Cyprus Management Company

The Management Company is a limited company by shares, which has its registered office and central administration within the territory of the Republic of Cyprus and its main objective is the management of one or more UCITS. Prior authorisation by CySEC is required in order to start business. Such authorisation, which is granted as an operation license, is valid in all member states of the European Union.

The Management Company may start its business as soon as the granting of the operation licence is notified to it by CySEC.

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Management Company Activities

Free provision of services in another member state by a Management Company authorized in the Republic (Passporting)

A Management Company, which has been authorized in the Republic of Cyprus and wishes to pursue, for the first time, activities for which it has been authorized, within the territory of another member state, under the freedom to provide services shall notify CySEC.

Freedom of establishment and of provision of services in the Republic by a Management Company authorized in another member state

A Management Company authorized in another member, may pursue within the territory of the Republic the activity for which it has been authorized, either by the establishment of a branch or under the freedom to provide services.

Shares of the Management Company

The shares of the Management Company shall be registered and cannot be admitted to trading or traded on a regulated or other stock exchange market.

Share Capital

The initial capital of the Management Company must be at least €125.000, which must be fully paid up, in cash. If the Management Company provides any additional services, then its initial capital must also correspond to the limits set out by the Law for the provision of such services. The own funds of the Management Company must at no time be less that the amount of its initial capital.

Establishment of a UCITS in a member state other than the Management Company's home member state

A Management Company authorized in the Republic of Cyprus may establish a UCITS which shall be authorized in another member state, and manage such UCITS, provided that such company complies with the provisions of passporting.

Delegation Arrangements

The Management Company is authorised to delegate any of its functions subject to certain conditions and eligibility requirements as prescribed in the UCI Law.

Services

Setting Up and Licencing

Preparation and submission of an application package to CySEC to obtain a license, including advice on the best way to set up the company as regards staffing, organisational structure, costs, etc.

Legal Services

Preparation and reviewing of any requested documentation and/or agreements and/or contracts for the application or during the activation of the company.

Adminstration Services

Provision of administrative services including directors, secretary and registered office address.

Recommendation and appointment of service providers.

People

Michael O. Ioannides

Andreas N. Leonidou