Why do I need to get a Business License in Cyprus?

The establishment of a PI or an EMI in Cyprus seems to be a natural strategic decision mainly driven by the following key factors: EU member states are compliant with EU laws and regulations. Eurozone member, making penetration in EU markets easier. Strong fundamentals for PI and EMI operations and a growing demand basis for such activities from many industry verticals active in Cyprus. Cost-effective setting up and on-going operational services. English is the language of Business. Business-friendly and transparent regulatory system. Opportunities in the local corporate and institutional market. Convenient time zone for conducting 24 hours a day business. Access to an extensive network of double tax treaties allowing for tax-efficient structuring. Favorable tax system. (e.g. no withholding tax on dividend distributions to foreign shareholders, 12.5% corporation tax with the possibility to drop up to 2.5% thanks to Notional Interest Deduction (NID), tax incentives for non-domiciled tax residents, etc.). Availability of a number of highly qualified professional service providers (e.g. accounting firms, legal firms, consultancy firms, etc.). Favorable tax regime for Intellectual Property (IP) rights, under specific requirements. Efficient regulator Central Bank of Cyprus (CBC) which provides streamlined procedures, reduced bureaucracy, and lower regulatory fees. Sophisticated infrastructure.

What is Electronic money?

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Electronic money is a monetary value represented by a claim on the issuer, which is:

Electronically-including magnetically-stored (e.g. chargeable internet based account, magnetic card).
Issued on receipt of funds for the purpose of making payment transactions (conversion of bank money into electronic money).
Accepted by a natural or legal person other than the electronic money issuer.

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What is Electric money?

Electronic money is a monetary value represented by a claim on the issuer, which is:

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