Additional requirements for the granting of a CIF License

Apart from the share capital requirement, a C|F's head office must be situated on the island and be fully and appropriately staffed. Investment firms' employees must be of good repute and have the necessary skills, knowledge and expertise for performing their assigned responsibilities.

The board of directors of a CIF are required to be comprised of at least two executive and two independent non-executive members. All of the appointed board members must possess the appropriate professional knowledge and industry experience.

It should be emphasized that the two non-executive members are intended to participate on board meetings as independent consultants, in order to be able to provide unbiased advice to executive members and therefore enhance the "four eyes" principle. They are therefore prohibited from being associated with the firms operations in any material way. For exam- ple, someone who is employed by one of the firm's suppliers will be prohibited to act as a non-executive director, for his independence would be compromised.

Take the next step, we are here to help.

Register a Cyprus investment firm company.
Open a Cyprus investment firm bank account.

  Resources:

Cyprus Variable Capital Companies: AIFs

Cyprus Variable Capital Companies: AIFs

There are two types of Variable Capital Companies in Cyprus; UCITS and AIFS. Read on to find out more about Alternative Investment Funds.

Cyprus Variable Capital Companies: Open-Type UCITS

Cyprus Variable Capital Companies: Open-Type UCITS

There are two types of VCCs in Cyprus; UCITS which we will discuss in the following article, and AIFS.

 

Protection of Nominee Directors from IRD claims for Cyprus client companies

Legislation re Cyprus Tax Residency:

 

Cyprus Company Law: Responsibility of Directors for the non-payment of taxes

A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.

Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore

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In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.

Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever

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Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.

Cryptocurrencies: technical and legal overview

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In this article, we will try to succinctly describe the technical and legal characteristics of Cryptocurrencies. The understanding of Cryptocurrencies is crucial for today’s modern payment services and investment opportunities around the world. We have seen the increasing importance that this topic has acquired in the last few months and the rise of the price of the most popular type of Cryptocurrency, the Bitcoin, from $0.06 cents of a dollar in 2010 to $5,518.85 by the 25th of October, 2017.[1]

The Belize IBC Amendment Act 2017: 3 notable changes for businesses

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Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.