Updated time: Jul 31, 2018 , 15:17 (UTC+08:00)
The licensing procedure and the operation of e-money institutions (EMI) and payment institutions (PI) in the EU and in Cyprus are regulated by the EU Directive 2009/110/EC and the harmonised Electronic Money Law of 2012. The competent regulatory body for the licensing and supervision of EMIs in Cyprus is the Central Bank of Cyprus (CBC).
Offshore Company Corp’s services and advisory team has extensive experience in consulting existing or new e-money institutions and payment institutions considering relocating to the EU via Cyprus for new business ventures.
Our comprehensive (one-stop-shop) package includes, among other things, the following services.
- Regulatory advisory services
- Corporate services
- Accounting, audit (internal and external) and risk-management support
- Recruitment, employment and immigration
- Post-licensing support
Offshore Company Corp services in detail
We offer a comprehensive package which may include, among other things, the following services.
Licensing and regulatory advisory services
- Consulting on the structure of the EMI or PI in the light of the regulatory requirements and in alignment with your objectives
- Preparing the application form to be submitted to the Central Bank of Cyprus
- Preparing the institution's internal operations manual
- Assisting with the preparation of the business plan and financial forecasting
- Preparing the anti-money laundering (AML) manual and the know-your-client (KYC) policies and procedures
- Assisting with the preparation of the relevant questionnaires on behalf of the EMI/PI shareholders, directors and senior management staff
- Liaising with the Central Bank of Cyprus on any issue that may arise during the assessment of the application
- Licence activation
- Passporting to other EU member states
Legal and corporate services
- Incorporation of the legal entity in Cyprus
- Drafting the appropriate memorandum and articles of association required for the operation of the EMI/PI
- Drafting shareholders' agreements, terms and conditions etc, if required
- Ongoing corporate governance and legal support
Accounting, audit and risk management
- Accounting and bookkeeping support according to the IFRS and taking into account the specificities of the EMI/PI
- Appointment of external and internal auditors
- Risk management support services
Recruitment, employment and immigration
- Assisting with personnel recruitment (senior management and service providers), if required
- Drafting of employment contracts
- Assisting with migration (residence and work permits) and labour-office matters for the foreign employees of the EMI/PI
- Ongoing post-licensing legal and regulatory advice and support in order to ensure that the EMI/PI remains in compliance with the current regulations at all times and to avoid thereby any onerous sanctions
For details about licence capability, please see details here.