Regulated Investment Funds
We provide services for the registration of an Alternative Investment Fund (AIF) and for the acquisition of the relevant license from the Cyprus Securities and Exchange Commission (‘CySEC’).Regulatory Framework in Cyprus (and the EU)
The provision of financial products and services as well as fund units to and from Cyprus is regulated, and the company offering or intending to offer such services needs to obtain authorization, or else is in violation of the Law.
Our Experience Through our network of experienced financial advisors, we have been offering a wide range of advisory and consultancy services to companies listed on the local and foreign Stock Exchanges, as well as to companies seeking to be licensed as Cyprus Investment Firms (CIFs) and Alternative Investment Funds (AIF’s) regulated by CySEC, since the implementation of the new legal framework (2007 and 2014 respectively), including registration issues, and the designing of procedures and manuals. In addition, we have been specialising in the areas of fund administration. Our firm is also a Nominated Advisor (NOMAD) of the Cyprus Stock Exchange.
The registration and licensing process is expected to take between 3 and 5 months after the submission of the application dossier. This timeframe assumes that your management team is fully committed and able to respond immediately to any requests of the CySEC for documents and information. In such a case, there is no doubt that as long as the documents and the members of the proposed AIF are in order, the licenses may be registered by the CySEC in a very short period of time.
As part of our service, amongst others, we shall:
- Register a Cyprus company
- Design and build the AIF structure based on your needs
- Prepare custom-built Operations Manual, in the most efficient manner, and based on your specific needs,
- Prepare the Money Laundering Manual and the Know Your Client (KYC) policies, in the most efficient manner and based on your needs,
- Prepare the business plans
- Complete the application form
- Review the questionnaires of the shareholders, directors and heads of departments of the proposed AIF
- Identify qualified executive and non-executive directors (if needed)
- Complete the relevant checklists
- Prepare necessary justifications to be submitted to CySEC, as applicable
- Prepare the letter(s) to accompany the application, in the events that any exemptions may be requested, as applicable
- Provide guidance in providing all the necessary documentation and certificates
- Answer all relevant questions of yours concerning the application process
- Undertake the responses, on your behalf, to CySEC’s enquiries and suggestions relating to the application – a process which may take around 3-5 months to be completed (and depending on the speed with which you provide us with the relevant information).
We will undertake to prepare the following documents in a timely manner, in order for the application of the company to be submitted to CySEC:
- Operations Manual
- Money Laundering Manual and the Know Your Client (KYC) policies
- Business plan – based on information to be provided by the company
- Completed application form and relevant checklists (pending the preparation by the company of the documents listed below)
- Letter to accompany the applications.
Upon filing of the application, the registration of the company must have already been completed and the following documents will be filed along with the application:
- Certificate of registration /incorporation
- Certificate of the registered office of the applicant
- Certified copy of the memorandum and articles of association of the applicant in Greek
- Certificate of share capital
- Certificate of the applicant’s shareholders
- Questionnaire of the shareholders with qualifying holding
- Certificates of the shareholders of the applicant
- Certified true copies of passports and certificates on non-bankruptcy and criminal record for each Director and major shareholder of the applicant
- Certificate of directors and secretary of the applicant
- Annual financial accounts of the applicant (if applicable)
- Certificate of good standing of the applicant
- Certification by a banking institution of the existence of the funds reflecting the minimum allowed level of share capital.
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