In addition to its vast system of double-taxation treaties, Cyprus’s advantageous tax structure makes it an ideal location for the establishment of a business by individuals from any country.
Do you intend to establish a corporation in Cyprus soon? Do you wish to get into the Cyprus market? Interactive Trust Services Cyprus is dedicated to providing various financial services and expert advice. We’ll keep giving you the support and advice you need to keep your company going.
For your protection, we are registered with and subject to oversight by the Cyprus Securities and Exchange Commission.
What Are the Requirements for Crypto Directorship Services Cyprus Laws?
The fees associated with joining CySEC are as follows: the cost of reviewing a submission is €10,000. Those granted registrations will not have to pay a fee during the first year. Each year’s registration renewal costs €5,000.
Requirements
To begin with, you must have a Cyprus-incorporated entity and at least one fit and appropriate shareholder to apply for a crypto-license from CySEC. Also, you’ll need four directors, two serving in executive roles and the other two in non-executive roles. Three of them need to be legal Cypriot residents.
CySEC will analyze their skills and experience to determine if they are “fit and appropriate” to hold the position. The crypto-provider must also have a fully functional office in Cyprus, with residents employed full-time to handle the company’s most important tasks. Depending on the license chosen, a certain minimum number of employees must be employed.
It takes about six months to complete the application process to become a crypto-asset service provider. There are now three different types of licenses depending on varying capital requirements. The crypto service provider can offer financial advice based on the €50,000 license.
The €125,000 license will allow the crypto provider to provide (a) Reception & Transmission of Client Orders; (b) Order Execution on Client Behalf; (c) Exchange of Crypto-assets for Fiat Currency; (d) Investment Advice; (e) Exchange of Crypto-assets Among Each Other; (g) Participation and Provision of Financial Services Related to the Distribution, Offering, and Sale of Crypto-assets, Including the Initial Public Offering; and (h) Place (i) Portfolio Investments and Assets.
The €150,000 license grants the holder the right to provide the services mentioned above, as well as administration, transfer of ownership, transfer of site, holding, and safekeeping, including custody of crypto-as[1]sets or cryptographic keys or means enabling control over crypto-assets; (j) underwriting and/or placement of crypto-assets with firm commitment; and (k) operation of a multilateral system, which brings together multiple third-party buying and selling institutions
CySEC has offered various choices so that each crypto-provider can decide what is appropriate for his particular business. With every customer, we work to cater to their specific situation and goals. When working with a new client, our experienced team spends considerable time getting to know them and their business to craft a unique “application package” for them.