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Financing transactions License in Cyprus

Cyprus is business-friendly which attracts not only Forex businesses but also fund management and investment institutions plus a wide range of professionals from the finance industry.

An EU brokerage with an EU license can simultaneously hold a Cyprus licensed company which can act as a “market maker”.

Timeframe 4-6 Months
Capital €730,000
Nominee Service No
Bank service Bank service

Contact us now for more information about the Financing transactions License in Cyprus.

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Benefits of Cyprus Financing transactions License

From

US$ 21,000

  • In compliant with registered Cyprus regulations
  • Fast, convenient and confidential
  • 24/7 support
  • Just order, we do all for you

Requirements for Cyprus Financing transactions License

Company Structure

  • Only one shareholder (can also be a legal person, no nationality restriction)
  • 2 executive and 2 non-executive directors. There are requirements in terms of their residency
  • Beneficial owners' details – disclosed to the authorities
  • Shareholders' details –part of public record
  • Directors' details – Part of public record.

Taxation

  • Low corporate tax (12.5%)
  • 0% tax for corporate gain
  • Lowest VAT at 19%
  • No withholding tax on dividends
  • An extensive network of double-taxation treaties
  • Access to EU directives and EU VAT registration

Accounting Requirement

Regular accounting and Audited accounts submission is required.

Local Employee

Required (3 and more).

Company Names Requirement

A Company name must necessarily end in “LIMITED” (no other suffix is allowed) and must be approved by the Registrar of Companies.

N.B.

  • Restricted connections for company name: name of state, national or local government.
  • Any name that implies illegal activity or implies royal or government patronage is restricted.
  • Registrar may reject any name which it considers undesirable or contrary to the public interest.
  • Company name is restricted to be identical or similar to that of an existing company.
  • In case when foreign language is used for company name the translation may be asked by Registrar to ensure conformity to the above-listed restrictions.

Scope of Service for Securities financing transactions license in Cyprus

  • Reception and transmission of orders in relation to one or more financial instruments.
  • Execution of orders on behalf of clients.
  • Dealing on own account. Portfolio management.
  • Investment advise.
  • Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis.
  • Placing of financial instruments without a firm commitment basis.
  • Operation of a multilateral trading facility (MTF).

Procedures for License in Cyprus

  • Gathering and preparing all of the documents for initial verification
  • Once the initial stage is done, the originals will have to be couriered
  • Incorporation of a company in Cyprus
  • Applying to CySec for license
  • During the process, CySec will require additional documents that will have to be provided in order to back-up certain data
  • Preparation of ad-hoc documents and communication with CySec
  • The application will be processed with CySec
  • Conditional approval will be provided by CySec
  • Once the initial approval is done, Offshore license will have to provide proof of local presence (local office), data on the employees, and pay the remaining government fees.

Documents Required for License in Cyprus

For bank:

(Each beneficial owner, shareholder, director, authorized signatory, and secretary must provide)

  • A notarized copy of a valid passport
  • A copy of proof of residential address (ex. utility bill that is not older than 3 months)
  • A notarized copy of Letter of Reference form Bank, Attorney or Accountant

For local regulatory authority:

(Each beneficial owner, shareholder, director, authorized signatory, and secretary must provide)

  • (Each beneficial owner, shareholder, director, authorized signatory, and secretary must provide)
  • CV
  • A notarized copy of a valid passport
  • A copy of proof of residential address (ex. utility bill that is not older than 3 months)
  • Professional letter/bank reference
  • A notarized copy of a University Diploma
  • For shareholder – bank statement with enough funds to cover the capital requirements. Funds should be from the provable source.

N.B.

  • If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
  • Please ensure that notarization is in English language if not then please provide with notarized English translation.
  • Additional documents may be requested by the regulatory authority or local Bank at any point to certify specific information.

FAQs

Electronic money is a monetary value represented by a claim on the issuer, which is: 

  • Electronically-including magnetically-stored (e.g. chargeable internet based account, magnetic card). 
  • Issued on receipt of funds for the purpose of making payment transactions (conversion of bank money into electronic money). 
  • Accepted by a natural or legal person other than the electronic money issuer.

The establishment of a PI or an EMI in Cyprus seems to be a natural strategic decision mainly driven by the following key factors: 

  • EU member states are compliant with EU laws and regulations. 
  • Eurozone member, making penetration in EU markets easier. 
  • Strong fundamentals for PI and EMI operations and a growing demand basis for such activities from many industry verticals active in Cyprus. 
  • Cost-effective setting up and on-going operational services. 
  • English is the language of Business. 
  • Business-friendly and transparent regulatory system. 
  • Opportunities in the local corporate and institutional market. 
  • Convenient time zone for conducting 24 hours a day business. 
  • Access to an extensive network of double tax treaties allowing for tax-efficient structuring. 
  • Favorable tax system. (e.g. no withholding tax on dividend distributions to foreign shareholders, 12.5% corporation tax with the possibility to drop up to 2.5% thanks to Notional Interest Deduction (NID), tax incentives for non-domiciled tax residents, etc.). 
  • Availability of a number of highly qualified professional service providers (e.g. accounting firms, legal firms, consultancy firms, etc.). 
  • Favorable tax regime for Intellectual Property (IP) rights, under specific requirements. 
  • Efficient regulator Central Bank of Cyprus (CBC) which provides streamlined procedures, reduced bureaucracy, and lower regulatory fees. 
  • Sophisticated infrastructure.

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