Realization of offshore financial operations is regulated by Central Bank of Cyprus according to the Law on Currency Regulation. Natural or legal persons, making an application to the Central Bank of Cyprus about founding an offshore financial company, should have a good reputation.
The point of the main questions posed by the Central Bank of Cyprus to applicants, is for getting guarantees that the applicant’s activities, in respect of financial services, will be correct and accurate. Opinion about the person’s reputation is created with the help of Questionnaires, fulfilled by all the interviews done by employees of the Central Bank of Cyprus with people who are related to the company. In this respect one should use "Questionnaire A" which is completed by officials (of the company or the partnership) and "Questionnaire B", which is completed by natural persons intending to found an offshore financial company in Cyprus. The presentation test is important not only for making an application but also for future relationships between offshore financial companies and the Central Bank of Cyprus. The Central Bank of Cyprus is best to accurately and impartially to estimate the above and regulate and every applicant is estimated by his own merits.
New rules made by the Central Bank of Cyprus can’t regulate every matter, so the Central Bank of Cyprus from time to time may offer some new conditions and questions. It should also be mentioned that the applicants must suggest considerable and proved reasons of their taken decision to offer financial services in Cyprus. The Central Bank of Cyprus stresses that it will not make any regulatory actions towards the applicants’ documents even if their information is inadequate and incomplete.