The technological innovation in Cyprus is reinventing the finance sector. An entrepreneurial upsurge is rapidly transforming a once simple technology applied to the back-end of the financial institutions, into ones which are progressively disrupting the customary financial services. In this article, our Cyprus company formation consultants explain a few aspects related to opening a fintech business in Cyprus.
You can rely on us for starting a fintech company in Cyprus.
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The fintech sector in Cyprus
At the present, the banking industry in Cyprus is solid due to the successful capitalizations and reforms which have improved significantly the system solvency and liquidity.
In October 2016, the liquidity deficit decreased to EUR 5.5 billion, which represents the lowest number since February 2013.
According to the Central Bank of Cyprus, the deposits registered an increase of of EUR 3 billion in 2016, with the total deposits in local banks realizing EUR 49.2 billion in April 2017.
When opening a fintech company in Cyprus under the form of an LTD (limited liability company), initially, all the necessary documents must be prepared. Our team of experts in company formation in Cyprus can definitely help you in this phase.
Then, a name for the company must be chosen and an approval application has to be submitted with the Companies Registrar.
After the name has been approved, the entrepreneur can begin collecting the necessary documents in order to register the company with the Companies Registrar. Our company formation advisors in Cyprus can help you with the entire registration procedure.
You could need specific permits and licenses depending on the type of economic activity you plan to engage in after completing the procedure related to company registration in Cyprus. Also, if your enterprise will influence the environment, you should notify your municipality. The same institution must be notified once more if you inhabit a commercial property and need to take action to ensure fire safety.
Starting a successful fintech company in Cyprus
With more than USD 49.7 billion invested globally in it, this industry represents one of the most lucrative technology sectors. Here are a few business ideas which prove to be the most profitable ones in the industry:
•Mobile transfer and payments: this is technology which enables less expensive, more affordable and quicker money transfer;
•Personal finance and banking: this is comprised of mobile or online banking, financial planning, wealth or asset management and so on;
•Crowdfunding the venture capital: this includes venture capital investments and equity crowdfunding platforms;
•Other business ideas: our company registration agents in Cyprus can provide further information on what these other business ideas may consist of.
In case you would like to learn more about the fintech industry in Cyprus, or for help to open a Cypriot company, please contact our friendly staff.