Open a Fintech Company in Cyprus
Open a Fintech Company in CyprusUpdated on Wednesday 13th December 2017
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The banking and financial industry legislation in Cyprus is adapted to the international best practices and it imposes a simplified, efficient and transparent tax system which complies with the major international organizations.
The commercial banking rules and practices are structured after the British model, all banks maintaining corresponding networks in the entire world and being able to effectuate traditional, as well as specialized financial transactions.
In this article, our lawyers in Cyprus explain how to open a Cypriot fintech company and the different aspects related to being successful when engaging in such a business.
The financial industry in Cyprus
At the moment, the banking sector in the Cyprus is very developed because of the successful capitalizations and reforms which have been adopted and which improved in a great way the system solvency and liquidity.
In 2016, the liquidity deficit in the country reduced to EUR 5.5 billion, which is the lowest one since the beginning of 2013.
The Central Bank of Cyprus reported that the deposits registered a growth of EUR 3 billion last year, with the total deposits in domestic banks achieving EUR 49.2 billion in April 2017.
The fintech sector contributed to the successful financial system in Cyprus. In case you would like to open a company in the fintech field in Cyprus, our lawyers in Cyprus can help you by making this process easy and fast.
Registration procedure of a fintech company in Cyprus
If you want to set up a fintech company in Cyprus, the most common form of doing business is by opening an LTD (limited liability firm).
To do that, certain documents have to be prepared. Our Cypriot lawyers can offer you all the necessary information on what these documents consist of.
Afterwards, a company name has to be chosen and an approved application must be filed with the Companies Registrar.
Then, the business owner can start collecting the needed documentation to register the firm with the Companies Registrar.
Our attorneys in Cyprus can assist you with the whole procedure related to the registration of such a business entity in the country.
Financial institutions which intend to offer services which include innovation (firms which process online payments, crowdfunding platforms and so on) need a license from the CySec (the Cyprus financial authority).
If you would like to know more details about the fintech industry in Cyprus, or for assistance in opening a business in the country, we kindly invite you to get in touch with our Cypriot law firm.