Dear Client,

 

I hope this email finds you well.

 

It's a pleasure to e-meet you.

 

Following your email with my colleague, please find below our analytical response for the cost and timeline of setting up an insurance Brokers or Agent entity in Cyprus.

 

1. Licensing/Company Setup Requirements

 

• Insurance Brokerage License: At least one director must hold professional insurance qualifications acceptable to the Cyprus Insurance Regulator.

 

• Local Substance: Regulated entities must have a local Cyprus office and staff or nominee director and secretary.

 

• Company Name: 3 potential names should be provided. It will need approval by both the Cyprus Registrar of Insurers and the Cyprus Registrar of Companies (this saves time).

 

• Memorandum & Articles: Must clearly include insurance Brokers or Agent as the business activity along with a small description.

 

 

2. Timeline

 

• Name Approval: 1-2 weeks for regulatory approval (could be simultaneous as name is pre-selected).

 

• Company Formation: Less than 1 month once name is approved.

 

• Gathering Documentation/Info: Usually 1–2 months (faster if you prepare all documents early).

 

• License Application Review: By regulator, typically 2 months.

 

• Total: 3–5 months from start to final license, if paperwork is prompt.

 

 

3. Costs (Estimate)

 

• Company Incorporation: The fees will be €1,500 (plus VAT and disbursements). Add-on nominee services (if needed): €1,600 + VAT (from 1,800 euros + VAT) for the first year. Accounting, tax, and compliance packages are separate.

 

• Insurance Brokers/Agents License: 3,800 euros + VAT + disbursements (from 4,500 euros + VAT)

 

• Ongoing Compliance: Accounting & audit starts from €1,500/year for small entities, plus payroll, VAT, and audit as required by law. But this will depend on the transactions volume.

 

 

4. What We’ll Need from You

 

• Proposed company structure (directors, secretary, shareholders)

 

• Director’s professional insurance qualifications

 

• Documents: Passport/ID copies; utility bill; business plan; source of funds

 

• Office address and local staffing plan

 

• If you have any questions, please do not hesitate to contact us.

 

Kind regards,

 

 

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Hello CYAUSE,

 

Thank you very much for your reply

 

I have 2 questions

 

• Insurance Brokerage License: At least one director must hold professional insurance qualifications acceptable to the Cyprus Insurance Regulator.

 

Regarding a Director with professional insurance qualifications,

 

A newly licensed Broker in Venezuela or Spain would qualify? Or do I need a licensed Director from Cyprus? 

 

I am a Spanish citizen and Venezuelan citizen 

I don’t have the insurance license in these countries but I can get the license  in any of the 2 countries

 

Or where can I see a list of countries that Cyprus authorities accept as a qualified professional insurance Director?

 

Other question is whether the Broker firm needs a physical office in Cyprus? 

 

If yes, Do you offer office services? Or I would need to lease office space?

 

Thank you very much sir

 

Regards

 

 

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Dear Client,

 

Thank you for your email.

 

Please find below our response to you questions:

 

1. Does the individual who is a licensed Broker in Venezuela and Spain have any evidence to support that he is licensed? For example, in order to check that he will be able to be included as one of the two directors in Cyprus, we usually ask about his university degree diplomas for CII (Insurance exams) and an academic transcript on the courses he/she has passed.

 

2. In case this individual has the above documents but is not approved by the Cyprus Registrar of Insurers Institute, then we can suggest to use either a different licenced person from abroad or Cyprus.

 

3. The previous Insurance Brokers who incorporated a Cyprus insurance company passed their qualification from the UK. But there should be something similar in other jurisdictions as well. 

 

4. Based on the above points, we would like to request the documents from the qualified individual who is abroad in order to make an initial check and let you know.

 

5. The Broker firm does not need to have a physical office in Cyprus but it needs to have a Cyprus physical address since it will be a Cyprus company.

 

6. We can offer a Cyprus physical address for the company. The fees are 800 euros + VAT per annum.

 

If you have any further questions, please do not hesitate to contact us.

 

Kind regards,

 

 

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Thank you very much for your reply

 

Given the information you so kindly have shared, Let me decide on my options and get back to you As soon as possible with a proper course of action

 

Thank you very much 

 

 

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Dear Client,

 

Thank you for your email.

 

We will await for your response.

 

Kind regards,

 

 

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Hello CYAUSE,

 

I inquired about the UK insurance education options

 

They offer a CERTIFICATE OF INSURANCE

 

https://www.cii.co.uk/learning/qualifications/certificate-in-insurance-qualification/

 

they also offer a DIPLOMA OF INSURANCE

 

https://www.cii.co.uk/learning/qualifications/diploma-in-insurance-qualification/

 

Do you have an idea on what level of education Cyprus requires ?

 

 

Thank you very much

 

 

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Dear Client,

 

I hope this email finds you well.

 

Yes, the UK insurance education options are correct and in Cyprus they are accepting the Diploma and certificate from CII Insurance in order to register a director under the Company who has the appropriate qualifications.

 

Kind regards,

 

 

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Hello CYAUSE,

 

I hope you are doing well

Sorry for delay

 

I plan on contacting you again when I have finished the diploma or certificate

 

Because as I understand, before I have either of these two, I can’t move forward with forming the insurance broker company

 

If you have any ideas please let me know

 

Best Regards

 

 

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Dear Client,

 

Thank you for your email.

 

We understand your point of view. 

 

One idea is to proceed with the incorporation process and connect you with one associate of ours who is a Cyprus tax resident and has his qualifications as an insurance broker.

 

Kind regards,