Cyprus Investment Firm
Alpha IBC Limited maintains a specialized team with long and specific experience in the financial sector that can assist you on the registration process of your Cyprus Investment Firm (CIF). We are able to offer a complete range of consulting services related to the establishment and operation of your Cyprus Investment Firm.
Below you will find a report highlighting the main features of the Law and some of the requirements to set up a Cyprus Investment Firm.
Stage 1: Preparatory
A. Arrange to have in place the documents required for the Application for granting of a CIF authorisation (Form 144-03-01). The certificate of Incorporation, the certificate of the registered office of the applicant and the certified copy of the memorandum and articles of association of the applicant (Greek) will be required. If you need the company setup services we can refer the services to a provider who offers competitive rates for our clients.
B. Draft the internal operations manual, business plan, policy manual and anti-money laundering procedures compliant with the requirements of the Cyprus Securities and Exchange Commission. These documents are part of the license application package. We undertake to prepare them as part of the engagement for a license application.
C. Identify persons for the position of CEO and General Manager (4-eyes principle), which need to be sufficiently experienced and of good repute (specific requirements will be provided before the process commences). They are a minimum requirement for executive directors. The CEO must be a CY resident while the General Manager can be a non resident. Suitable candidates for any of the two positions can be provided.
D. Identify at least 2 non executive directors who have relevant experience and are of good repute. The majority has to be Cyprus residents to qualify the company as a CY domiciled company for tax purposes. Suitable candidates can be provided in this case as well, if the shareholder wishes so.
Stage 2: Submission of Application
Prepare the Application package following receipt of all certificates and completion of all documents, and submit to CySEC paying the relevant fees.
Stage 3: CYSEC review process
CySEC reviews the application and comes back with response either for additional information, clarifications, or an authorisation (granting of license) with conditions that need to be satisfied prior to license activation. The promoter of the application handles the communication with CySEC. In our case we also try to expedite the process.
Scope of services
Based on the business model you wish to establish the following application services will be provided:
The preparation and submission of the ‘Application File’ is customarily completed within three (3) to five (5) weeks depending on the scale and complexity of the CIF and the responsiveness of the client towards the provision of the necessary information/documentation. The final decision for the authorization by the Commission may take up to four (4) months following submission date.
Share Capital requirements
|Investment Service||Share Capital||Notes|
|Reception and Transmission of Orders||€50,000||Does not hold clients' money or/and client’s financial instruments|
|Execution of Orders||€50,000||Does not hold clients' money or/and client’s financial instruments|
|Portfolio Management||€50,000||Does not hold clients' money or/and client’s financial instruments|
|Provision of Investment Advice||€50,000||Does not hold clients' money or/and client’s financial instruments|
|Reception and Transmission of Orders||€125,000||Holds clients' money or/and client’s financial instruments|
|Execution of Orders||€125,000||Holds clients' money or/and client’s financial instruments|
|Portfolio Management||€125,000||Holds clients' money or/and client’s financial instruments|
|Provision of Investment Advice||€125,000||Holds clients' money or/and client’s financial instruments|
|Dealing on own account||€730,000|
|Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis||€730,000|
|Placing of financial instruments without a firm commitment basis||€730,000|
|Operation of Multilateral Trading Facility||€730,000|
Fees payable to the Cyprus Securities and Exchange Commission for the assessment of the application can range from €4,000 to €26,000 (depending on the services applied).
For further information please do not hesitate to contact our office directly.