Financial license in Cyprus

Cyprus is a favorable territory for financial business because of:

a wide range of services provided here;
high-quality information processing;
currency control;
clear and structured legislation;
minimum taxes;
confidentiality.

LICENSING IN CYPRUS

Yet, in order to provide financial services, a licensing procedure must be undergone.

The state regulator in Cyprus is the Securities and Exchange Commission (CySEC), and licenses are issued by the Central Bank of Cyprus. All financial organizations are included in the Unified State Register.

PRIMARY REQUIREMENTS

In order to successfully pass the licensing procedure, the following criteria must be satisfied:

start-up capital in the amount established by law (the amount of capital depends on the type of financial license);
the head office located in Cyprus;
availability of local management (management structure depends on the type of financial license);
management and shareholders with relevant education and documented professional experience;
legal adviser;
external auditor.

The licensing procedure in Cyprus is rather time-consuming. The commission may review the documentation for 4–6 months.

REQUIRED DOCUMENTS

To obtain a license, the following documents must be submitted to CySEC:

the documents identifying the owners;
articles of association and memorandum of association of the company;
information confirming the professional suitability of managers;
a letter of recommendation from the founder’s bank;
confirmation of the level of business income;
a business plan;
a program of operations with a detailed description of payment services;
documents confirming the availability of the required initial capital;
a detailed description of the governing mechanisms and control over the movement of money (funds);
organizational chart, including departments and managers;
measures to prevent the legalization of income obtained illegally;
additional documentation (if required by the regulator).

In-depth legal knowledge is necessary to obtain a financial license in Cyprus. Therefore, it is better to turn to experts in this field. COREDO provides comprehensive licensing services. We offer professional advice and an individual approach to each client.

With our help, you significantly increase your chances of obtaining a license and will soon be able to start financial activities, joining the global business community.

COREDO – EU Legal & Compliance Services Expert legal consulting, financial licensing (EMI, PSP, CASP under MiCA), and AML/CFT compliance across the European Union. Headquartered in Prague, we provide seamless regulatory solutions in Germany, Poland, Lithuania, and all 27 EU member states.

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OBTAINING A FINANCIAL LICENSE IN CYPRUS

LICENSING IN CYPRUS

PRIMARY REQUIREMENTS

REQUIRED DOCUMENTS

COREDO offers in other countries