The Ministry of Energy, Commerce and Industry in support of Small and Medium Enterprises (SMEs), has released the particulars of the new Digital Upgrade Scheme for Businesses.
The objective of this funding scheme is to encourage investments in digital entrepreneurship and to strengthen the integration of digital technology in businesses that are established or will be established in Cyprus.
Beneficiaries to the scheme include established or upcoming SMEs that will specifically undertake activities within the scope of digital transformation (including e-shops and/or implementation of innovative technologies such as blockchain, Internet of Things, Artificial Intelligence etc.).
The scheme may cover up to 50% of the total cost of the project, with maximum funding of €50.000. Businesses in mountain regions and other less favoured areas (as identified in the Scheme Guide) may be eligible for funding up to 60% and a maximum of €60.000. The eligible costs include acquisition of equipment required for the digital upgrade, off-the-shelf software, specialist software, IT systems, programmes and services or other digital upgrade costs not directly related to IT systems.
Applications will be treated on a “first come – first served” basis; it is therefore crucial for entities to act promptly and submit their funding proposals the soonest possible.
As part of our “Bridging the Gap Between Law and Innovation” initiative, our team may advise on, undertake and submit the relevant application on behalf of our clients.
If you are interested in finding out more about the new Digital Upgrade Scheme for Businesses our team at DS Partners Law Firm stands ready to assist you.
For more information or to discuss your business needs you may contact us directly at: