Cyprus Investment Company (CIF)
Organisation and Structure Requirements
Memorandum of Association
A CIF’s Memorandum of Association must be amended so as to state that the company is operating as a CIF providing the relevant investment and ancillary services in relation to financial instruments, within the meaning of the Law.
The management of a CIF must be undertaken by at least two persons of sufficiently good repute and sufficiently experienced so as to ensure the sound and prudent management of the CIF.
Board of Directors
The Board of a CIF must consist of at least two executive members and two independent non-executive members (part of the “four-eye” principle).
The people to be appointed as directors of the CIF must be of sufficiently good reputation, sufficiently experienced and possess appropriate general, commercial and professional knowledge. Furthermore, the majority of the members of the Board must be residents in Cyprus.
CySEC will not authorise the registration of CIF until it has been informed of the identity of the direct or indirect shareholders, legal or natural, that have qualifying holdings (above 10%) as well as the amounts of those holdings.
In respect to legal persons, the applicant company must provide information with regards to the identity of the natural persons that they are managed by, as well as the identity of their shareholders, reaching the beneficial owners.
A CIF’s head office must be situated in Cyprus and be fully staffed. Attached you may find a suggested organisational chart setting out the minimum staffing requirements of a CIF.
A CIF must comply with the following organisational requirements:
– Establish adequate policies and procedures sufficient to ensure its compliance with its obligations pursuant to the Law and the relevant directives by maintaining an independence compliance unit.
– Maintain effective organizational and administrative procedures to protect clients from any conflicts of interest.
– Ensure continuity of services and activities.
– Take necessary actions to minimize operational risks by establishing a risk management unit to implement and adopt policies for risk management.
– Have proper Corporate governance in place with well-defined lines of responsibility.
– Have sound and administrative accounting procedures, internal control mechanisms.
– Maintain sufficient records of all services and transactions taken.
– Apply client identification procedures and maintain internal reporting policies in order to prevent any money laundering activities.
– Take adequate steps to safeguard clients’ ownership rights.
What separates us from our competitors is that our services don’t end with the registration of your company. We offer a wide range of additional services others can’t or just won’t offer, such as lifetime free support.
Whilst most providers either specialise on personalized consultation at relatively high rates or run bulk registration factories without any support, we want to offer the positive aspects of both types.
Therefore TBA combines professional advice, worldwide registration services, reasonable fees, customized order processing, lifetime support and fast processing. Where others see company formation services as a bulk registration with no support and no individual assistance, we do care about your business needs.
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