The term International Financial Services Company (IFC) is used to denote:
whose main object is to provide international financial services to:
The terms used in the Central Bank policy statement have specific definitions.
The provision of international financial services includes activities in:
Government Policy And Conditions
A person, whether natural or legal, submitting an application to the Central Bank for the establishment of an IFC, must be, in the opinion of the Central Bank, a “fit and proper” person before being allowed to provide any international financial services to the public.
An application for the establishment of an IFC is subject to a detailed vetting procedure and, in this respect, the Central Bank exchanges information with overseas financial regulators and obtains directly information from independent sources of reference.
The practice to date has proved that it is selected entities that are considered eligible to apply for the provision of international financial services from within Cyprus.
These are mainly branches, subsidiaries or associated companies of overseas investment and financial service companies, with a good international reputation, established in countries where, in the opinion of the Central Bank, there is adequate regulation of financial services.
Once established, an IFC is required to provide the Central Bank with information about its activities and position as might be required to satisfy the Central Bank of their adherence to sound financial business practices and standards.
Establishment Of An International Financial Services Company
The guide for the establishment of an International Financial Services Company in Cyprus can be provided in electronic format on request. This quite includes:
To receive the guide please contact Aspen Consultants.
The following are the definitions given by the Central Bank of Cyprus in relation to the application for the establishment of an International Financial Services Company Cyprus.
The following inter-alia, are deemed to constitute investments:
A natural or legal person who frequently enters into investment transactions, whether on their own account or on account of another person, with or through the agency of another person who already provides financial services, being transactions of substantial size or of substantial size in relation to the person’s total wealth and whose nature as well as risks involved in entering into such transactions, the investor can reasonably be expected to understand.
A natural or legal person who provides financial services to the public.
The term public does not include banking or credit institutions, the company’s shareholders, and body corporate in its group of companies or experience or professional investors.
To receive more information on offshore services or to discuss the particulars of your international tax planning needs please contact the authors.
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.