Payment Institutions and EMI
Our office has successfully set up a knowledgeable team in connection to obtaining licensing for Payment Institutions and Electronic Money Institutions (EMI) by the Central Bank of Cyprus (CBC).
In particular, our dedicated team has experience in advising our clients for the successful completion of the applications and questionnaires required by CBC as well as in regards to the satisfaction of the headquarter requirement.
The services we offer in this area include:
- Forming and registering the Cyprus Company with the Cyprus Registrar of Companies
- Assisting with the registration of the Cyprus Company to local authorities (tax, social insurance, VAT)
- Preparing the application and all applicable questionnaires for submission to the CBC and advising on the adequacy of the documents necessary to accompany the application
- Advising on the management structure and assisting a potential director in connection with the required questionnaire
- Communicating with CBC in connection with the granting of the authorizations
- Reviewing and advising on the business plan
- Assisting with the Headquartering Establishment (including, without limitation, finding suitable business places/office spaces, drafting and negotiating purchase and lease agreements, obtaining local operational licenses/ permits, advising on employment matters and drafting the employment contracts, preparing staff manual, obtaining work permits and ensuring compliance with immigration regulation and assisting personnel’s family relocation, advising on Cyber Security matters)
- Drafting the Anti-Money Laundering Guidance Manual and relevant principles and providing guidance on its implementation
- Drafting GDPR principles and Privacy Policy and providing guidance on their implementation
- Assisting with the international registration of the payment institutions’ and EMIs intellectual property
- Providing on-going legal advice and support to the companies post licensing (i.e. advising on employment issues, notifications to the regulatory authorities, corporate transactions/agreements)