Setup of a life insurance brokerage company in Cyprus for a UAE-based group operating globally

Dear Kyriakos

Yes I do need some help which I why I e-mailed your company yesterday.

We need to look at setting up a life insurance brokerage in Cyprus, the costs of set up, the annual ongoing cost, taxes, ongoing regulatory requirements etc. This is to broke life business all over the world.

We are based in the UAE and the website address below will show you what we currently do.

Regards

Hi Client,

My colleague @Christodoulos Philippides will follow up with you and explain to you the details. We also have a UAE office so feel free to enquire with me about any UAE issues as well. Preferably use this email address for the UAE k.tramountanellis@berkley.ae.

Also take a look at this informative page of our website here.

Thank you,

Dear Client,

It's a pleasure to e-meet you!

Following your email request with my colleagues in respect to the consideration of opening a Cyprus Insurance Brokerage company, we would like to send you our complete fees and services we can provide you.

1. Licensing/Company Setup Requirements

• Insurance Brokerage License: At least one director must hold professional insurance qualifications acceptable to the Cyprus Insurance Regulator.
• Local Substance: Regulated entities must have a local Cyprus office and staff or nominee director and secretary.
• Company Name: 3 potential names should be provided. It will need approval by both the Cyprus Registrar of Insurers and the Cyprus Registrar of Companies (this saves time).
• Memorandum & Articles: Must clearly include insurance Brokers or Agent as the business activity along with a small description.

2. Timeline

• Name Approval: 1-2 weeks for regulatory approval (could be simultaneous as name is pre-selected).
• Company Formation: Less than 1 month once name is approved.
• Gathering Documentation/Info: Usually 1–2 months (faster if you prepare all documents early).
• License Application Review: By regulator, typically 2 months.
• Total: 3–5 months from start to final license, if paperwork is prompt.

3. Costs (Estimate)

• Company Incorporation: The fees will be €1,500 (plus VAT and disbursements). Add-on nominee services (if needed): €1,600 + VAT (from 1,800 euros + VAT) for the first year. Accounting, tax, and compliance packages are separate.
• Insurance Brokers/Agents License: 3,800 euros + VAT + disbursements (from 4,500 euros + VAT)
• Ongoing Compliance: Accounting & audit starts from €1,500/year for small entities, plus payroll, VAT, and audit as required by law. But this will depend on the transactions volume.
• There are some additional costs, once the company is incorporated and that is necessary to be done, such as Tax registration, UBO declaration, HE32 codes. For the costs, please see this link.

4. What We’ll Need from You

• Proposed company structure (directors, secretary, shareholders)
• Director’s professional insurance qualifications
• Documents: Passport/ID copies; utility bill; business plan; source of funds
• Office address and local staffing plan

If you have any questions, please do not hesitate to contact us.

Kind regards,

Dear CYAUSE,

Thank you for the chaser.

We are thinking through all of this and will revert once our discussions are complete.

Regards

Dear Client,

Thank you for your email.

We will await for your response.

Kind regards,

Dear CYAUSE,

I apologize for having not responded before now.

We have decided against setting up in Cyprus at this time. We may relook at this in a year or so.

Thank you very much for all your help and also for following up.

Regards

Dear Client,

Thank you for your email and the relevant response.

If you need any further assistance from our end, please do not hesitate to contact us.

Kind regards,