FINANCIAL LICENSING
Brokerage License
In Cyprus
Cyprus Investment Firm License
Cyprus is one of the most acclaimed jurisdiction for setting up a FOREX broking company. CYSEC is a renowned regulatory body for FOREX regulation. Being part of the European Union, Cyprus does not fall only under the Cypriot financial services regulatory body also known as the CySec (Cyprus Securities and Exchange Commission) but also under the EU Markets in Financial Instruments Directive – MiFID and the European Law.
- Low entry barriers with initial capital starting from €125,000
- It offers favourable tax treatment due to the fact that Cyprus has one of the lowest corporate taxation regimes in the European Union and has particularly favorable tax provisions
- No capital gains tax on profits from the sale of financial instruments.
4-6 Months
Licensing Time
12.5%
Taxation ( On Audit )
License Type
- Standard license – broker can hold clients’ money but cannot trade on its own account
- Full license - requires approx.– broker can deal on its own account (market maker)
Key Information You Need To Know
Documents
Required
Corporate
Information
License
Information
Application
Process
Documents
Required
Following documents are required to apply for license application.
For Each Director , Shareholder & Ultimate Beneficial Owner
- Notarised/Certified Passport Copy
- Notarised/Certified Proof of Address
- Notarised/Certified Bank Statement
- Bank Reference Letter
- Curriculum Vitae
Please provide below, if the company has corporate shareholder :
- Certificate of incorporation
- Memorandum and articles of associations.
- Articles of Incorporation
- Register of Directors & Shares
- Certificate of good standing (if the company is more than 12 months old)
Other Documents Required :
- Liquidity Provider Agreement
- Proof of Source of Wealth
If you have any questions, please feel free to contact us or write to support@startingoffshore.com
Corporate
Information
Company Structure :
- One shareholder
- 2 Executive & 2 Non Executive Directors
Taxation :
- Standard corporate tax rate of 12.5%
- 0% Tax For Corporate Gain
- Lowest VAT at 19%
- No withholding tax on dividends
- An extensive network of double taxation treaties
Accounting & Auditing:
- Audit should be done from Cyprus
- The Company will be required to fil audited financial statements and tax return within 3 months from its balance sheet date.
- Accounting records should be kept at the local offices of the administrator.
Registered Agent & Office – Required
Company Secretary- Required
PI Insurance Cover- Required
Local Employees in Cyprus – Required
If you have any questions, please feel free to contact us or write to support@startingoffshore.com
License
Information
CySEC Offers CIF License under below 2 categories
- Standard License with capital requirement of EUR
125,000- Suitable for brokerages operating under STP / A-Book Model - Full License with capital requirement of EUR
730,000- Suitable for brokerages operating under Market Maker/ B-Book Model
LICENSED SERVICES
Investment Services
- Reception and transmission of orders in relation to one or more financial instruments.
- Execution of orders on behalf of clients.
- Dealing on own account.
- Portfolio management.
- Investment advice.
- Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis.
- Placing of financial instruments without a firm commitment basis.
- Operation of a Multilateral Trading Facility
- Operation of an Organised Trading Facility
If you have any questions, please feel free to contact us or write to support@startingoffshore.com
Application
Process
In order to acquire a license, following steps will be carried out :
- Reviewing & Due Diligence of KYC of Directors & UBO
- Name Check & Reservation at ROC
- Incorporation of Cyprus Company
- Preparing Application Forms, Drafting and Compiling Documentation & Reviewing of License Application
- Filing Application with CySEC
- Follow up and liaising with CySEC
If you have any questions, please feel free to contact us or write to support@startingoffshore.com
FINANCIAL LICENSING
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