The law in for the development of social enterprises was passed in Cyprus, in December. The aim of the law is to establish a legal framework which will allow to legal entities to apply as social enterprises.
The main purpose is to develop an alternative way of entrepreneurship in Cyprus. The establishment of this law will allow for the development of enterprises for the public good and aim to address different social challenges. Social enterprises will be able to offer goods and services that are not offered today by the government.
Through the newly introduced law, it is expected that in the following period, new funding schemes and initiatives for social enterprises will be developed which will support the growth of social economy in the country.
Background
The bill was first introduced in the parliament in 2018 and called for ‘Law for the Development and maintenance of a Registry for Social Enterprises’.