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Obtain an EMI License in Cyprus
Legalaes provides EMI licensing services, including turnkey company formation and a ready-made EMI company in Cyprus.
Why Apply for an Electronic Money Institution License in Cyprus
Cyprus, a prominent financial hub within the European Union (EU), is known for its strategic position, favorable tax regime, and a fintech-friendly legal framework based on English common law. Cyprus continues to stand out as a strategic hub for financial services within the European Union, offering a favorable regulatory environment and robust infrastructure for businesses seeking to establish Electronic Money Institutions (EMIs).
An EMI license in Cyprus is highly sought after by companies aiming to issue electronic money and provide payment services across the EU. The country’s well-regarded regulatory framework, administered by the Central Bank of Cyprus, ensures that EMIs operate with transparency, security, and in compliance with European directives such as the Revised Payment Services Directive (PSD2). The Cyprus EMI license is your key to accessing the expansive EU market, attracting a varied international clientele and leveraging post-Brexit opportunities.
Regulations That Govern the EMI license in Cyprus
The Central Bank of Cyprus (CBC), under the Electronic Money Laws of 2012, serves as the regulatory and supervisory authority for Electronic Money Institutions (EMIs) in Cyprus. Its objectives include:
- Strengthening Cyprus’s reputation as a key financial center within the European Union, promoting it as a safe and reliable hub for financial transactions.
- Regulating and overseeing electronic money services, ensuring compliance, transparency, and fairness among participants.
- Enforcing strict adherence to the Electronic Money Laws and other relevant regulations, setting and implementing high regulatory standards to maintain the integrity of the financial market.
- Issuing licenses to EMIs and ensuring their operations align with the regulatory framework, as well as revoking licenses when necessary to safeguard market compliance.
- Protecting consumers and investors through diligent regulatory practices, enhancing the security and trustworthiness of the EMI sector in Cyprus.
The regulatory framework for obtaining an EMI authorization in Cyprus is governed primarily by the Electronic Money Law of 2012, which transposes the EU Electronic Money Directive (EMD2) into national law, and the Payment Services Law of 2018, which incorporates the Revised Payment Services Directive (PSD2). These regulations are enforced by the Central Bank of Cyprus (CBC), which ensures that EMIs operate with integrity, security, and in accordance with EU standards.
1. Legal Framework
1. Legal Framework
- Electronic Money Law of 2012-2018: This law regulates the issuance of electronic money, outlining the rights and obligations of companies with an e-money license in Cyprus.
- Payment Services Law of 2018-2023: This law incorporates PSD2, governing the provision of payment services, enhancing consumer protection, and fostering competition.
2. Licensing Requirements
2. Licensing Requirements
- Corporate Structure: The applicant must be a Cyprus-incorporated company with a clear organizational structure.
- Capital Requirements: The initial capital requirement for an EMI is EUR 350,000.
- Business Plan: A comprehensive business plan detailing the business model, target market, financial projections, and risk management strategies is mandatory.
- Fit and Proper Management: Directors and senior management must meet the “fit and proper” criteria, demonstrating necessary expertise and integrity.
- Internal Controls: Robust internal control mechanisms, including risk management, compliance, and audit functions, must be established.
3. Application Process
3. Financial Reporting and Auditing
- Application Submission: The application must be submitted to the Central Bank of Cyprus, including all necessary documentation such as the business plan, risk management policies, and details of the company’s structure.
- Assessment: The Central Bank of Cyprus (CBC) will assess the application to ensure it meets all regulatory requirements. This includes evaluating the applicant’s financial soundness, business model, and compliance with anti-money laundering (AML) regulations.
- Authorization: If the application is approved, the CBC will issue the EMI license, allowing the institution to issue electronic money and provide payment services.
4. Ongoing Compliance
4. Ongoing Compliance
- Regulatory Reporting: EMIs must regularly report to the CBC on their financial status, risk management, and compliance with regulatory requirements.
- AML Compliance: EMIs must comply with stringent anti-money laundering and counter-terrorism financing (AML/CFT) regulations, including customer due diligence (CDD), monitoring transactions, and reporting suspicious activities.
- Consumer Protection: EMIs are required to adhere to consumer protection rules, ensuring transparency in fees and charges, safeguarding client funds, and resolving customer complaints effectively.
Types of EMI Licenses in Cyprus
| License type | Description of license |
|---|---|
| EMI License |
|
| Money Remittance License |
|
| Payment Processing License |
|
| Full Payment Institution License |
|
Services Allowed:
With an Electronic Money Institution license in Cyprus, you can provide the following services:
- Services enabling cash to be placed on a payment account as well as all the operations required to operate a payment account
- Services enabling cash withdrawals from a payment account as well as all the operations required to operate a payment account
- Execution of payment transactions, including transfers of funds on a payment account by the payment service user’s payment service provider or by another payment service provider: execution of direct debits, including one-off direct debits, execution of payment transactions through a payment card or a similar device, and/or execution of credit transfers, including standing orders
- Execution of payment transactions for a payment service user where the funds are covered by a credit line: execution of direct debits, including one-off direct debits, execution of payment transactions through a payment card or a similar device, and/or execution of credit transfers, including standing orders
- Issuing and/or acquiring of payment instruments
- Money remittance
- Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunications terminal equipment, digital or IT device and the payment is made to the telecommunications network or IT system operator, acting only as an intermediary between the supplier of the goods or services and the payment service user
- Account information services
- Issuance of e-money
Overview of the Requirements to obtain an EMI license in Cyprus
- Ensure legal operation by incorporating under the Cyprus Companies Act
- Appoint two executive directors (Cyprus residents), two non-executive directors, a compliance officer, back office staff, and an IT specialist
- Contribute the required share capital for licensing
- Maintain sufficient capital to cover business operations (salaries, marketing, operational expenses) for at least one year
- Maintain high standards of integrity and professional conduct across all team members, including directors, compliance staff, and IT personnel
- Establish a physical office in Cyprus to reinforce the firm’s commitment to local compliance
- Set up a corporate bank account and a safeguarding account to manage financial transactions and protect customer funds
Estimated Time Frames
Business name verification
1-3 days
Company formation
up to 2 weeks
Documents preparation
1 month
PI / EMI license obtainment from the CBC*
3-6 months
*The timeline also depends on the workload of the CBC and any clarifications and queries that the CBC may request in relation to the application.
Legal Services for Obtaining a Cyprus EMI License
Basic Package
25,000 EUR initial set up
- Turnkey company formation
- Legal address for 1 year
- Corporate documents
- Due diligence for shareholders and key directors
- Overview of the Business Plan
- Overview of financial forecasts
- Overview of an organizational structure
- Analysis of the internal documents
- Applying for the fintech license in Cyprus
Registration of the company applying for an Electronic Money Institution license or a Payment Institution license in Cyprus under the minimum regulatory requirements.
Additional Services on Request
- Preparation of individual Business Plan
- Preparation of the documents required for licensing
- Accounting services
- Assistance in opening bank account, including segregated and safeguard accounts
- Connection with SEPA system
- Connection with SWIFT
- Connection with card issuance programme
- Apostilled corporate documents
- Introduction to confirmed software provider
- Legal support
Ready-Made Solution
available on request
- Ready-made EMI company in Cyprus
- Registered company
- Legal address for 1 year
- No debts, no liabilities – clean company
- Active fintech license in Cyprus
- Corporate documents
- Assistance with the transfer of ownership
Jegor Kupratsevits
Head of Fintech
Jegor Kupratsevits is the Head of Fintech at Legalaes, leading the firm’s advisory across fintech, crypto, and financial services projects. He oversees regulatory compliance, licensing strategies, and cross-border structuring, supporting clients in navigating complex legal and operational environments.
With a background in banking, finance, and international business structures, Jegor focuses on delivering practical, compliant, and scalable solutions for fintech companies. His role combines regulatory expertise with commercial understanding, ensuring that client operations are aligned with both legal requirements and business objectives.
Detailed Requirements for EMI licensing in Cyprus
List of Required Documents
- CVs and Qualifications: Submission of CVs for shareholders and team members to demonstrate their expertise and suitability for the payment and electronic money industry.
- Source of Funds/Source of Wealth (SoF/SoW): Documentation for shareholders holding more than 10% of shares, verifying the origins of their funds and wealth.
- Business Plan: A comprehensive document detailing the company’s strategic objectives, service offerings, market analysis, and financial forecasts.
- License Application: Completion and filing of the official application form for the PI or EMI license in Cyprus.
- Internal Policies and Manuals: Development of internal operational, compliance, and client management manuals.
- IT Infrastructure: Documentation of IT structure, including agreements with software providers or details of proprietary software.
- KYC/AML Agreements: Agreements with providers for Know Your Customer (KYC) and Anti-Money Laundering (AML) services.
- Organizational Structure: An outline of the company’s structural hierarchy.
- Articles of Association/Memorandum: Submission of foundational corporate documents.
- Program of Operations Scheme: A detailed plan describing operational processes.
- Draft Service Agreements: Preparation of preliminary service agreements for clients.
- ICT and Security Management: Documentation of information and communications technology and security management protocols.
- Cloud Computing Services: Details of cloud service providers and agreements.
- Methods of Safeguarding: Strategies to protect client funds and data.
- Civil Liability Insurance: Evidence of sufficient insurance coverage to manage risks.
- Business Address Approval: Confirmation of a physical office in Cyprus, validating the operational base and compliance with local regulations.
- Non-Criminal Record: Submission of a clean criminal record certificate for significant shareholders and team members.
Business Premises Requirements
To obtain an Electronic Money Institution license in Cyprus, it is necessary to establish a physical office in Cyprus to house staff, support data management, and solidify the organization’s operational foundation, as mandated by the regulatory requirements imposed by the Central Bank of Cyprus on EMI license applicants.
Share Capital and Government Fees
- Minimum Share Capital: To obtain a Payment Institution license in Cyprus, the minimum share capital is EUR 20,000. To obtain a full EMI license, the minimum share capital is EUR 350,000.
- Government Fees: The application fee for a Payment Institution or e-money license in Cyprus is EUR 5,000 plus an additional EUR 1,000. This is in accordance with Directive 473 (2020).
Bank Account Requirements
- Safeguarding Account: Detailed arrangements to establish a safeguarding account with an EU credit institution. This will be used to manage funds separately from those of non-electronic money holders. This may include reliance on the CENTROlink system for account setup, pending final licensing approval.
- Operational Bank Accounts: Necessary for managing daily operational expenses and transactional purposes, facilitating the processing of customer transactions through current accounts.
- Current Account: The current account is for transactional purposes, allowing for the receipt and sending of payments related to the services offered.
Personnel Requirements
- Executive Directors: At least two executive directors who are Cyprus residents must be appointed to be responsible for the day-to-day management and operational decisions of the company, ensuring the implementation of strategic plans and achieving organizational goals.
- Non-executive Directors: Appointment of two non-executive directors to provide independent oversight and strategic guidance, without being involved in the company’s operations.
- Compliance Officer: Designation of a compliance officer to oversee regulatory compliance.
- Back Office: Sufficient back office support to handle administrative and operational tasks.
- IT Specialist: Employment of an IT specialist to manage and secure the company’s IT infrastructure.
Not sure about the number of staff you need to employ for your PI/EMI project? Contact Legalaes experts for help in designing the correct personnel structure for your business model.
Roadmap for Obtaining a Payment and Electronic Money Institution License in Cyprus
For a more detailed roadmap of the process to apply for EMI authorization in Cyprus, get in touch with our fintech licensing professional.
Jegor Kupratsevits
Head of Fintech
Jegor Kupratsevits is the Head of Fintech at Legalaes, leading the firm’s advisory across fintech, crypto, and financial services projects. He oversees regulatory compliance, licensing strategies, and cross-border structuring, supporting clients in navigating complex legal and operational environments.
With a background in banking, finance, and international business structures, Jegor focuses on delivering practical, compliant, and scalable solutions for fintech companies. His role combines regulatory expertise with commercial understanding, ensuring that client operations are aligned with both legal requirements and business objectives.
Documentation Preparation
Collecting and preparing necessary documentation from shareholders and team members, including passports, non-criminal records, Source of Funds/Wealth (SoF/SoW), and relevant educational certifications. Assisting throughout, we ensure all participants meet the stringent standards required for operating within the Cyprus financial system.
Company Incorporation
Incorporating the company under the Cyprus Companies Act, clearly defining the shareholding structure and detailing the percentage of shares held by each shareholder. This establishes the legal foundation for the business.
Application Pack Preparation
Preparing and organizing a comprehensive application pack, including all the necessary documents and fulfilling regulatory requirements to streamline the submission process to the Central Bank of Cyprus (CBC).
Local Team HR Services
Managing the HR processes for establishing the local team, including the executive directors and compliance officers, ensuring they are equipped and knowledgeable about Cyprus’s regulatory environment.
Application Submission
Submitting the completed application along with the documentation pack to the CBC, officially initiating the licensing process.
Bank Account and Safeguarding Setup
Setting up a bank account and a safeguarding account, ensuring compliance with regulatory mandates to protect customer funds.
Regulatory Follow-Up
Addressing any inquiries or requests for additional information from the CBC, typically involving multiple rounds of communication, to ensure compliance with all regulatory concerns.
License Approval
Receiving approval from the CBC, facilitating the initial board meeting to formalize operational procedures, and securing the premises for the company’s operations to establish a strong business presence in Cyprus.
Finalizing Bank and Safeguarding Accounts
Finalizing the establishment of bank and safeguarding accounts with Payment Institutions, ensuring all financial infrastructure is in place prior to Cyprus EMI license operation.
Operational Launch and Additional Services
Starting operations under the new license, including the integration of additional services, such as Society for Worldwide Interbank Financial Telecommunications ( SWIFT) applications and card issuance through partnerships with major networks like Mastercard and Visa.
Detailed Time Frames to Obtain an EMI License in Cyprus
Obtaining an Electronic Money Institution license in Cyprus involves several stages, each with its own timeframe. The process is governed by the Central Bank of Cyprus (CBC) and includes the preparation and submission of a detailed application, followed by an assessment and authorization period. Here is an estimated timeline for obtaining an EMI license in Cyprus:
1. Preparation Phase
Time Frame: 2-4 months
Activities:
- Business Planning: Developing a comprehensive Business Plan that includes financial projections, risk management strategies, and operational details.
- Document Preparation: Gathering necessary documentation, such as corporate governance policies, internal controls, AML/CTF procedures, and details of the company’s organizational structure.
- Initial Capital: Ensuring that the minimum initial capital (EUR 350,000 for a full Electronic Money Institution license in Cyprus) is in place.
- Fit and Proper Test Preparation: Compiling information and evidence to demonstrate that the directors and senior management meet the “fit and proper” criteria.
2. Application Submission
Time Frame: 1-2 weeks
Activities:
- Submission to the CBC: Submitting the complete application package to the Central Bank of Cyprus.
- Acknowledgment: The CBC acknowledges receipt of the application and may request additional information or clarification.
3. Assessment Phase
Time Frame: 3-4 months
Activities:
- Initial Review: The CBC conducts an initial review to ensure all required documents are submitted and the application is complete.
- Detailed Assessment: In-depth evaluation of the application, including the business plan, risk management policies, and governance structures.
- Meetings and Interviews:The CBC may conduct meetings or interviews with key personnel to assess their suitability and understanding of regulatory requirements.
- Requests for Additional Information: The CBC may request further information or amendments to the application during the assessment phase.
4. Decision Phase
Time Frame: 1-2 months
Activities:
- Final Review: The CBC completes its final review and prepares its decision regarding the application.
- Authorization: If the application is approved, the CBC issues the EMI license, allowing the institution to commence operations.
- Notification: The CBC notifies the applicant of its decision.
5. Post-Authorization Compliance
Ongoing activities:
- Regulatory Reporting:Regular reporting to the CBC on financial performance, compliance with AML/CTF regulations, and other regulatory requirements.
- Operational Setup: Finalizing operational infrastructure, including IT systems, staffing, and office setup to commence business activities.
Total Estimated Time Frame
Overall Duration: Approximately 6 to 12 months
This timeline can vary based on several factors, including the completeness and quality of the application, the responsiveness of the applicant to requests for additional information, and the complexity of the proposed business model. Efficient preparation and proactive engagement with the CBC can help expedite the process.
Advantages of the EMI license in Cyprus
Obtaining an Electronic Money Institution license in Cyprus offers numerous advantages, making the country an attractive jurisdiction for fintech companies. Here are the key benefits:
01
Strategic Location and EU Membership
EU Passporting: An EMI license in Cyprus allows an Electronic Money Institution to operate across the European Economic Area (EEA) without needing additional licenses, thus, leveraging the EU’s single market.
Geographic Advantage: Cyprus is strategically located at the crossroads of Europe, Asia, and Africa, facilitating international business operations
02
Favorable Regulatory Environment
Supportive Regulatory Framework: The Central Bank of Cyprus provides a clear and supportive regulatory framework aligned with EU directives, ensuring a stable and predictable operating environment.
Efficient Application Process: The Central Bank of Cyprus is known for its efficient handling of EMI license applications, with clear guidelines and a structured process.
03
Attractive Tax Regime
Low Corporate Tax Rate: Cyprus has one of the lowest corporate tax rates in the EU at 12.5%.
Double Tax Treaties: Cyprus has double tax treaties with over 60 countries, reducing withholding taxes and preventing double taxation.
Tax Incentives: Benefits like the Notional Interest Deduction (NID) and the Intellectual Property (IP) Box regime offer substantial tax savings.
04
Robust Legal Framework
Compliance with EU Standards: Cyprus adheres to EU regulations, including the Electronic Money Directive (EMD2) and the Payment Services Directive (PSD2), ensuring high standards of consumer protection and financial integrity.
Strong Legal System: The Cypriot legal system, based on English common law, provides a reliable and business-friendly legal environment.
05
Skilled Workforce
Highly Educated Workforce: Cyprus has a well-educated and multilingual workforce, with expertise in finance, law, and technology.
Professional Services: High-quality professional service providers are available, including legal, accounting, and consultancy firms, to support business operations.
06
Business-Friendly Environment
Ease of Doing Business: Cyprus is known for its business-friendly environment, with streamlined processes for company registration, licensing, and compliance.
Infrastructure: Cyprus has well-developed infrastructure, including advanced telecommunications, financial services, and transportation networks.
07
Regulatory Support and Innovation
Regulatory Sandbox: The Central Bank of Cyprus supports innovation in financial services through initiatives like regulatory sandboxes, allowing fintech companies to test new products and services in a controlled environment.
Support for Fintech: Cyprus actively promotes the fintech sector, offering various incentives and support mechanisms for technology-driven financial services companies.
08
Corporate Flexibility
Hybrid Structures: EMI license holders in Cyprus can engage in multiple business activities, allowing them to diversify their service offerings beyond electronic money issuance.
Efficient Company Structures: Flexible corporate structures and efficient regulatory procedures support rapid business growth and scalability.
09
Global Connectivity
Cyprus readily enables worldwide payments, SWIFT transfers, and the issuance of payment cards.
Links for legislation related to EMI business in Cyprus
Establishes the legal framework for the issuance and operation of Electronic Money Institutions within the EU, defining the core principles and operational standards for EMIs.
Sets out the regulatory requirements for payment services across the EU, focusing on making payments safer and more accessible, as well as enhancing consumer protection.
Governs the formation, registration, and operation of companies in Cyprus, ensuring that businesses comply with local corporate governance standards.
Cyprus’s primary legislation for anti-money laundering and combating the financing of terrorism, aligning local laws with international standards.
Includes provisions for the operation of credit institutions within Cyprus, covering aspects relevant to EMIs concerning credit transfers and related financial services.
Supplements Directive (EU) 2015/2366 regarding regulatory technical standards for the cooperation and exchange of information between competent authorities.
These descriptions provide a quick overview of each act’s main purpose and its role in the regulatory landscape for obtaining an Electronic Money Institution license in Cyprus.
Taxation of EMI Companies in Cyprus
Cyprus offers a favorable tax regime for Electronic Money Institutions, making it an attractive jurisdiction for financial services companies. The country’s tax framework provides various benefits, including low corporate tax rates, exemptions, and incentives that contribute to its appeal as a financial hub. Here are the key aspects of taxation for EMI companies in Cyprus:
1. Corporate Income Tax
1. Corporate Income Tax
- Standard Rate: The standard corporate income tax rate in Cyprus is 12.5%. It ranks among the lowest in the European Union.
- Tax Base: EMIs are taxed on their worldwide income, but there are provisions for exemptions and deductions that can reduce the taxable base.
2. Value Added Tax (VAT)
2. Value Added Tax (VAT)
- Standard Rate: The standard VAT rate in Cyprus is 19%.
- Financial Services Exemption: Financial services, including those provided by EMIs, are generally exempt from VAT. This means that EMIs do not charge VAT on their services, but they also cannot reclaim VAT on their purchases related to these services.
3. Special Contribution for Defense (SCD)
3. Special Contribution for Defense (SCD)
- Dividends: The dividend income received by Cyprus tax residents from other Cyprus tax-resident companies is exempt from SCD. However, dividends received from abroad may be subject to SCD unless they meet certain exemption criteria (such as a minimum participation threshold or the active business test).
- Interest Income: Interest earned in the ordinary course of business is subject to corporate income tax, but passive interest income is subject to SCD at 30%.
4. Capital Gains Tax
4. Capital Gains Tax
Capital gains tax is primarily levied on gains from the sale of immovable property located in Cyprus. Gains from the sale of shares, securities, or other assets are generally exempt from capital gains tax.
5. Tax Incentives and Exemptions
5. Tax Incentives and Exemptions
- IP Box Regime: Cyprus offers an attractive Intellectual Property (IP) Box regime, which could make effective tax rate as low as 2.5% on income derived from qualifying IP assets.
- Notional Interest Deduction (NID): Companies can benefit from a notional interest deduction on new equity injected into the company, reducing the taxable base and promoting equity financing.
6. Double Tax Treaties
6. Double Tax Treaties
Cyprus has double tax treaties with over 60 countries, including major economies. These treaties can reduce or eliminate withholding taxes on dividends, interest, and royalties, providing significant tax-planning opportunities for EMI companies.
7. Transfer Pricing
7. Transfer Pricing
Cyprus follows the Organization for Economic Co-operation and Development’s (OECD’s) transfer pricing guidelines. EMIs must ensure that transactions with related parties are conducted at arm’s length and maintain proper documentation to support their transfer pricing policies.
8. Substance Requirements
8. Substance Requirements
To benefit fully from Cyprus’s favorable tax regime, EMI companies must demonstrate substantial economic presence in the country. This includes having a physical office in Cyprus, local employees, and conducting core management activities in the country.
9. Anti-Avoidance Measures
9. Anti-Avoidance Measures
- General Anti-Avoidance Rule (GAAR): Cyprus has implemented GAAR to prevent aggressive tax-planning schemes. Transactions lacking economic substance or commercial purpose may be disregarded for tax purposes.
- Controlled Foreign Company (CFC) Rules: CFC rules prevent the shifting of profits to low-tax jurisdictions by taxing the income of controlled foreign subsidiaries at the parent company level if certain conditions are met.
FAQ about EMI license in Cyprus
1. Why choose Cyprus for setting up your PI/EMI project?
Cyprus offers several advantages for setting up a Payment Institution (PI) or Electronic Money Institution (EMI). As jurisdictions like Lithuania and the UK become more saturated with licensees, Cyprus remains less crowded, increasing the likelihood of license approval. Coupled with one of the lowest tax rates in the EU, passporting rights, and a straightforward licensing process, Cyprus is an excellent destination for launching your E-money venture.
2. What does an EMI license in Cyprus allow a business to do?
An EMI license in Cyprus empowers businesses to issue electronic money and provide comprehensive payment services across the European Economic Area via EU passporting. Licensed EMIs can execute payment transactions, issue payment cards, facilitate money remittance, manage account information services, and conduct worldwide SWIFT transfers while maintaining flexible hybrid business structures.
3. Can an EMI in Cyprus offer payment services and e-money issuance?
Yes, an EMI license in Cyprus explicitly authorizes companies to provide comprehensive payment services and engage in electronic money issuance in Cyprus and throughout the European Union. Evaluated and authorized by the Central Bank of Cyprus, licensed institutions can legally manage payment accounts, execute fund transfers, and issue e-money.
4.What capital and compliance requirements apply to an EMI in Cyprus?
To obtain an EMI license in Cyprus, institutions must maintain a minimum initial capital of EUR 350,000. Key compliance obligations include establishing a local physical office, appointing directors that pass fit and proper criteria, implementing robust internal controls, executing regular regulatory reporting, and strictly adhering to AML/CFT rules.
5.How long does EMI authorization take in Cyprus?
Preparing the necessary documentation and incorporating a company can take up to 4 weeks. Upon submission, the assessment period by the CBC ranges from 12 weeks (assuming a complete application) to 26 weeks for an EMI, particularly if the CBC requests additional documentation.
6.Can Legalaes assist with licensing documents and operational setup in Cyprus?
Yes, Legalaes can assist with licensing documents and operational setup in Cyprus and offers comprehensive end-to-end support for securing a Cyprus EMI license, PI license, and other types of fintech licenses. Their fintech licensing support team assists with preparing critical legal documents, managing company incorporation, handling local HR recruitment processes, and setting up necessary safeguarding bank accounts.
Legalaes even offers a ready-made solution for EMIs that want to be operational in Cyprus in the shortest amount of time possible. This entails taking charge of a ready-made EMI company in Cyprus; the company is compliant, has no debt and liabilities, and has an active EMI license.
7. Who can apply for a Cyprus PI/EMI License?
The ideal candidate for the Central Bank of Cyprus (CBC) EMI license / PI license would be companies with prior licensing and experience in other countries and those that use their own proprietary software. However, Cyprus is open to newcomers in the field, as long as they hold the necessary certifications/education and maintain an impeccable reputation.
8. How long does it take to get licensed by the CBC?
Preparing the necessary documentation and incorporating a company can take up to 4 weeks. Upon submission, the assessment period by the CBC ranges from 12 weeks (assuming a complete application) to 26 weeks for an EMI, particularly if the CBC requests additional documentation.
9. I have a license in another country; would it be useful?
Yes, holding a license in other markets is seen as a sign of compliance with high standards. Such credentials make applicants appear more reliable, potentially reducing the time it takes to process a new application in Cyprus.
10. Should I establish an office in Cyprus?
Yes, establishing a local office in Cyprus is essential. It serves as a secure location for storing documentation and provides a workspace for your staff, which is a requirement for regulatory compliance.
Get an EMI License in Cyprus
Every client receives solutions tailored to the shareholders’ initial objectives and vision.
Each of our projects receives unique and tailored solutions in accordance with the initial objectives and vision of the shareholders.
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