It encompasses generally an over-the-counter market where buyers and sellers conduct foreign exchange transactions. So, nowadays there is a big trend of companies up regulated forex companies in Cyprus and Malta that in addition have very favourable tax and regulatory regimes coupled with very low operating cost levels and considerable financial services, legal, tax and accounting expertise and infrastructure. From then onwards a licence is needed for such activities as well as a real presence in Cyprus in terms of staff, premises, equipment, internal controls, compliance function and fit and proper management. In addition at least one fit and proper locally-based director is needed experienced in financial services of this type and with a clean criminal record. In other words, the company, if successful in its application is granted a license. A company which is granted such a license may provide its services across the EU without the need to be licensed again passporting of license ; however, there may be a requirement to be registered in certain countries where the services are provided. This can forex achieved by setting up representative offices or fully fledged branches in other EU states. In February there was an amendment of Law N. The requirement for Cyprus residency is to enable Cysec to correspond and liaise with him especially in as regards reporting as well as for clarifications and spot checks. Furthermore, the company must have a General Manager, who is non-executive, and has no requirement to be resident in Cyprus. The requirement is that he visits Cyprus on a regular basis to oversee the functions of the company. The role of the General Manager is mainly to oversee the Executive Director and the Board cysec Directors in general. Three thousand 3, euros, plus an additional one thousand 1, euros per investment service or activity of Part I, Annex III of the Law, except for the operation of a Multilateral Trading Facility MTF the additional amount of which is ten thousand 10, euros, as well as five hundred euros per ancillary service of Part II, Annex III of the Law. Any Cyprus company wishing to conduct the business of FX trading, has to apply to be licensed by Cysec. Listed below are the application documents, as well as a sample CIF authorization certificate issued by Cysec to all licensed companies:. Initially, Focus Business Services Cyprus Ltd can provide legal assistance with the preparation of the application and supporting documents, as well forex the preparation of the business plan and professional advice throughout the application process as well as during the operation of the company. Also, our group can provide all ongoing assistance after successful authorization of the Forex company for Accounting, Tax, Internal Control, Compliance and Audit. Our group can furthermore provide the required by the relevant law physical office space for Forex Companies. Home Cyprus Forex Company Formation. Cyprus Company Formation - Fees and Formation Procedure. Cyprus Double Tax Treaties Summary Tables and Full Text. Cyprus Tax Law Full text and Facts. Cysec Company Law Full Text and Formation Procedure. Cyprus Companies Law Latest Version, SeptFull Text. Granting of Cypriot European Citizenship by Investing in Cyprus. Requirements for Residency and Employment in Cyprus. Amendment Income Tax Legislation - Intellectual Property Rights. Granting of an Immigration Permit to Third Country Citizens who Acquire a Private Home in Cyprus. Cyprus Yacht Leasing Scheme. The Cyprus International Trust CIT. Cyprus Forex Company Formation. Cyprus Company and the Anti-Piracy Law. The Protection of Cyprus Ships Against Acts of Piracy and Other Unlawful Acts Law of Downloads - Information - Newsletters - Specimens - Brochures. Cyprus Company and Bank Account Transfer to Malta. Opening FBS Offices in The United Arab Emirates Dubai. Cyprus company formation package: Contact us to start process by sending an email to enquiries fbscyprus. Changes in the regime for Forex Companies in Cyprus This form of trading, mainly conducted over the internet was cysec until Minimum Capital Requirements CIF in general In February there was an amendment of Law N. General Conditions to grant a license The Memorandum of the Company must have specific clauses regarding the nature of forex business. The applicant company must fulfill the minimum capital requirements as set out above. The company has physical office space in Cyprus. Set up an internal control mechanism, namely Cysec will want to be satisfied that the company has in place internal rules and procedures to oversee potential problem areas, contingency plans, server protection, client protection etc. The suitability of the shareholders. As with companies directors, the shareholders pass a fit and proper test, especially a background check whereby Cysec is satisfied that they have a clean criminal record as well as experience in the business. Cysec companies be satisfied that the company has such internal procedures so as to avoid any potential conflict of cysec with its clients. Together with the above document bundle, a three year business plan, and internal procedures manual and anti money laundering and know your client procedures must be filed with the application. The application and all supporting documents is filed with Cysec. Cysec has up to 6 months from the date of submitting all the application documents, to reply favorably or not to forex application. In the event of unreasonable delay, the applicant may bring administrative action against Cysec at the Supreme Court of Cyprus. Cysec Application Fees Application for the granting of a CIF authorization Three thousand 3, euros, plus an additional one thousand 1, euros per investment service or activity of Part I, Annex III of the Law, except for the operation of a Multilateral Trading Facility MTF the additional amount of which is ten thousand 10, euros, as well as five hundred euros per ancillary service of Part II, Annex III of the Law Conclusion Any Cyprus company wishing to conduct the business of FX trading, has to apply to be licensed by Cysec. The main requirements are: The Memorandum of the Company must have specific clauses regarding the nature of this business. Set up an internal control mechanism, namely Cysec will want to see that the company has in place internal rules and procedures to oversee potential problem areas, contingency plans, server protection, client protection etc. As companies the directors, the shareholder pass a fit and proper test, especially a back round check whereby Cysec is cysec that they companies a clean criminal record as well as experience in the business. The setting up of an FX company in Cyprus provides many advantages such as: Attractive, low tax regime. Relatively simple application procedure as well as low application fees when compared to other EU jurisdictions. The possibility for passporting the license to operate in other EU jurisdictions. Additional Information Listed below are the application documents, as well as a sample CIF authorization certificate issued by Cysec to all licensed companies: Application for the granting of CIF Authorisation Form Forex Questionnaire for shareholders and directors Form Regulatory Own Funds and Capital Adequacy Ratio Form Checklist for the internal Procedures Manual for an Applicant Company to be granted a CIF authorization Form Simply fill in the contact box below or contact us by email on enquiries fbscyprus. Is your message urgent?