click link to download) we are supposed to collect as regards the underlying owner of each new IBC:
(a) Current Passport
(b) National Identity Card
(c) Current full valid driving licence

We only need one of the above documents to stay compliant.
Further we need:
A recent utility bill and bank statement
The passport, National Identity card or current full valid driving license need to be certified by a reputable bank, Consulate, Embassy, governmental body, Notary, lawyer, accountant or other professional body]]> It has long been our wish to upgrade our support system to the latest technology and Web 2.0 standards, but unfortunately this was not technically possible until now.

As well as the secured members’ area, we are working on public tutorials which will guide both our existing clients and new clients through the process of incorporating an offshore company in the jurisdiction of their choice. We will be announcing the new tutorials as soon as they are ready, which is expected to be in mid-May 2011.


]]> A Forex Trading Company in Cyprus needs to be licensed by the Cyprus Stock Exchange Commission to operate as a Cyprus Investment Firm (CIF) and provide foreign exchange services where these are connected to the provision of investment services. The type of services that will be offered by the Forex Trading Company is solely based on the type of CIF they would like to be. Typically other Forex Trading Companies apply for Reception and Transmission of Orders, Execution of Orders and Dealing on Own Account when they have their own trading platform however there are a few that also apply for Investment Advice and Portfolio Management.

According to the Law the capital requirements are as follows:
(b) how you might deal with the situation of investors who intend to buy shares in a collective company but who are presently unable to fund same.

Just for clarification authorized share capital is the amount of share capital a company can raise. If the maximum authorized share capital of a company is $100,000 then the company can only issue and sell $100,000 worth of shares (eg 100,000 shares of one US Dollar each or 10,000 shares of Ten US dollars each or say 1,000,000 shares of say 10 cents each, etc). If the maximum authorized share capital is $US1,000,000 (1 Mill USD) then a company can issue and sell $1,000,000 worth of shares (eg 1,000,000 shares]]> Objective
The sole objective of an ICIS is the collective investment of funds of unit holders governed by the International Collective Investment Schemes Law, 47(I)/1999. Under the law a unit holder is the owner of units (share, participation or interest in a scheme).

A unit holder may be:
a) an ICIS, or
b) an international business company (“offshore enterprise”), or
c) a person not being a permanent resident of Cyprus for the purposes of the Exchange Control Law.

Legal forms of an ICIS
An IClS can take the following legal forms:

• International]]> Interview with Athanasios Orphanides, Governor of the Central Bank of Cyprus, conducted on 14 January 2011 by Gabi Thesing
  
  
  Q. How concerned are you about euro area inflation at 2.2 percent?
  As you know, the Governing Council acknowledged an increase in inflation that is largely due to increases in energy prices. Overall inflation will likely be somewhat higher in the near term than was anticipated earlier. This is something that clearly merits very close monitoring. At the same time, the introductory statement reaffirmed that the assessment of the Governing Council is that price developments will remain in line with price stability]]> Seychelles is booming as an International Offshore Financial Centre. It has recorded the highest percentages of growth in respect of new company registrations of any Offshore Centre for each of the past 4 years in succession….
  
  It’s actually quite simple:
  
  1. Seychelles is staunchly economically independent and is beholden to no one. It has relied on developing its commercial fishing sector, its offshore financial services sector and in particular its tourism sector to maintain its economic independence through some tough times in the late 1990s and early 2000s. It is a policy which is now reaping serious dividends with no less than 30 new 4/5 star Hotel projects either under construction]]>
  Now, what EliasIT also tried to explain is that while your competitors have to charge the customer up to 30%, the Cyprus company can charge just 15%. That's a 15% discount 'out of the box' that a Cyprus company can offer their customers. Now for B2B it isn't very lucrative but for B2C it is!
  
  Furthermore, besides the VAT, you have to look into the TAX, i.e. 10% corporate tax which again is the lowest in the entire European Union and the reason thousands of businesses worldwide incorporate in Cyprus! While your]]> The provisions of the EU Interest and Savings Directive are only applicable when an EU citizen sets up a personal bank account in another treaty country. In this case, we are setting up a corporate bank account, hence no automatic exchange of banking information. The Cyprus banks would only be obliged to hand over information regarding the identity of the Beneficial Owner in the event that a duly authorized information and exchange request was accepted by the Cyprus authorities (which requires the consent of the Attorney General of Cyprus).]]>
  In one recent case, the malware, which is connected to the infamous Zeus Trojan, enabled crooks to obtain the online banking credentials of a staff member.
  
  The attackers changed the account settings to allow the sending of wire transfers, one to the Ukraine and two to domestic accounts, worth around $150,000.
  
  The Bureau is advising companies to run virus scams before opening e-mail attachments and use separate computer systems for financial transactions.]]>
  Please use the system for fast and accurate answers to your questions and to get in touch with our sales and consultancy team, you can also use our Live Chat which you find on all parts of the website.
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