Cyprus Investment Firm

Private Funds – ICIS
Forex Broker Company
Investment Firm
Forex Broker and Binary License

CIF License in Cyprus

The Investment Services and Activities Regulated Markets Law of 2007 – Law 144(I)/2007, which implements the provisions of Markets in Financial Instruments Directive (MiFID), makes Cyprus one of the most ideal jurisdictions for permanent establishment of your investment firm, while offering to potential investors a single passport to provide investment services within the European Union.

Cyprus maintains the lowest corporate tax rate in Europe with a highly sophisticated and developed infrastructure to serve the financial services industry needs at its best.

We have put together a technical report highlighting the main features of the Law and some of the requirements to set up a Cyprus Investment Firm.

TBA will provide you with advisory support towards authorisation and registration of the Cyprus Investment Firm (CIF) and prepare the application file in accordance with the current regulatory requirements. Moreover, we can locate qualified executive and non-executive directors and personnel and provide legal accounting and auditing support for your investment firm.

Requirements
Cyprus Investment Firm Application

The main criteria that need to be satisfied by the Commission in order to grand an authorisation are:

Existence of the minimum capital required by law;

A minimum of two experienced and reliable executives so that the four eyes principle is satisfied. One of these two executives should be employed by the company on a full time basis and live in Cyprus. They both should be accessible and available and appear before the Commission with reasonable notice; “Experienced and reliable persons” to be appointed as Directors of the CIF are not defined in the law.

Possession of the relevant professional competence certificates from the Ministry of Finance of the Republic of Cyprus by departmental heads;
Adequate technical and financial resources;
Adequate IT systems and internal control mechanisms;
Adequate structures and mechanisms in order to guarantee the protection of investors’ assets and eliminate any conflict of interest that may arise between the company or the staff and clients’ interests;

Procedure for the Granting of
CIF Authorisation

In order to obtain a license, the interested party should submit an application to the CYSEC.

The main documents to accompany the application are:

Business plan with description of the operations and forecasts for the first two years;
Draft Constitution and Articles of Association;
Draft of organisational structure of the company including the names of two experienced persons;
Internal procedures manual for the services to be provided, money laundering procedures, description of the IT system and infrastructure of the company;
Criminal record, certificates of non-bankruptcy, CVs for all the members of the Board of Directors, executives and shareholders with holding of 10% or more;
Confirmation that the applicant holds or will hold the capital required as the initial capital and that it will undertake to block it in a bank account held by a credit institution or institutions of a member state, when and if the Commission so requests;

CySEC Timings

The Commission must, within six months from the submission of a duly completed application for the granting of a CIF authorisation, reach a decision and inform the applicant for the granting of authorisation or rejection of the application.

During this six month period the Commission may request additional information or clarifications regarding the application submitted.

In order for a Company to offer Investment Services in Cyprus, it must apply to CySEC to obtain the relevant license to offer the following Investment Services:

Reception and transmission of orders in relation to financial instruments as defined in the Act on behalf of investors;
Execution of orders other than own account;

Underwriting issues of financial instruments as defined in the Act; “Financial Instruments” include options for the future disposal or obtaining of any financial instrument, particularly currency and interest rate options as well as equivalent cash-settled instruments.

Managing investment portfolios that follow the mandates given by investors in the case of the portfolios including any number financial instruments;
Investment Advice;
Dealing in financial instruments pertaining to its own account;

Why TBA

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

Should you have any question or matter
You would like to discuss or clarify with us

Or

Should you like to receive further Information
About our services and fees, …

Our multi-lingual team of business advisors is happy to assist you with all upcoming questions and issues in relation to your company.

You may call or email us, and we will be happy to assist you in a fast and efficient manner.

You can also come and visit us at our Limassol offices to discuss issues face to face if you prefer. Just arrange an appointment and we will be happy to meet with you.