Cyprus, officially the Republic of Cyprus, is a large island located in the Eastern Aegean area of the Mediterranean. Next to Cyprus is Turkey at the south and Syria in the west. Its neighbor at the northwest is Israel, while at north it has Egypt, and at southeast Greece. Cyprus has two official languages Greek and Turkish.
The whole of Cyprus is EU territory, making it a major tourist destination in the Mediterranean with a high-income economy. Cyprus joined the European Union on 1 May 2004; in addition, it has joined the Eurozone on 1st of January 2008.
Any company wishing to obtain a financial license in Cyprus falls under the regulatory regime imposed by the EU Directive 2009/110/EC and the harmonized Electronic Money Law of 2012. In addition, it will also fall under the scope of the regulatory body for the licensing and the supervision of the Central Bank of Cyprus (CBC).
Obtaining a PSP license is a very detailed process. The registration Process can take 2 to 6 months. Starting Offshore offers the full spectrum of services required to help your company address the Regulator’s requirements.
The new e-money license also covers payment services. After getting the license to conduct e-money business under the Payment Services Supervisory Act your company will also be entitled to set up a business related to money transfer or payment cards.