Covve: the first company to be awarded the Innovative SME Certificate in Cyprus

We are proud to be the first company to be awarded the Innovative SME certificate in Cyprus in recognition for our continuous investment in research and development.

The company

Covve revolutionises the way people network. It packages an advanced contact and relationship management platform in a simple-to-use contacts app. Covve is being used by thousands of professionals in more than 120 countries.

The vision is being realised by a talented team with deep domain expertise, driving innovation in the space. We have filed for two patents in the US and have recently partnered with Deutsche Telekom and Nokia Networks, after being selected from 100s of companies across Europe as part of their Warp Future Communications program. Covve has been chosen by Microsoft as a High Potential ISV (independent software vendor) and was approved for its co-sell program. Covve was mentioned by Inc. in its article 5 Top Tech Startups That Have Ground-Breaking Offerings.

Alongside institutional investors, including San Francisco based Dataelite and the National Bank of Greece, Covve has received funding from two European innovation grants and private investors.

Incentives for investing in Innovative SMEs

Cyprus Investment Program

In February 2019, the Council of Ministers of the Republic of Cyprus has decided to proceed with amendments to the criteria for acquiring a Cypriot passport under the Cyprus Investment Program. The changes include a mandatory donation of €75,000 to the Foundation for Research and Innovation, or an investment of €75,000 in an innovative business which has acquired an innovative SME certificate from the Ministry of Finance. See the list of approved Innovative SME companies in Cyprus (updated June 2019).

Tax incentives for Cyprus tax residents

In January 2017, Cyprus introduced a tax incentive for individuals investing in innovative companies in Cyprus. Based on the incentive, the investors may deduct the cost of their investment from their taxable income:

up to 50% of their taxable income per year;
can carry forward for 5 years;
up to €150,000 total investment per individual.

See the official government guide including examples: Guide for tax incentives

Sources:

Cyprus Ministry of Finance: http://mof.gov.cy/

Cyprus Investment Programme on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019

List of approved Innovative SME companies in Cyprus: Kατάλογος Eγκεκριμένων Kαινοτόμων Eπιχειρήσεων (πιστοποιημένες καινοτόμες επιχείρησεις)

Article in Brief: Υπουργικό: Σημαντικές αλλαγές στο πρόγραμμα της «χρυσής βίζας»

Unit for Administrative Reform, Republic of Cyprus: Guide for tax incentives

Reanda Cyprus Blog: New tax incentives granted for investment in innovative SMEs

Fore more information on Covve and the certificate contact Yiannis Gavrielides at yiannis@covve.com

Updated on 29 Jun 2019.