The licensing procedure of E-money (EMI) and Payment Institutions in the legal system of Cyprus is mainly adjusted by the consistent Electronic Money Law 2012 and regulated by the EU Directive 2009/110/EC. The knowledgeable regulatory body for the licensing and the supervision of E-money and Payment Institutions in the country is the Central Bank of Cyprus.
The Michalaki, Pitsillidou and Co LLC’s Financial Services and Advisory team has the opportunity to consult E-money and Payment Institutions, which are considered to convey from Cyprus to the EU for new business ventures.
- Our actions include services of:
- Regulatory Advisory Services
- Licensing and Post-Licensing Support
- Corporate Services
- Risk Accounting and Management Support
- Internal and External Audit Services
- Employment, Immigration and Recruitment Services
- Our practices involve:
- Consultation of the structural design of the Institution.
- Company registration with the specifically drafted Memorandum of Association.
- Completion of the Application Form to be submitted to the CBC.
- Preparation and drafting of the Institution’s Internal Operations Manual according to specified regulations.
- Preparation of Business Plan and financial forecasting.
- Preparation of Operation Procedures Manual in accordance with Money Laundering and Terrorist Financing regulations.
- Assistance on preparation of questionnaires on behalf of the Institution’s shareholders, directors and senior management staff.
- Follow-up the application and communication with the CBC during the process of assessment.
- Assistance on company personnel recruitment (senior management & service providers) if necessary.
- Assistance on migration and labor office matters for foreign employees of the Institution.