Alternative Investment Funds Cyprus

Payment Institutions

In accordance with the provisions of the Payment Services Law, 2009-2010 which was enacted for the purposes of harmonisation with the act of the European Community entitled Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market, payment services in the Republic of Cyprus may only be provided by a payment institution which has been granted an authorisation by the Central Bank of Cyprus («CBC»).

Estimated Time | within 3 months.

Payment Services

Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.

Execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider.

Execution of payment transactions where the funds are covered by a credit line for a payment service user:

Issuing and/or acquiring of payment instruments.

Money remittance.

Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.

Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services.

Services

Legal and Compliance Services

Assist the company in preparing and submitting an application package to CBC to obtain a license, including advice on the best way to set up this company as regards staffing, organisational structure, costs, etc.

Acting as a Compliance Officer with regard to legislative matters.

Audit Services

Audit Tax filing requirements.

Internal Audit Reviews.

Other Services

Support the company and assist with any additional work in connection with the follow up of the processing of the application with CBC until the license is granted or the application is rejected.

Provision of non-executive Directors.

Provision of Executive Directors.