Cyprus as a destination has lately been offering a one stop shop services for the Cyprus Investment Firms.
The provision of investment and ancillary services in Cyprus is governed by the Investment Services and Activities and Regulated Markets Law 144(I)/2007, which implements the relevant EU Directive in the field of Investment Services. Investment firms are regulated by the Cyprus Securities and Exchange Commission (CySEC), under the CIFs and Investments Firms Law.
Fidescorp team can effectively navigate you throughout the whole process of investing in Cyprus.
Our team can provide: Αdvisory support towards authorisation and registration of a Cyprus Investment Firm (CIF), an Alternative Investment Fund (AIF) or an Alternative Investment Fund Manager (AIFM) regulated by the Cyprus Securities and Exchange Commission (CySEC).
Our Team can prepare: Τhe application file in accordance with current regulatory requirements and follow up the application to approval.
Thereafter, we are able to provide: Full HR, legal, compliance, accounting and internal/external audit support of the regulated entity.
FIDESCORP INVESTMENT SERVICES
in connection to the incorporation of an investment firm in Cyprus
Conditions and procedures for granting CIF authorization
Under the 144(I)/2007 of 26 October 2007 and 106(I)/2009 Law which provides for the provision of Investment Services, the exercise of investment activities, the operation of regulated markets and other related matters, a company licensed to provide investment services (a Cyprus Investment Firm “CIF”) must comply (among other) with the below listed requirements:
CIF Initial Capital Requirements
The initial capital requirement for granting a license to a CIF depends on the investment services that the CIF offers. There are four different types of CIF (Cypriot Investment Firm) that require different initial capital in order to fulfil the conditions for approval to operate.
(1) A CIF that provides one or more of the following investment services and holds clients’ money or/and client’s financial instruments must have an initial capital of at least two hundred thousand euro (€200.000):
(2) A CIF that provides the investment services stated in subsection 1(a) or/and (d) and does not hold clients’ money or/and clients’ financial instruments, and which for that reason may not at any time place themselves in debt with their clients, may have an initial capital of:
(3) A CIF that provides one or more of the following investment services or/and performs the following investment activities shall have an initial capital of at least one million euro (€1.000.000):
CIF Own Funds Requirements:
Under Article 67 of the Law a CIF must have own funds, which are at all times more than or equal to the sum of its capital requirements. The CIF’s own funds must in no case fall below the level of initial capital as provided for by Law.
The application to the Cyprus Securities and Exchange Commission for the grant of an authorization shall enumerate the investment and non-core services with regard to which the authorization is requested and shall be accompanied by: