Required documents and data for Cyprus (CySEC) Forex License
GENERAL REQUIREMENTS
In order to obtain the CySEC license, it is required to register a Cyprus Investment Firm. The company must have a with local presence meaning that it has a local registered address and physical operating office and a number of local employees.
At least four directors are required, consisting of two executive and two non-executive directors. At least three out of the four directors must be residents of Cyprus. The Board of Directors must have a strong reputation and relevant work experience. To support this, they need to provide Curriculum Vitae, educational certificates, professional references, and any other relevant information. Shareholders and directors must provide evidence of a solid standing and sound financial position.
DUE DILIGENCE
For individuals:
- Notarized KYC documents of each shareholder, beneficial owner and director not older than 3 months in English. If it’s not in English, a certified translation is required;
- Net worth statement certified by qualified accountant or certified true copy of the latest three months of bank statements indicating the amount of funds available;
- Professional reference letters;
- Resume (CV) for each shareholder, beneficial owner and director;
- Information of relevant background and experience of applicants;
- Certified true copy of relevant academic and professional certificates.
For legal entities:
- Certificate of incorporation;
- Memorandum and articles of association or equivalent;
- Corporate registries;
- Certificate of good standing if the company is older than 1 year;
- Audited Accounts if the company is older than two years;
- Due diligence documents for the individuals behind the company.
DOCUMENTS REQUIRED
- Proposed organisation chart;
- Completed application forms;
- Personal questionnaire forms;
- Proof of source of wealth and source of funds;
- Proof of physical office and registered address;
- Notice of place at which the company's records are to be kept;
- A detailed Business Plan;
- A detailed Financial Plan;
- Client Service Agreement or Terms of Business;
- Anti Money Laundering Manual and Know Your Customer policy;
- Other relevant documentation, company's policies and procedures.
N.B.
- If documents are not in English language or language of particular country, they must be accompanied by a notarized translation.
- Additional documents may be requested by the Regulator at its discretion.