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Open a Financial Company in Cyprus

Open a Financial Company in Cyprus

Cypriot market provides many business opportunities to local and foreign investors, especially in the context of the first semester of 2016, when the country experienced an important economic growth. One of the economic sectors in which businessmen can set up their operations is the financial field, which is rather diverse here. The financial sector is comprised of companies set up as banks, insurance companies and other types of legal entities related to this field. The Cypriot legislation referring to this field is aligned with the regulations imposed by the European Union and our team of company formation representatives in Cyprus can offer assistance for the registration of a financial business on the local market.

Register a Cypriot financial company

In order to register a financial company in Cyprus, the investor will have to follow the standard procedure applicable to commercial companies set up here, a process which begins at the Registrar of Companies, the main institution which supervises the registration and the activities of Cypriot businesses.

An important aspect of the business is choosing a legal entitywhich will suit the needs of the investors. This will be highlighted through the statutory documents of the future company, which will have to be drafted with the assistance of a professional specialized in the Cypriot legislation.

The investor will have to propose a business name, which will receive approval from the Registrar of Companies, after the businessman submitted the compulsory documents.

The company should also be registered with the relevant authorities for taxation and social contributions. It is important to know that the registration for taxation and Value Added Tax is performed at the Tax Departmentour team of Cypriot company formation specialists can offer more details on the procedure.

Financial sector in Cyprus

The financial sector in Cyprus was stabilized through several economic adjustment programmes, carried out with the assistance of the European Union. Since 2015, the country witnessed the positive effects of such measures, which referred to economic growth and lower unemployment level.

Our team of experts incompany formation matters in Cyprus present the banking system in Cyprus, which is based on the following structure:

• cooperative credit sector;

• domestic banks;

• subsidiaries of Greek banks;

• foreign banks.

Businessmen interested in receiving more details on how to establish a financial company in Cyprus can address to our team of Cypriot company formation agentsfor assistance on this matter.