The complete digital transition of the Department of the Registrar of Companies and Intellectual Property (TEEDI) is underway, through the signing of the contract for the development and installation of an Integrated Platform for the Management of Registers at the Department of the Registrar of Companies.

The contract was signed on Tuesday at the Ministry of Energy, Commerce and Industry, in the presence of Minister, Natasa Pilides, Deputy Minister of Research, Innovation and Digital Policy, Kyriacos Kokkinos, Companies Registrar, Irene Mylona, Director of the IT Services Department, Andriana Achilleos and General Manager of Net U Consultants, Demetris Nisiotis, on behalf of the contracting company.

It is noted that the project's budget amounts to €14 million, of which €6.6 million comes from European funds through the National Recovery and Resilience Plan "Cyprus tomorrow". The project is expected to be completed in the first half of 2025.

Addressing the signing ceremony Pilides emphasised that this project is not just a digitisation project of an existing process but the digitisation of a modernised process that does not include the inconvenience, bureaucracy and overlaps that may have existed.

She added that the goal is "this project to make it easier for all of us, the citizens and users of the Registrar of Companies, the staff of the Department, but it will also increase the competitiveness of Cyprus as a business centre where any procedure regarding the registration, dissolution, transfer of headquarters, daily transactions of companies in the Cypriot registry can be done easily and quickly."

On his part, Kokkinos said that this project is one of the most important for the digital transformation of the country, adding that it is a project to redesign the way in which the business world and citizens are served in terms of concerns the services provided by the Department of the Registrar of Companies.

In the last two months, continued the Deputy Minister of Research, we have signed reform projects worth about 100 million euros. "This shows that Cyprus has dynamically entered the field of digital transformation and we are moving forward. After all, our steps are also observed by the European Union, where we have seen leaps in our ranking both in the Digital Economy Index and in the European Innovation Index, where we are in the first 10 countries in Europe", concluded Kokkinos. 

On her part, Mylona emphasised that the signing of the contract marks "the beginning of a new era in the Department of Registrar of Companies."

"The successful implementation of the project will contribute catalytically to the optimisation of procedures and the fast provision of high-quality services to businesses and citizens, i.e. the complete electronic submission and service of applications with no physical presence requirement at any stage", underlined Mylona.