beneficiaries of the scheme are existing SMEs wishing to invest in digital upgrading, including e-commerce, as well as new SMEs operating in the field of e-commerce and/or advanced digital technologies (e.g., artificial intelligence, blockchain).

The project covers a wide range of costs related to digital upgrading, including:

1. Equipment: purchase of new network equipment, servers, storage networks and other devices required for the digital upgrade.
2. Off the Shelf software: purchase of software licenses for installation on a computer or use via the cloud.
3. Specialized Software and Services: Development of specialized software, ERP systems, CRM, e-commerce applications, configuration, installation and training services.
4. Other Expenditure: Expenditure on digital advertising and promotion (e-commerce businesses only), consultancy services for needs analysis and application.

The grant intensity is expected to be 50% of the eligible budget, with a maximum amount of €50,000. For enterprises located in mountainous and disadvantaged areas, the intensity is expected to increase to 60%, with a maximum amount of €60,000. The details of these elements are expected to be announced by the Ministry of Energy, Trade and Industry.

Implementation of the investment should take place within 12 months from the date of the approval letter.

The application period is expected to start in early 2025. Interested companies are advised to follow our agency’s announcements for the exact start and end date.

With many years of experience and expertise in supporting and developing businesses through the exploitation of European and national funds and other funding programmes, our consultancy provides the necessary expertise and support to entrepreneurs wishing to take advantage of these funding opportunities. Our organisation’s experience includes providing expertise in the development, management and submission of funding proposals as well as the development of business plans and feasibility studies.