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Obtain Investment Fund License in Cyprus

Cyprus Investment Fund License

UCITS -Undertakings for Collective Investment in Transferable Securities license
Cyprus is a resilient and dynamic business center, offering a business-friendly, international and cost-effective environment for the operating companies in this jurisdiction. Also, it is a well-regulated EU member state, combines tax efficient features of a modern financial center with the necessary infrastructure for the investment fund industry.
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Timeframe: up to 4 months

Minimum capital requirements: Third-party Managed €200,000 or €300,000 if self-managed. A Cyprus UCITS management company must have an initial minimum capital of 125.000 EUR.


Overview

UCITS are internationally regarded as one of the most effective asset management tools available. There is no minimum subscription amount by investors. A Cyprus UCITS can be set-up either as a Common Fund (CF) or as a Variable Capital Investment Company (VCIC). 

The Key benefits of a Cyprus UCITS fund are:

  • can be marketed to any type of investor, including retail investors
  • full EU Passporting rights, allowing UCITS to be marketed and sold in other EU member states
  • cost-efficient to set-up and operate
  • low investment risk
  • possibility to set up an umbrella fund
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Facts & Info for Cyprus Investment Fund License

Notable features
Procedure
Documents Required

General information

Company structure

  • Must always appoint a depositary/custodian or any other company subject to prudential supervision (are exceptions depending on the fund)
  • Cyprus Securities and Exchange Commission (CySec) requires a minimum of two executive Directors

Taxation

  • Cyprus tax laws are designed to support the development of the country as an international financial and business center, to promote international investment and to support the development of financial services
  • 30% personal income tax
  • 0% corporate tax as gains from trading in securities are tax exempt
  • exemption from tax on dividend income (subject to certain conditions)
  • no withholding taxes on repatriation of dividends, interest and royalties to non-residents

Registered office - Required

Secretary Required

Accounting and Audit requirements

  • Preparation of annual Financial Statements, and preparation of annual tax return
  • Un-audited report every six months and audited annual report
  • Monthly or Quarterly Statistical reporting to the Central Bank of Cyprus
  • Annual Information Reporting to CySec
  • Annual report submitted to CySec regarding prevention of money laundering and terrorist financing, as prepared by the duly appointed Money Laundering Officer

Company name

  • Language: Any
  • Letters: From Roman alphabet
  • Restricted any name that is identical or similar to an existing company 
  • Names that are misleading or deceptive are prohibited
  • Offensive names are prohibited
  • Must contain the word "Fund"

In order to obtain a license, the following steps will be carried out:

  • Gathering necessary documents in agreed form
  • Preparing Application for Regulatory Approval
  • Following up and monitoring your submission until Regulator approval

In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents. 

For that reason, please provide us with the following documents.

  • Details of all proposed Directors, with each providing the following:

- Copy of passport and recent utility bill evidencing residential address

- CV with details covering a minimum period of 10 years

- At least two reference letters (presented upon request)

- Non-bankruptcy certificate

- Criminal record certificate

  • Duly completed CySec questionnaire form
  • Other documents requested by the Authority
  • It should be noted that all Directors must have adequate financial and fund management experience and academic credentials

Details of the following key service providers:

  • Auditor
  • Custodian
  • Administrator