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Michalaki, Pitsillidou Law Firm > Articles posted by admin (Page 19)

Binary Options – Cysec

A financial instrument that investors can trade is binary option which does not require an additional license in order to be traded. Cysec has included trading of binary options in the scope of Investment Services and Related Activities Law There are five models that can be used in order for businesses to offer Binary options. The Market Maker model, Broker to the Market Maker that can hold client’s funds, Broker to the Market Maker that cannot hold clients funds. The three mentioned model are considered as Cyprus Investment Firms. The other two models are Tied Agent to Market Maker Model and...

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Temporary Residence Permits for Third Country Nationals

Issuance of residence permits of Employees at international companies 1. POLICY IN CYPRUS All companies of foreign interests, including international companies (ex-IBCs), in order to be eligible to employ third country nationals in Cyprus, should fulfill the following: (a) The majority of the company´s shareholders should be foreign shareholders and in the case of shareholders whose ultimate owners are foreign companies, they should be declared in order to be approved by the Civil Registry and Migration Department (CRMD). Exceptions: (a) Public companies registered in any recognized Stock Exchange, International companies that were operating before the change of regime and for which the Central Bank of Cyprus possesses...

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Seychelles Forex and Brokerage Offshore License

The Seychelles Securities Act 2007 provide the legal framework of how to deal with Securities servers and how your company can be licensed to trade in securities either as a principal ora as an agent. The regulatory authority of Seychelles is the Financial Services Authority of Seychelles - FSA.   The license will provide worldwide companies who trade in securities an important tool to attract more clients. In most cases the license will be granted in a period of 3 months and thus will provide an appropriate time frame for the company to prepare the grounds for its customers to switch into...

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How to obtain Seychelles Securities Dealer License

Non bank financial services in Seychelles are regulated by the Seychelles Financial Services Authority which was established under the Financial Services Authority Act, 2013 and is responsible for licensing and supervising securities dealers. Also under the Securities Act, 2007 is responsible for the registrations of Foundations, International Trusts, International Business Companies and Limited Partnerships. Corporate information   The company that will obtain the Dealer License must be incorporated in Seychelles Nature of business of the company must be specified clearly under the Memorandum of Company The company needs to offices or premises in Seychelles to keep company records. 2 experienced individuals regarding...

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New proposed rules published by CySEC governing the use of Liquidity Providers and Market Makers by regulated brokers in Cyprus

CySEC has issued a consultation paper regarding new proposed rules governing the use of Liquidity Providers and Market Makers by regulated brokers in Cyprus. The new rules as published by CySEC would still allow Retail Forex brokers in Cyprus to have liquidity and market making relationships with entities outside Cyprus and outside the European Union (of which Cyprus is a member). Foreign LPs or market makers used, must be ones properly licensed and regulated in their home countries. The new rules will also require brokers to be transparent about their trade flow. It should be clear to clients what the broker’s hedging arrangements are,...

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Cyprus IBC – International Business Companies

What is an IBC Company? An international business company or international business corporation (IBC) is an offshore company formed under the laws of some jurisdictions as a tax neutral company which is usually limited in terms of the activities it may conduct in, but not necessarily from, the jurisdiction in which it is incorporated. One of the most common examples that an IBC Company can be used is in International trading where is one of the most commonly used examples where a Cyprus IBC Company can be used. An intermediary Cyprus IBC can be placed in between a Buyer and a Seller. In this way, taxable profits can be transferred...

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Cyprus and Jersey signed on Monday an agreement on the Avoidance of Double Taxation on Income.

According to an announcement by the Ministry of Finance, the text agreed between the two negotiating teams of the two countries will contribute to further developing trade and economic relations between Cyprus and Jersey as well as with other countries. The Ministry also notes that updating, maintenance and expansion of existing agreements' network on double taxation, which is of great economic and political importance, aims to enhance and attract foreign investment and promote Cyprus as an international business center. The agreement is based on OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital. For more information and guidance get in...

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CIF’s reporting to CySec

CySEC demands all Forex Brokers to report Brexit effects. Cyprus financial regulator CySEC has issued a note to all regulated entities on the island, asking them to report the effect of post-Brexit vote trading. The note, signed by CySEC Chairman Demetra Kalogerou, asks all CIF regulated entities to report the amount of their own funds, and also their capital adequacy ratio to CySEC. It appears as if CySEC wants to find out right away if there are any brokers out there with a ‘negative client balances’ problem, as happened to several brokers last year in the aftermath of the Swiss Franc spike. Cyprus continous...

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