Cyprus Investment Company (CIF)
Conditions for Grating of a License

Cyprus Investment Company (CIF)
Cyprus – Strategic Advantages
Initial Capital Requirements
Organisation and Structure Requirements
Conditions for the Granting of a License
How TBA can Help You

  • Minimum issued share capital (see below)
  • Setting-up of a Cypriot company
  • Organization adequacy and administrative structure of the company
  • Efficiency of the internal control mechanism of the company (to be described in the procedures manual)
  • The structure and organization of the company should be designed to minimize the risk of conflict of interest between the client and the company or between the clients
  • Proper staffing of the company (actual staff employed not required for the license to be issued) as per submitted organizational chart
  • Suitability of the shareholders and directors of the company- minimum requirement is that at least one director who is resident in Cyprus to act as Executive director and who passes the fit and proper test.
  • The company has physical office space in Cyprus.
  • CySEC must be satisfied that the company has such internal procedures so as to avoid any potential conflict of interest with its clients.

Further Requirements

The Directors must also be approved by the CYSEC. Usually the CYSEC prefers to have on the Board of Directors as Non-Executive Directors people who used to work at Banks or that they have been in Bank Boards. These individuals usually hold the position as nominees, and if it be necessary we can assist you with the appointment of such a person.

The Board of Directors of a CIF shall consist of at least 2 executive Directors and 2 independent non-executive Directors.

The majority of the Directors of the CIF shall be residents of Cyprus

The management of a CIF must be undertaken by at least two persons meeting the following requirements:

Shall be of sufficiently good repute and sufficiently experienced as to ensure the sound and prudent management of the CIF

The CIF shall have a General Manager, who shall have detailed knowledge of all of its activities, render his services in full and exclusive employment at the CIF and be a resident of Cyprus.

The General Manager of the CIF may be one of the executive Directors.

Employees/ key persons of the CIF shall render their services in full and exclusive employment at the CIF so that the following objectives are achieved:

– the CIF shall operate independently from all other businesses of the group, to which it, possibly, belongs,

– the employees/ key persons of the CIF shall be specified and accessible at all times

– the CIF shall independently offer the necessary substance

A CIF’s head office must be situated in Cyprus

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