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3 years ago

A Cyprus license issued since 2009 by The Cyprus Securities and Exchange Commission (CySEC) is one of the most demanded solutions for forex activities for obvious reasons:

– Authorization in CySEC, gives the company the opportunity to conduct its activities in all EU countries, as well as in Iceland, Norway and Liechtenstein (according to the MiFID Directive).

– Excellent practice of issuing investment and brokerage licenses.

– Unlike other European countries, Cyprus provides a clear and understandable algorithm for obtaining a license.

– The Cyprus regulator provides for clear regulation of the system of control over forex companies.

– The regulatory framework of the Cypriot Commission is constantly being supplemented and developed.

– Cyprus, being a member of the European Union since 2004, is confidently harmonizing with the EU legislation.

– The required authorized capital of Cypriot licenses is absolutely adequate, in contrast to many European jurisdictions.

– Relatively fast and easy procedure for obtaining licenses.

Licensed activities

  • acceptance and transmission of orders in relation to one or more financial instruments
  • execution of orders on behalf of clients
  • work with your own account
  • portfolio management
  • investment advice
  • underwriting of financial instruments and / or placement of financial instruments based on the firm’s commitment
  • placement of financial instruments without a firm commitment basis
  • exploitation of multilateral trading vehicles

Requirements and procedural aspects of licensing forex brokerage activities in Cyprus

To obtain a license, an applicant must meet the following requirements:

  1. The company’s office must be located in Cyprus. The preferential activity must be carried out in Cyprus;
  2. The company applying for the license has paid all necessary fees through the Central Bank of Cyprus. The exact amount of the contribution directly depends on the chosen areas of activity. A separate fee is paid for membership in the Association of Cyprus International Investment Firms (ACIIF);
  3. The company’s staff must include a Compliance officer, risk manager, internal auditor, as well as a board of directors, secretary, accountant, heads of brokerage, financial and IT departments, traders. Special requirements are attached to the position of director
  4. Approved business plan of the company;
  5. Approved financial plan for three years.
  6. The company must have a specific Anti-Fraud and Money Laundering Policy, as well as a KYC policy.
  7. Staffing table and certificates of no criminal record or bankruptcy for each of the employees.
  8. The authorized capital is contributed without the right to withdraw money for the term of the license.

The size of the authorized capital directly depends on the chosen type of activity and amounts to:

For an investment consultant – 50 thousand euros;

For a broker-agent – 125 thousand euros;

For a liquidity provider (market maker) – 725 thousand euros.

In case of failure to comply with CySEC requirements, the license will be refused. The Cyprus Securities and Exchange Commission usually makes its decision within 6 months after receiving the application. Typically, the process takes 4 months.

The process of obtaining a financial license in Cyprus can be roughly divided into 4 stages:

  1. Registration of the company in the form of CIF (Cyprus Investment Firm)
  2. Opening a bank account with the subsequent placement of a deposit for the duration of the license.
  3. Preparation and submission of a package of documents for a license to CySEC based on the above requirements.
  4. Obtaining a license (consideration period is 6 months, but using our services, it is possible in 4 months).

If you are interested in this information and you want to buy or register a company with a financial license from CySEC, contact the lawyers of the Nikol Consulting Group. Having direct contacts with the Cypriot financial regulator, our managers will provide you with qualified advice and provide legal support for the entire procedure for obtaining a license.

Turning to the specialists of the Nikol Consulting Group for help, you will receive quality services at optimal prices!