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Profel is a member of the Terraserve Group 

PROFEL is a firm specializing in the establishment, registration, and administration of companies in international jurisdictions and in the provision of professional services for the achievement of a successful business profile with optimal profitability.

Investment Firm Licensing in Cyprus

A MiFID license from CySEC

The Markets in Financial Instruments Directive's (MiFID) purpose is to harmonize the rules and regulations across the EU and create a level playing field, safeguarding and ensuring stability across the market by promoting integrity, transparency and efficiency amongst firms and effectively protecting investors.

  • CySEC: An Investment Firm licensed by the Cyprus Securities and Exchange Commission (CySEC) falls under MiFID and is able to provide investment services through representative and branch offices across 30 member countries via the EU Single Passport.
  • Cyprus Investment Firms (CIFs) must also meet pertinent Anti-Money Laundering laws.

Cyprus Licensing benefits:

  • Low Capital Requirements: Starting from EUR80.000 and up to EUR1.000.000 as minimum depending on the services offered;
  • Competitive Operating and Licensing costs.
  • License turnaround time:
    a) 1 month to submit (depending on the responsiveness of the client to provide correct documentation to be filed with the Application)
    b) The time estimated for CySEC to decide upon the granting of the license is up to 6 months from date of submission (at the judgement of CySEC)

Cyprus benefits:

  • Low corporate tax and a large number of double taxation treaties, with over 40 countries.
  • Advantages:
    a) Corporate tax of 10% on net income;
    b) Profits from disposal of securities are tax-free;
    c) Non-residents pay no tax on payment of dividends;
  • Economy: Cyprus has a stable economy with high quality standards of professional services at competitive & reasonable prices with a high standard of banking system.
  • Location: Towards the East in the Mediterranean, Cyprus is strategically located being at the cross-roads of Europe, Asia & Africa and therefore becoming a hub for European markets which has made for a multilingual labour force available at reasonable rates of pay.
  • No exchange controls: Allows profits, dividends and interest from legitimate investments and capital gains from the disposal of securities (i.e. shares in investments, bonds) to be freely remitted abroad.
  • Excellent Telecommunication system

PROFEL Licensing Services:

PROFEL can prepare and submit an application for a CySEC license and provide support leading up to the granting of the license.

Services include:

PROFEL can advise, support, and complete the following which must be submitted to the regulator:

  • Application Form preparation;
  • Checklists preparation and submissions to the regulator;
  • Internal Operations Manual preparation;
  • Business Plan including financial projections;
  • Money Laundering Manual preparation;
  • Preparation of Questionnaires of all key persons of the company;
  • Assistance in company personnel appointments (senior management & service providers).

PROFEL can also advise on services/instruments for the firm and support with design of the firm structure.

Overall timeline estimates:

  • Preparation of application and submission: 1 month (this timing depends to a great extent on the responsiveness of the client to provide the documentation required to be filed with the Application);
  • Final CySEC decision on granting the license: Estimate of up to 6 months from date of submission (this is solely dependent and at the discretion of CySEC)

Post submission: PROFEL follow-up during the process of assessment by the regulator and can assist in company personnel requirements, whether they be full or part time and outsourced.