Business License in Cyprus

When you open a company in Cyprus, depending on the type of activity which will be effectuated, there are a set of business permits and licenses that have to be issued by the relevant local authorities. Some types of companies, though, like those which activate in the financial sector, must comply with stricter regulations and have to obtain special licenses prior to starting to do business.

Cyprus exceeded expectations and propelled itself into a front-runner as one of the fastest-growing EU economies. Implementing critical reforms, strengthening investor confidence, and launching new incentives were key to achieving this success.

Cyprus is one of the economic and financial centers for businesses as a springboard to enter the European market. Not only that, but this country also has tax benefits as well as favorable immigration policies, allowing businesses to easily do business in this beautiful island nation.

Scope of Cyprus license provided

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 advise.
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 (MTF).
Digital equivalent of cash
Execution of direct debits, including one-off direct debits.
Issuing and/or acquiring payment instruments.
Money remittance.
Payment initiation services
Account information services

Steps to getting a business license in Cyprus

STEP 1: Prepare License Procedure

Businesses need to prepare all the procedures that you need to obtain a Business License in Cyprus.

STEP 2: Approval for License

After One IBC® has given pre-approval the securities deposit needs to be paid to the regulated Corporate Services provider that will issue a cheque to the One IBC® in order to cash the fund and to issue the Security Bond Certificate

STEP 3: Account opening in Cyprus

The customer receives all documents for bank account and payment provider account openings. Need to be undersigned and returned via courier to Cyprus in order to proceed

STEP 4: License Confirmation

Applying for Professional Indemnity Coverage for the Representative Securities Dealer or the Cyprus company directly. Proof of Application needs to be submitted

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FAQs

1. What is Electric money?

Electronic money is a monetary value represented by a claim on the issuer, which is:

Electronically-including magnetically-stored (e.g. chargeable internet based account, magnetic card).
Issued on receipt of funds for the purpose of making payment transactions (conversion of bank money into electronic money).
Accepted by a natural or legal person other than the electronic money issuer.

2. Why do I need to get a Business License in Cyprus?

The establishment of a PI or an EMI in Cyprus seems to be a natural strategic decision mainly driven by the following key factors:

EU member states are compliant with EU laws and regulations.
Eurozone member, making penetration in EU markets easier.
Strong fundamentals for PI and EMI operations and a growing demand basis for such activities from many industry verticals active in Cyprus.
Cost-effective setting up and on-going operational services.
English is the language of Business.
Business-friendly and transparent regulatory system.
Opportunities in the local corporate and institutional market.
Convenient time zone for conducting 24 hours a day business.
Access to an extensive network of double tax treaties allowing for tax-efficient structuring.
Favorable tax system. (e.g. no withholding tax on dividend distributions to foreign shareholders, 12.5% corporation tax with the possibility to drop up to 2.5% thanks to Notional Interest Deduction (NID), tax incentives for non-domiciled tax residents, etc.).
Availability of a number of highly qualified professional service providers (e.g. accounting firms, legal firms, consultancy firms, etc.).
Favorable tax regime for Intellectual Property (IP) rights, under specific requirements.
Efficient regulator Central Bank of Cyprus (CBC) which provides streamlined procedures, reduced bureaucracy, and lower regulatory fees.
Sophisticated infrastructure.

One IBC® Club

There are four rank levels of ONE IBC® membership. Advance through three elite ranks when you meet qualifying criteria. Enjoy elevated rewards and experiences throughout your journey. Explore the benefits for all levels. Earn and redeem credit points for our services.

Earning points
Earn Credit Points on qualifying purchasing of services. You’ll earn credit Points for every eligible U.S. dollar spent.

Using points
Spend credit points directly for your invoice. 100 credit points = 1 USD.

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