Open a Financial Company in Cyprus
Open a Financial Company in CyprusUpdated on Thursday 26th October 2017
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The financial sector in Cyprus is made of financial institutions such as banks, insurance businesses and other companies which activate in this field. The legal frame in the country which is related to the financial sector is in alignment with the rules imposed by the European Union. Our lawyers in Cyprus can provide help in opening a Cypriot financial company.
Registering a financial company in Cyprus
The financial regulatory body in Cyprus is the Cyprus Securities and Exchange Commission (CySEC). Since the country is a European Union member, the financial regulations of the CySEC comply with the Markets in Financial Instruments Directive 2004 (MiFID). Our Cypriot lawyers can provide further details on this EU legislation.
To act as an investment firm in Cyprus, the company must obtain a license from the CySEC. To be issued such a license, an application package has to be forwarded for the approval of the CySEC.
This application package includes, among others:
• A completed application form provided by the CySEC;
• Data by the directors, management and shareholders with special participation, such as resumes, completed questionnaires as issued by the CySEC and so on;
• The legal documents of the company, e.g.: incorporation certificate, Memorandum and Articles of Association and so on;
• Certificates of the Cyprus registered office, which confirms the company is registered in the country;
• Other documents: our attorneys in Cyprus are able to offer more details on what these other documents consist of.
The financial industry in Cyprus
The financial industry in Cyprus has become stable because of various economic adjustment programs, which took place with the European Union assistance. Our Cypriot lawyers can assist you if you want to open a company in this sector.
Starting with 2015, Cyprus has seen the growth which resulted from these programs, which mainly implied a substantial economic growth and low unemployment.
The banking industry in the country contains:
• The cooperative credit area;
• Local banks;
• Subsidiaries of banks from Greece;
• Foreign banks.
Entrepreneurs who want to find out more about how to set up a financial company in Cyprus are invited to contact our Cypriot law firm for assistance.