Licensing of financial activities is the responsibility of the Securities and Exchange Commission of Cyprus.
Cyprus is the most favourable country in the EU for doing business in finance, but to start providing financial services you should go through the licensing procedure.
In Cyprus, the state regulator of all financial services is the Securities and Exchange Commission (CySEC), and licenses are issued by the Central Bank (Central Bank of Cyprus). All financial organizations are registered in the Unified State Register after receiving the license.
FINWYN CONSULTANCY LTD can assist in obtaining the following financial licences:
Necessary documents for obtaining a financial license in Cyprus
To obtain one of the financial licenses in Cyprus, you should submit the following documents to CySEC:
- Documents confirming the identity of the owners of the company
- Articles of Association and founding agreement of the company
- Information confirming the professional suitability of the company’s managers
- Letter of recommendation from the bank
- The confirmation of the income level of the owners of the company and the company itself
- The business plan
- Transaction program with detailed description of payment services
- Documents confirming the initial capital required
- Detailed description of the company’s management mechanisms and cash flow control
- Organizational chart, including the company’s departments and the heads of these departments
- Measures to prevent the legalization of illicit income
FINWYN CONSULTANCY LTD can help with the preparation of the full package of documentation required to obtain a financial license in Cyprus – company formation, preparation of a business plan for your project, ensuring accounting requirements, selection of local employees for key positions, as well as comply with the requirements of the regulator, which should be taken into account when enforcing anti-money laundering (KYC/AML) requirements. These recommendations will significantly reduce the time for obtaining a financial license in Cyprus and will help companies interested in obtaining an EMI, payment institution, Forex, investment fund license to implement their project in Cyprus in the shortest possible time.