CySec license (continued)
B. TIME EXPECTATION FOR OBTAINMENT OF CYSEC LICENSE
CIF registrations takes on average, around 4 months to obtain, after the submission of the required information and documentation.
C. CYSEC APPLICATION FEES
CYSEC fees which can range from EUR 4.000 to EUR 10.000 depending on the types of services and ancillary services to be provided by the applicant.
D. OLIESERVE HANDLING FEES
Depending on the specific case (types of services provided by the client; existence of any existing licenses within the group; the size of the existing group and the complication of the project; the urgency of the project; whether we shall be the appointed Internal Auditors of the CIF for the first year of operations etc), our fees for preparing the relevant documents and handling the application process to CYSEC normally range from EUR 20.000 to EUR 35.000 for a Cyprus Investment Firm license with a bank account with a Cyprus Banking Institution, given that there are no regulatory issues/fines in client’s history.
E. IMPORTANT NOTES
- The minimum paid share capital requirements for a licensed CIF ranges from EUR 125.000 to EUR 730.000 authorized capital, depending on the actual investment and ancillary services offered.
- Applications for existing groups or persons with relevant experience in the field are relatively easier to receive a license. This allows us to quote a lower quotation. So please include even unregulated firms or any other related information and activity which indicate experience and track record in the field.
- CIF will need to maintain a minimum physical presence in Cyprus to keep its EU license. Outsourcing is allowed to a degree. Nevertheless, some personnel shall be required to be located in Cyprus. In this, a reasonable budget would be around EUR 180.000 – 200.000 per year for operational expenses, including the salaries of employees as well as other operational expenses (e.g. IT, telephony, electricity, office rent, external and internal auditors, compliance, consumables etc), but not including the salaries of two top executives: CEO, CFO.