An authorisation for the operation of an electronic money institution is only granted to a legal person who has been incorporated and has its head office in the Republic of Cyprus.
In accordance with the provisions of the Electronic Money Law 2012, which was enacted for the purposes of harmonisation with the act of the European Community entitled “Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009”, electronic money services in the Republic of Cyprus may only be provided by an electronic money institution which has been granted an authorisation by the Central Bank of Cyprus (CBC).
Estimated Time | Within 3 months
Electronic Money Institution’s Activities
Activities
Provide the payment services covered in the authorisation of the electronic money institution.
Provide credit in connection with the provision of the payment services of paragraphs 4, 5 and 7 of the Annex to the Payment Services Laws.
To operate payment systems, without prejudice to existing law, provided that they comply with a directive issued by the Central Bank pursuant to section 5 of the Payment Services Laws for the purpose of harmonisation with Article 28 of Directive 2007/64/EC.
To engage in commercial activity or business, without prejudice to existing law.
Initial Capital
A legal person applying for authorisation shall maintain, at the time of authorisation, an initial capital of at least €350.000. The Competent Authority shall specify by directive the composition of the initial capital.
Deposits & Repayable Funds
Electronic money institutions shall not accept deposits or other repayable funds, within the meaning of sections 2 subsection (1) of section 3 of the Banking Laws or of sections 2 and subsection (1) of section 41A of the Cooperative Companies Laws:
Provided that, when an electronic money institution exchanges without delay any funds collected with electronic money, the collection of these funds does not constitute acceptance of deposits or of other repayable funds from the public.
Ancillary Services
Electronic money institutions may engage in operational and closely related ancillary services, which are related to the issue of electronic money or the provision of payment services, notwithstanding any requirement for prior authorisation. The Competent Authority may specify by directive the of operational and closely related ancillary services, which are related to the issue of electronic money or the provision of payment 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 regards 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.
