Cyprus, a Forex Hub
- Written by: Bridgewest
- Posted: 2016-08-25
Foreign investors who are seeking for an attractive, stable financial market are advised to invest in Cyprus, which has recently become a very important economy in terms of financial transactions. Since the beginning of the year, the Cypriot economy registered very good results in many economic fields. Businessmen who want to set up a company in Cyprus can receive an in-depth presentation on the incorporation process from our team of Cypriot attorneys.
Trading companies in Cyprus
Those who want to invest on the local market should know the characteristics of the financial sector. It is important to know that companies with operations in the foreign-exchange market are interested in performing traditional trading (a proportion of 40% of such companies).
A representative of the Cyprus Securities and Exchange Commission (CySEC) declared that the foreign-exchange companies offer derivate financial products.
When referring to the forex industry, the representative of the CySEC declared that the industry is comprised of 230 companies, out of which 140 provide traditional trading, while the other 90 offers riskier financial services. It is important to mention that the number of forex companies set up in Cyprus is considered a large one (when compared to the size of the country – which is considered a small one, and its population, of more than 1 million people).
In this sense, the representative of the CySEC mentioned that the country became a forex hub; our team of Cypriot lawyers can offer more details on this matter.
Forex sector in Cyprus
The financial services sector started to develop in Cyprus after 2008, when the country experienced a rapid development of the financial technology. With the use of internet technology, the business relationships amongst companies around the world increased at a fast pace. Cyprus was, at the moment, one of the most important states in this sense.
The representative of CySEC declared that one of the main reasons which helped this industry to grow in a short period of time refers to corporate taxation level and the know-how level.
Businessmen interested in receiving further details on the Cypriot forex industry and how to register a company in this field can address to our law firm in Cyprus.