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A primary requirement is that the Applicant desire to be a Cyprus Company, with specially drafted Memorandum and Articles of Association. In addition, the Company desire to be headquartered in Cyprus.
I.Application fee : According to the provisions of Part I of Directive DI144-2007-04 of 2011 and Directive DI144-2007-04A of 2012, the Applicant desire to pay the related fee.
The payable charge is 3.000 euros increased by:
a.1.000 euros per investment service of paragraph 1, 5 and seven of Part I, Annex III of the Law;
b.1.500 euros per investment service of paragraph 2 and 4 of Part I, Annex III of the Law;
c.2.000 euros per investment service/task of paragraph 3 and six of Part I, Annex III of the Law;
d.10.000 euros for the investment task 8 of Part I, Annex III, of the Law;
e.500 euros per ancillary service of Part II of Annex III of the Law;
Criteria for granting a license:
1.Submit all corporate documents, such as incorporation certificate, certificate of directors/ secretary, shareholders, Memorandum and Articles of Associations, and so forth., along with the Cyprus Investment Firm Application Form (Form 144-03-01).
2.Submit a three-yr business plan, internal strategies manual and, anti-funds laundering and comprehend your customers (KYC) strategies.
3.CySEC will come to a resolution within six months after the reception of the application and supporting documents.
II.Reporting and Compliance Requirements: Finally, it should still be stated that investment firms licensed by CySEC have an ongoing reporting accountability to CySEC. Furthermore, they're obliged to evolve with Anti-Money Laundering regulations and develop "Know Your Client" strategies.
Foreign exchange buying and selling (FOREX) is an innovative style of business that brings jointly patrons and sellers from all over the world despite time and place. In other phrases, sellers and patrons conduct foreign exchange transactions instantly. Cyprus is appeared as to be an attractive region for the FOREX market. The attractive regulatory and taxation schemes along with the low operation cost and prime caliber monetary, accounting and legal services and products motivate international FOREX firms to lay in their business activities in Cyprus. In addition, the Cyprus legislation is harmonised with EU Directives as Cyprus is a full member of the European Union. Precisely, as an EU member-state, Cyprus is fully harmonised with the EU Market in Financial Instrument Directive.
Main Requirements:
The Memorandum of the Company desire to state obviously the nature of its business activities.
The Applicant desire to satisfy the minimum capital needs.
At least one director is a permanent resident of the Republic of Cyprus and fits CySECs criteria, i.e. directors desire to be humans of well repute and sufficiently experienced.
The company should have an office in Cyprus.
The company is obliged to develop internal control mechanisms, strategies and policies.
CySEC desire to be satisfied that the company has internal strategies in order to circumvent a potential warfare of interest with its customers.
Nevertheless, it should still be underlined that a FOREX firm should be authorised by the Cyprus Securities and Exchange Commission (CySEC) in order to be geared as much as launch its business activities and offer its services and products in Cyprus. FOREX firms belong to the category of Cyprus Investment Firms. As a outcome, FOREX firms desire to evolve with the regulations of Law 144(I)/2007.
