Funds & Fund Management Companies
The International Collective Investment Schemes Law regulates Cyprus Funds. Funds may be established as International Investment Companies, as International Unit Trusts and as International Limited Liability Investment Partnerships.
Three types of Scheme are possible:
A. A Scheme aimed at the General Public
B. A Scheme aimed exclusively at experienced investors
C. A Private International Collective Investment Scheme (Private ICIS).
An International Investment Company may be either an International Company with fixed capital, or an International Company with variable capital. Schemes may be established for a limited or unlimited duration.
The regulatory authority for schemes type A. and B., above, is the Securities and Exchange Commission and for schemes type C., it is the Central Bank of Cyprus.
Dema Services has expertise in setting up funds and provides assistance with the text of the special articles of association and memorandum of the fund and also with selection of the local lawyers, accountants and custodian. Dema Services can help from the outset, handling the application to the regulating authority, and providing administration.
The whole procedure, from preparation of the application and other documents, to obtaining approval takes around three to six months. The cost is reasonable and compares favourably to the costs charged in other jurisdictions.