Registry Cyprus Business License Application and Permit Services

Service fee for Registering Payment Institution And E-Money License in Cyprus

From

US$ 39000

• Highly qualified and multilingual labour force
• Lowest EU corporate tax rate
• FDI track record
• Efficient legal, accounting and banking services
• Reputable International Shipping Centre

Set up company in Cyrus

PAYMENT INSTITUTION AND E-MONEY LICENSE IN CYPRUS

The licensing procedure and the operation of e-money institutions (Electronic Money Institutions - EMI) and Payment Institutions (PI) in the EU and in Cyprus are regulated by the EU Directive 2009/110/EC and the harmonised Electronic Money Law of 2012. The competent regulatory body for the licensing and supervision of EMIs in Cyprus is the Central Bank of Cyprus (CBC).

One IBC® Corp’s services and advisory team has extensive experience in consulting existing or new e-money institutions and payment institutions considering relocating to the EU via Cyprus for new business ventures.

TYPES OF BUSINESS LICENCE IN CYPRUS

With Payment Institution and e-Money license in Cyprus, you can do any services as bellow:

1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
3. Execution of payment transactions, including transfers of funds on a payment account with the user's payment-service provider or with another payment-service provider, including:
   • execution of direct debits, including one-off direct debits;
   • execution of payment transactions through a payment card or a similar device; and
   • execution of credit transfers, including standing orders.
4. Execution of payment transactions where the funds are covered by a credit line for a payment service user, including:
   • execution of direct debits, including one-off direct debits;
   • execution of payment transactions through a payment card or a similar device; and
   • execution of credit transfers, including standing orders.
5. Issuing and/or acquiring payment instruments.
6. Money remittance.
7. Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment-service user and the supplier of the goods and services.

BENEFITS OF SETTING PAYMENT INSTITUTION AND E-MONEY IN CYPRUS

• Effective Tax Rates for both Corporate and Personal
• Accessible and Independent Regulator
• Passporting license in Cyprus to other EU member states

Local presence

Settling licensing fee

Application documents

Minimum capital. PI €125K. EMIs €250K

Licence

REQUIREMENTS FOR BUSINESS LICENCE IN CYPRUS

In assessing an application for the obtainment of an Electronic Money Institutions or Payment Institution, Central bank of Cyprus carries out a “fit and proper” test on the applicant. For the purpose of this test, the shareholders, directors and senior staff members must demonstrate solvency, competence and integrity in all their dealings.

Minimum requirement of capital for Electronic Money Institutions is 250,000 EUR and Payment Institution is 125,000 EUR.

PROCEDURE & TIMELINE

2 MONTHS: PREPARATION TIME

Compiling draft application documents incl. business plan and financial projections

3-4 MONTHS: PROCESSING TIME

Submit Licence Application

The Cyprus Central Bank reviews the application and carries out ‘Fit and Proper Test’’

In Principle’ Approval

1 - 2 MONTHS: COMPLIANCE TIME AND SYSTEMS AUDIT

Incorporating the company

Depositing share capital

Issuance of Licence and Commencement of Business Approval

Implementation and systems audit of the proposed infrastructure prior to going live.

One IBC® Corp services

• Consulting on the structure of the EMI or PI in the light of the regulatory requirements and in alignment with your objectives
• Preparing the application form to be submitted to the Central Bank of Cyprus
• Preparing the institution's internal operations manual
• Assisting with the preparation of the business plan and financial forecasting
• Preparing the anti-money laundering (AML) manual and the know-your-client (KYC) policies and procedures
• Assisting with the preparation of the relevant questionnaires on behalf of the EMI/PI shareholders, directors and senior management staff
• Liaising with the Central Bank of Cyprus on any issue that may arise during the assessment of the application
• Licence activation

Legal and corporate services

• Incorporation of the legal entity in Cyprus
• Drafting the appropriate memorandum and articles of association required for the operation of the EMI/PI
• Drafting shareholders' agreements, terms and conditions etc, if required
• Ongoing corporate governance and legal support

Accounting, audit and risk management

• Accounting and bookkeeping support according to the IFRS and taking into account the specificities of the EMI/PI
• Appointment of external and internal auditors
• Risk management support services
• Recruitment, employment and immigration
• Assisting with personnel recruitment (senior management and service providers), if required
• Drafting of employment contracts
• Assisting with migration (residence and work permits) and labour-office matters for the foreign employees of the EMI/PI

Post-licensing support

• Ongoing post-licensing legal and regulatory advice and support in order to ensure that the EMI/PI remains in compliance with the current regulations at all times and to avoid thereby any onerous sanctions.
• One IBC® Corp services to get your license of Payment Institution and E-Money License in Cyprus from 39,000 US$. Contac us for more detail.