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Cyprus Investment Firm
The relevant applicable law for Cyprus Investment Firm (‘CIF’) licensing is Law 144(I)/2007 (‘the law’) and the Directives issued pursuant to Law 144(I)/2007.
Scope of our services:
1. Register the CIF Company;
2. Produce required certificates, legal documents etc for Company, shareholders and staff;
3. Consultation on the organizational structure;
4. Consultation with regards to the Investment and Ancillary services based on the proposed business model;
5. Preparation of the ‘Application File’ which includes:
i. Preparation of a customized Internal Operations Manual
ii. Preparation of customized Risk Management and Procedures Manual
iii. Preparation of the Business Plan
iv. Preparation of the application form
v. Review of the shareholders’, directors’, and senior management's questionnaires
vi. Assistance in providing all the necessary documentation and certificates
6. Post Application submission follow up and response to communication with Cyprus Securities and Exchange Commission (CySEC);
7. Assistance in personnel appointments;
8. Advise on fees payable to CySEC;
9. Support on inquiries concerning the application process.
Timeline estimates:
According to the Law, CySEC has to approve or reject an application for obtaining Cyprus Investment Firm authorization (CIF license) within, maximum, six (6) months from the submission of a duly completed application. However, please note that this is possible to take three (3) months.
Share Capital requirements:
Investment Service Share Capital (€) Reception and Transmission of Orders €80,000 Provision of Investment Advice €80,000 Reception and Transmission of Orders €200,000 Execution of Orders €200,000 Portfolio Management €200,000 Provision of Investment Advice €200,000 Dealing on own account €1,000,000 Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis €1,000,000 Placing of financial instruments without a firm commitment basis €1,000,000 Operation of Multilateral Trading Facility €1,000,000
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