The recent session of the parliamentary Trade Committee revisited the proposal to abolish fees imposed by the Registrar of Companies on innovative startups. Initially presented to the full assembly, the discussion of this proposal had been postponed.

Speaking before the committee, the proposal's advocate, DISY MP Marios Mavrides, noted that the proposal targets fee exemptions for approximately 100 innovative enterprises. These small startups, he described, are "struggling to survive."

Mavrides highlighted the significant costs faced by these companies, such as the €165 fee for company registration and the €2,000 fee required to convert a private company into a public one to raise capital from the stock market. "This needs to change to enable them to become public companies and attract investors," he added.

The discussion clarified that the fee exemption would not extend to penalties imposed by the Registrar of Companies.

DISY MP Kyriakos Hadjiyianni, Chairman of the Committee, stated that the proposal serves as an incentive for innovative businesses.

Elena Poulli, representing the Deputy Ministry of Innovation, expressed support for the proposal, particularly in facilitating investor acquisition for innovative companies. She noted that the Deputy Ministry lists certified innovative enterprises on its website, with the certification valid for three years.

Poulli also reminded the committee of the tax exemption available to investors who invest in innovative enterprises, pending approval by the Ministry of Finance.

A representative from the State Aid Control Office stated that the proposal must receive the Registrar's approval in terms of selective state aid. "Any aid granted without the Registrar's approval is considered illegal," the representative added.