Cyprus forex license

Forex license Cyprus: Advantages, conditions, and registration requirements.

If a Forex broker is planning to expand activities in the European Union, Cyprus is usually chosen for this purpose. It is one of the most suitable jurisdictions because it is possible to obtain the Cyprus Securities and Exchange Commission (CySEC) license there. It allows brokers to legally operate, take customer deposits, and perform other legal actions in the territory of any EU member state.

If you are interested in such a financial license, Cyprus is a rational choice, but the process requires careful preparation. Submitting an application is a matter that should be approached with certain knowledge as well as meeting a number of strict requirements and conditions. Otherwise, there is a risk of being rejected for licensing.

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Company registration in Cyprus

It is necessary to register a local company, for which a license will subsequently be issued. You should select the name of the company, indicate the participants and provide their documents in order to register a company.

Account opening

The company needs to open a bank account in order to deposit the share capital. Opening an account is a complex process that should be entrusted to professionals. In order to open an account, you should to collect a package of documents and competently conduct further negotiations.

Contribution of authorized capital

The exact amount of authorized capital depends on the type of the license. The beneficiary must provide documents on the source of origin of funds contributed as authorized capital upon bank's request.

Hiring required employees

The company must have key positions employees, some of them must be local. We will help with the search and selection of employees.

Office rent

Office rent is not mandatory, but having one will significantly increase your chances of obtaining a license. We will select a budget option that meets the requirements.

Preparation of documents for applying for a license

It is necessary to prepare a business plan, and policies. In addition, application forms must be filled out. The client will only need to provide a basic information, on the basis of which we will prepare documents, taking into account local legislation.

Filing an application

It is necessary to submit an application to the regulator after preparing the company and documents. After submitting an application, you must be ready to answer additional questions from the regulator. We will take care of timely and competent answers.

Obtaining a license

The company receives a license after successfully passing the previous stages. At the same time, it must begin work within six months from the date of receipt of the license. Otherwise, the license may be cancelled.

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What you need to get a Cyprus Forex license

All companies interested in getting a Forex license Cyprus must meet certain requirements:

  • Have a registered office in Cyprus.
  • The company must have a director with financial education and experience in finance.
  • A concise description of the company's activities must be provided.
  • Conditions concerning the amount of the authorized capital must be complied with: not less than 125 thousand euros (for STP license) and a minimum of 730 thousand euros (for Market Making).

Cyprus is one of the first countries where the Forex market began to develop. The infrastructure for the corresponding companies in this country is best developed, which is why brokers are primarily interested in getting a Forex license Cyprus.

It is important to note that after Cyprus Forex license for Forex activities, the licensee must prepare and file financial statements.

What are the benefits of a Forex license Cyprus?

By obtaining a license, you will be able to legally carry out various activities. They include:

  • Investment services
  • Conducting transactions at your expense
  • Providing advisory services on investments in securities
  • Processing of orders related to various financial instruments
  • Currency exchange, except for investment activities
  • Issuance of funds on credit

Documents required for obtaining a Forex license Cyprus

All beneficiaries, directors, and shareholders must provide:

  • Copies of foreign and national passports
  • Confirmation of residence addresses
  • Recommendation letter from the bank
  • CV
  • Bank statements proving sufficient funds in the bank account

In addition to the above documents, the Cyprus Regulatory Authority may request additional information. To accelerate and simplify the process of getting a Cyprus Forex license, please contact our qualified specialists.

How quickly you can obtain a Forex license Cyprus

The brokerage company will need to wait about six months from preparing the application to obtaining a license. At the same time, the period can be noticeably longer — up to 12 months, depending on a number of factors.

If you want to save your time and effort, contact our company. We will answer any of your questions, provide comprehensive legal advice, and then prepare the necessary documents and directly deal with the Cyprus Forex license for your company.

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