Information that must be included into the application for establishing OFC.
1. It is necessary to complete "Questionnaire A" and "Questionnaire B", as demanded. "Questionnaire A" must be completed and signed by two Directors, partners or other officials of the firm intending to establish and beneficially own OFC in Cyprus. Natural persons, who make an application about OFC establishment must complete "Questionnaire B". Then "Questionnaire C" is completed: (a) by every owner of shares and/or by partner of the company-applicant/partnership and (b) by every supposed authorized person and employee (director, partner, manager, consultant), who is employed by the OFC for consultations, organizations and performing trans-operations with or by order of clients, in accordance with the supposed offshore financial activity of the OFC, or by order of a person who will be in charge of the relations with clients.
In the Questionnaires applicants must mention the details about their professional activity and/or educational qualifications, their experience in this sphere and the list of financial services, supposed to be carried out in Cyprus. The Central Bank of Cyprus foresees the difficulties in estimating the education and the experience, so it will use such sources of information which can influence the applicant and have a good reputation. For this purpose the applicant must mention independent sources of information, the Central Bank of Cyprus may apply to, for getting recommendations. Besides, the applicants must describe in details the supposed activity.
All the applicants must sign declarations, attached to the Questionnaires, and send them to the Department of Regulation and Inspection of the Central Bank of Cyprus.
2. "Letter of Comfort" is also attached to the Questionnaires and must be signed by beneficial holders of the controlling block of shares, by partners and other officials of the intended OFC. This letter allows the Central Bank of Cyprus to get information from the third part. By this letter the Bank and its employees are authorized to receive and change information in organizations that regulate and control the banking activity. But the information mustn’t include names of the company’s clients.
During the application consideration the Central Bank of Cyprus asks recommendations from banks, former employees of the company, business associations and other competent and independent sources. When it is necessary, the Central Bank of Cyprus gets information from foreign authorities controlling financial and banking activity. So consideration of the application needs some time before giving an answer. Usually, the Central Bank of Cyprus comes to conclusion during 4 week from the moment the application was made, if (a) all the necessary information is given to the Central Bank of Cyprus (b) answers of experts and of independent sources coincide with the application information.
3. Establishing a company, except a branch, the applicants must offer a project Memorandum and Articles of Association to the Central Bank of Cyprus for preliminary confirmation. In some cases, the Central Bank of Cyprus may demand to make some changes in the activity objects or in the articles of Memorandum and in the Articles of Association. The purpose of such changes may be some limitations in financial services supposed to be carried by the company.