Licensing & Regulatory

Overview of Regulatory Services

Cyprus offers a business-friendly environment, but compliance with regulatory frameworks is essential to ensure smooth operations and avoid penalties. At Chambers Company Formation, we specialise in guiding businesses through the complexities of Cyprus’s regulatory landscape.

Whether you are establishing a new business, seeking licensing for financial or professional services, or ensuring ongoing compliance, our team of experts is here to provide tailored solutions.

Our Regulatory Services:

• Licensing for Financial and Professional Services
• Compliance with Anti-Money Laundering (AML) Regulations
• Assistance with the Beneficial Ownership Registry
• Regulatory Reporting and Audits

Explore our specialized subsections below for detailed insights into each area of expertise.

1. Licensing Services in Cyprus

Overview

Businesses operating in regulated industries require specific licenses to comply with Cypriot and EU regulations. These include financial services, investment firms, payment institutions, and more.

Key Licenses We Assist With:

1. Cyprus Investment Firm (CIF) License
   • Required for businesses offering investment and brokerage services.
   • Regulated by the Cyprus Securities and Exchange Commission (CySEC).
   • Comprehensive guidance on application requirements, including minimum capital and operational standards.
2. Electronic Money Institution (EMI) License
   • For businesses offering e-money issuance and payment services.
   • Assistance with preparing business plans, IT infrastructure documentation, and anti-fraud measures.
3. Payment Institution (PI) License
   • Tailored for businesses providing payment processing and related services.
   • Ensuring compliance with EU Payment Services Directive (PSD2).
4. Alternative Investment Fund (AIF) License
   • For private equity and hedge funds looking to establish in Cyprus.
   • Assistance with fund structuring, drafting of fund rules, and submission to CySEC.

Our Licensing Process

• Initial Consultation: Identifying the right license for your business needs.
• Document Preparation: Drafting and submitting all required applications and policies.
• Ongoing Support: Post-licensing compliance and regulatory reporting.

2. Anti-Money Laundering (AML) Compliance

Importance of AML in Cyprus

Cyprus has stringent AML regulations to prevent financial crime, aligning with EU directives and FATF standards. Businesses, especially those in financial services, must implement robust AML policies and procedures.

AML Services We Provide

1. Risk Assessments:
   • Identifying vulnerabilities in your business operations.
2. Policy Development:
   • Drafting internal AML policies and procedures tailored to your business.
3. KYC & Due Diligence Support:
   • Ensuring compliance with customer onboarding and transaction monitoring requirements.
4. AML Training:
   • Educating your staff on AML compliance and best practices.
5. Regulatory Audits:
   • Assisting with CySEC inspections and compliance checks.

3. Beneficial Ownership Registry Compliance

What is the Beneficial Ownership Registry?

The Beneficial Ownership Registry (BOR) is a database maintained by the Cyprus Registrar of Companies, providing transparency about the individuals who ultimately own or control a business.

Who Needs to Register?

• All companies and legal entities registered in Cyprus.
• Exemptions apply to publicly listed companies.

Services We Offer

• Identifying and verifying beneficial owners.
• Preparing and submitting required information to the registry.
• Ongoing updates to the registry as ownership structures change.

4. Corporate Governance & Regulatory Reporting

Importance of Corporate Governance

Strong corporate governance ensures that your business operates efficiently and complies with legal and ethical standards. It also enhances investor confidence and protects stakeholders.

Regulatory Reporting Services

1. Annual Returns:
   • Preparation and submission of annual returns to the Registrar of Companies.
2. Financial Statements Filing:
   • Ensuring timely submission of audited financial statements.
3. Compliance Monitoring:
   • Regular reviews to ensure adherence to regulatory obligations.
4. CySEC Reporting:
   • Assistance with periodic and ad-hoc reporting requirements for regulated entities.

5. Data Protection & GDPR Compliance

Why GDPR Matters in Cyprus

The General Data Protection Regulation (GDPR) applies to all businesses operating in the EU or dealing with EU residents’ data. Non-compliance can lead to substantial fines.

Our GDPR Services

1. Data Protection Audits:
   • Evaluating your current data processing practices.
2. Policy Drafting:
   • Creating privacy policies, data breach protocols, and consent forms.
3. Training & Awareness:
   • Educating your team on GDPR principles and compliance measures.
4. DPO Services:
   • Acting as your outsourced Data Protection Officer to oversee compliance.

6. Specialised Regulatory Compliance

Financial Institutions & FinTech

We assist banks, payment processors, and FinTech companies in navigating Cyprus’s financial regulatory landscape. Services include:

• Licensing and compliance for innovative payment solutions.
• Guidance on adopting blockchain and cryptocurrency technologies.

Shipping & Maritime Regulations

Cyprus is a global leader in shipping. We provide assistance with:

• Registration under the Cyprus Shipping Registry.
• Compliance with international maritime conventions.

Why Choose us for Regulatory Services?

1. Expertise:
   Our team of legal and regulatory specialists has deep knowledge of Cyprus’s regulatory framework.
2. Comprehensive Support:
   From application to ongoing compliance, we provide end-to-end services.
3. Tailored Solutions:
   We understand that each business is unique, and we adapt our services to your specific needs.
4. Global Perspective:
   Our team combines local expertise with international experience to support cross-border businesses.