substance requirements for insurance agents and insurance brokers companies here in Cyprus As explained in many videos Cyprus is very relaxed as far as substance is concerned with these regulated activities simply because this is how the case was since we've been in business The regulator doesn't care about the insurance agent or the insurance broker having physical offices They don't care how many employees they have on the payroll And they don't even care if you're operating your firm from your house Especially this is a case for the insurance agents for brokers they would recommend and they would prefer if you have rented an office and you have a proper team there However from practice from what we are seeing is that the substance requirements here in Cyprus they are very relaxed What's important for the insurance regulator is of course to have on the board of directors knowledge about people people who have passed the relevant exams and they can find them in the registers of the FCA or independent of the the examinations anywhere in the world they can validate that these directors have passed the relevant exams and if the directors are not criots it could be the case that they will be required to sit local exams two papers of local exams here in Cyprus that take place twice peranom just to make sure that we have capable people running these insurance agencies or brokerages in Cyprus What else fees statutory fees statutory reviews from the regulators They are very rare very simple Nothing worth mentioning Dispersements to the regulator are very small Again not worth mentioning Filing requirements basic The regulator wants to be receiving the financial statements every now and then of the insurance agent or broker just to make sure that they're making some business and that they are licensed and they are operating according to the license had nothing to do with the scrutiny that this industry takes in other jurisdictions So we have a very relaxed regulator for insurance agents and brokers license Substance requires requirements are very weak as long as you have a company with directors The regulator is fine Payments dispersements very low not worth mentioning scrutiny filing requirements very little if any not worth mentioning And this is why Cyprus has become a hub for passporting in the rest of Europe through the use of Cyprus companies which are of course European companies used by insurance brokerages or insurance agencies outside of Europe or from insurance companies who want to penetrate Europe They want to penetrate the big markets for instance of Spain of Germany of Italy and they need either to get a license from Malta I believe or from Cyprus because these are the two most competitive and attractive options for people from third countries We have many clients who have done it We have obtained the license of insurance agents and brokers for many clients Feel free to give us a call send us an email at inquiries@cypusacountants.com.ca and I will be more than happy to assist you with the licensing and any questions you may have Thank you for watching and stay tuned
About Us
CYAUSE Audit Services has extensive experience in the insurance industry has helped tens of insurance brokers and agents register and get licensed by the local Cyprus regulator granting them passporting access to the rest of the European Union.
CYAUSE Audit Services is an Audit & Assurance firm with offices in Cyprus and the UAE. During 2015 we have been awarded by I.C.P.A.C and the A.C.C.A (local and international association of Chartered Certified Accountants) for the Quality of our Audit Services and our Office's Procedures.
Being a Truly International Audit & Assurance firm, we have associates from all over the world and we are constantly looking for new associates to expand our network further. At present, CYAUSE Audit Services operates internationally through its membership with BKR International amongst the largest American associations in the world, Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Our network covers almost 40 jurisdictions with over 2,000 professionals, it supports more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and processes at least 170,000 payslips globally.
CYAUSE Audit Services Ltd is also a member of BKR International one of the biggest US Accounting Associations of the word and the 3E Accounting Network, an international accounting network which originates from Hong Kong and has more than 80 members from all over the world.
Learn More about Cyprus Corporate Environment
Information about CYAUSE Audit Services and the Cyprus Corporate & Tax System can be obtained from our Website or our YouTube channel which provides valuable information about the Corporate & Tax Environment of Cyprus.
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