I read an interesting article on your website “Insurance Brokers License” and I wanted to reach out to follow up.

Good morning,

 I read an interesting article on your website “Insurance Brokers License” and I wanted to reach out to follow up.

 We are a UK based insurance broker and following Brexit, are now looking again at setting up an EU company to service predominantly marine business as we extend our reach with superyachts and marine trades.

 A contact of ours did something similar in Cyprus so we wanted to try and understand the practicalities of it. Your FAQs answers a lot of questions but I just wanted some further clarification:

1. We wont have a locally domiciled director so would need help with a business address; what sort of cost would be involved here? For a virtual office Euro 500 + VAT per annum.
2. Would we need an employee to be present in Cyprus or can the business be operated “remotely”? It can be operated remotely.
3. What is the Cyprus VAT rate currently? 19%
4. Once the licence is granted, presumably the passporting to specific countries is relatively easy? Yes Can passporting be done for non-EU countries too? Yes but not easy.

Look forward to hearing from you.

Dear Client,

 I hope this email finds you well.

 Based on your email, setting up a Cyprus Insurance Broker's company and receiving the Insurance Brokers licence, the company can apply for the EU passporting in other European countries in order to proceed with their operations.

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

Dear Client,

Yes, that is correct. The passporting cost is included in the fee for getting the insurance licence for the company.

Once the insurance licence is obtained, we should present to the Insurance Regulator a small business plan of the company that should include the countries you request to add for the passports along with the reasons and a small forecast figures for the next 3 years.

No worries! If you require any further information, kindly let us know.

Kind regards.