Cyprus Insurance brokers' license - Useful information and requirements for EU Passporting
Requirements to obtain an insurance brokers license in Cyprus
Timeframes
- Gathering of the information: usually takes 1 to 2 months depending on how efficient the applicant is
- Application Examination: Usually 2 months
- Creation of a Company (which will subsequently be licensed): Less than 1 month
- Overall: from experience the application takes between 4- 5 months
Trick: To speed up the process ensure the name of the brokerage is decided by the management early as it will have to be approved by the Cyprus Registrar of Insurers and then by the Cyprus Registrar of Companies a process that could take 2/3 weeks. Without the name you can not apply for the Company which takes less than a month. This process alone before applying could take 2 months! So if in hurry, prioritise the name first.
Application Pack
- University degree of the director / management of the Company
- Cyprus or FCA relevant examinations for the director / management of the Company
- Clean criminal record of all management members
- CVs of all management members
- Non solvency declarations confirmations of all management members
- Agreements with insurance companies or letters of intend with the company
- Rental agreement of the company
The process in steps
- Name Approval
- Company Creation
- Application Preparation
- Application Examination
- Issuance of insurance agents / brokers license
Useful Information:
- Differences between an insurance broker's amd agent's license
- Information about Insurance Brokers License
- Cyprus Insurance Broker / Agent FAQs
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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
