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WHAT SERVICES ARE CLASSIFIED AS “FIDUCIARY”?

The provision of fiduciary services in Cyprus is regulated by the Law Regulating Companies Providing Administrative Services and Related Matters (Ο Περί της Ρύθμισης των Επιχειρήσεων Παροχής Διοικητικών Υπηρεσιών και Συναφών Θεμάτων Νόμος του 2012) since December 2012.

As per the Law, the following services constitute Administrative Services, and anyone providing them should acquire a licence:

  • The management or directing of trusts including, without limitation, the undertaking or provision of trustee (commissioner), wherever these are created or established, or the management or investment or marketing of assets of a trust.
  • The undertaking or provision of the service of managing companies, including, but not limited, to the management or the managing of companies, general or limited partnerships, or other organisations with or without separate legal personality anywhere these may be registered or established and the provision of the following services:
    • providing directors for legal persons;
    • secretary, or assistant secretary of legal persons;
    • holding the share capital of legal persons and registering the holder in the respective registers of shareholders on behalf of third persons;
    • provision of address of registered office and or the official mail and or electronic address of companies;
    • provision of general or limited partners in partnerships;
    • provision of other similar services, or in conjunction with services described above, in relation to other legal persons or organisations, with or without separate legal personality;
    • opening or managing bank accounts;
    • safe keeping of financial instruments on behalf of clients, including acting as depositary, as defined in Annex III, Part II, paragraph 1 of the Investments Services and Activities and Regulated Markets Law, and other related services, unless this is provided as an ancillary service by an IF in the framework of the Investment Services and Activities and Regulated Markets Law.

 More generally, fiduciary firms (Administrative Services Providers) offer the following services:

  • Providing services with respect to formation and dissolution of companies
  • Sale, transfer or disposal of companies
  • Providing or arranging of premises for use as a registered office for a company
  • Providing or arranging for accommodation address facilities for a company
  • Acting or arranging another person to act as an officer of a company (including director, alternate director or secretary)
  • Acting or arranging for another person to act as a nominee shareholder or nominee member of a company
  • Providing administration services to a company
  • Providing services with respect to the formation and dissolution of partnerships
  • Providing administration of partnerships
  • Providing services with respect to set up of CIFs, ICISs and UCITSs or other regulated Cyprus entities
  • Provision of trustee and trust administration services
  • Acting as a protector in relation to a trust
  • Provision of accounting and book-keeping services
  • Provision of tax and VAT compliance
  • Providing services in relation to the opening and/or management and/or administration of bank accounts
  • Providing services with respect to Information Technology hosting, data management, etc.
  • Other Services: Statutory Audit & Legal Services (Drafting of legal documents, legal advice, litigation)