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Cyprus Forex and Investment Firms (CIFs)

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Cyprus Forex and Investment Firms (CIFs)

Over the last decade, Cyprus became an international hub for the Forex and Investment firms (called CIFs). Being a truly global financial center, Cyprus provides the perfect infrastructure at a very low cost for Forex Companies. At present, there are more than 200 active Forex Companies registered in Cyprus which enjoy Cyprus favourable operating environment.

Why is Cyprus Ideal for ForeX and Investment Firms?

  • Low Corporation Tax Rate – 12.5%
  • Relaxed Regulations by the CySec (the Cyprus Securities and Exchange Commission, especially when compared to London or New York Regulators)
  • High Caliber, Experienced Staff available at competitive rates, when compared to other EU Countries.
  • Low Set Up Costs, compared to other jurisdictions (including cheap office space and low overheads)
  • Easy Flight Connections with the rest of the world
  • Tax advantages for Cyprus Companies
  • And many more

Challenges facing the CIFs

  • Licensing
  • Trade execution reconciliation
  • Keeping up to date with compliance matters
  • Calculation of STP profitability
  • CRM integration with various platforms
  • Operational issues during set up with liquidity and bridge providers
  • Monitoring of expenses especially for the first 3 - 5 years, until profits kick in

Services offered

  • Licensing and set up
  • Compliance
  • Regulatory reporting (COREP, ICAAP, Internal & External Audit)
  • Accounting, Audit, Tax
  • Back Office support
  • Ad Hoc support as considered necessary

Expertise

We have assisted the setup of the back office of Argus FX a leading brokerage and forex investment firm. Our primary role was to perform daily clients funds segregation and verification of all STP trades profits.

We service several local investment firms with the quarterly COREP reporting, ICAAP and internal audit as required by the local regulator CySEC (Cyprus Securities and Exchange Commission).

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