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 entity which 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 Department;
our 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 in company 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.