The Future of the Cyprus Professional Services Sector: Times are changing, is it time for a new model for Cyprus?
President, Cyprus Fiduciary Association
Christos Michael is a fellow member of the Chartered Association of Certified Accountants and holds a Master’s degree in Accounting and International Finance from the University of Glasgow. He started his professional career in Cyprus with Price Waterhouse in 1992 and joined Chrysanthou & Christoforou (representing Arthur Andersen) as a manager in 1997. Following the merger of Chrysanthou & Christoforou with Deloitte he became a partner in audit in 2006, with specialisation in the financial, technology and Leisure industries, servicing mainly large local and international clients. He joined Excel-Serve in September 2007, as a member of the Board of Directors, and following the acquisition of Excel-Serve by IFG in 2008 he was appointed Chief Executive Officer. Christos has been a member of the Group’s strategy team both before and after it became independent and rebranded to First Names Group in 2013. He is a founding member and the current President of the Cyprus Fiduciary Association.
Economic Director, Directorate of Financial Stability, Ministry of Finance, Republic of Cyprus
Dr. Andreas Charalambous graduated from the University of Heidelberg of the Federal Republic of Germany, in the field of Economics, from which he acquired his doctorate title. He served for a long period as Director for Economic Research and European Union Affairs at the Ministry of Finance. Currently, he is holding the position of the Director for Financial Stability. His main responsibilities include analyzing developments in the financial sector, advising on policy issues related to financial sector development, strengthening the regulatory framework for credit institutions, capital markets, investment funds, insurance companies, safeguarding financing for the priority sectors of the economy etc. He has served as a Member of a number of Boards including as a Member of the negotiation team on the economic aspects of the Cyprus problem. He has also represented Cyprus for a number of years in the Economic and Financial Committee and the Eurogroup Working Group. He has been Chairman of the Cyprus Securities and Exchange Commission and a Member of the National Economic Committee. During the Cyprus Presidency of the EU Council, he chaired the Coordination Committee
Executive Director and Member of the Board, Central Bank of Cyprus
Constantinos Herodotou graduated from University College London (UCL) in 1996 with a Bachelor of Science (BSc) in Economics (First Class Honours and an award for his performance in Economics). In 2001, he completed a Master in Business Administration (MBA) with Distinction (top 10% of the year’s class) at London Business School. He joined UBS Investment Bank in 2001 in London, where he worked for almost all of his investment banking career and rose through the ranks to head concurrently two sectors for the investment bank. He was Head of Shipping for Europe, Middle East and Africa and simultaneously headed Infrastructure & Concessions / Project Finance for Central & Eastern Europe. He re-launched both sectors and developed them into multi-million annual revenue businesses. He has advised governments as well as private sector conglomerates and companies on major financial transactions and strategy, totaling an approximate value of over €50 billion. His experience includes structuring and heading complex negotiations, mergers and acquisitions, project concessions, listing companies on stock exchanges (NASDAQ and NYSE), structuring and raising equity and debt (bank financing as well as bonds) capital, corporate and financial restructurings and project finance. In June 2014, he relocated to Cyprus to take up the role of Commissioner of Privatisations and in March 2017 he was appointed as an executive member of the CBC Board.
Chairwoman, Cyprus Securities and Exchange Commission
Demetra Kalogerou (BSc, MSc, MPhil) is the Chairwoman of the Cyprus Securities and Exchange Commission (CySEC), the public independent supervisory authority responsible for the overall supervision of the securities market in Cyprus. Also, as of November 2012, she is a member of the Cyprus Public Audit Oversight Board, which has been established for the oversight of auditors and audit firms. Furthermore, from September 2013 to June 2014 Mrs. Kalogerou served as member of the then tripartite Resolution Authority together with the Minister of Finance and the Governor of the Central Bank of Cyprus. Previously she held the position of a Senior Officer of the Cyprus Stock Exchange and overall she has more than 15 years of experience in the financial sector.
Board Member, KPMG Cyprus
Demetris Vakis holds a BSc. in Computer Science and Accounting (Joint Honours) and is a fellow member of the Institute of Chartered Accountants in England and Wales (ICAEW). He is a member of KPMG’s Executive Committee. He leads the Travel, Leisure & Tourism and the Family Business sectors and is Head of KPMG’s Markets/Marketing, with extensive experience both in Audit and in Advisory, serving international and local clients. He is a member of the Council of the Institute of Certified Public Accountants of Cyprus and served as its immediate past President. He is board and Executive Committee member of the Employers and Industrialists Federation. In the past, he served as board member of the Cyprus State Fairs Authority (semi-governmental) and the Research Promotion Foundation (government-owned).
Partner, Head of International Markets, PwC Cyprus
Marios Andreou is the partner in charge of Tax Advisory in Cyprus and is a member of the Management Board of PwC Cyprus heading International Markets. Marios has wide experience in international tax issues, including tax structuring, PE and M&A transactions, double tax treaty application and EU tax law. His clients include both local and international corporations including the private structures of High Net Worth individuals. Marios provides extensive support, advising the government on a number of tax policy matters especially in relation to OECD and EU initiatives. He is the president of the Cyprus/India business association under the auspices of the Cyprus Chamber of Commerce and Industry and a member of the taxation committee of the Institute of Certified Public Accountants. Marios is an Associate Member of the Institute of Chartered Accountants in England and Wales and is a graduate of London School of Economics and Political Science (BSc (Econ) Econometrics and Mathematical Economics).
Chief Executive Officer, Baker Tilly Klitou & Partners Ltd, Cyprus
Marios A. Klitou is the CEO of Baker Tilly South East Europe (Cyprus, Romania, Bulgaria, Moldova and Greece). Marios is a Fellow of both of the Institute of Chartered Accountants in England and Wales and the Association of Chartered Certified Accountants of UK. He has also been a member of ICPAC since October 1991. He served as the President of ICPAC’s International Business, Shipping and Foreign Investments Committee during 2008-2010. He has served as a member of the Council of Economic Advisers of the President of the Republic of Cyprus from 2003 to 2008, a member of the Board of Cyprus Development Bank Ltd from 2005 to 2008, an appointed member of the Board of the Central Bank of Cyprus from April 2008 to December 2012 and a member of the Council and the Treasurer of the Cyprus Investment Promotion Agency from 2008 to 2016. Currently, he is serving as a member of the EMEA Council of Baker Tilly International as well as a member of the BOD of Baker Tilly International. Since 19/12/2017 he is serving in the BOD of the State Health Services Organization.
Partner, Head of Tax Services, EY Cyprus
Philippos Raptopoulos is the Head of Tax Services of EY in Cyprus since 2013 and a Partner in the Firm since 2010. He joined EY in 2008 after serving for 10 years in a senior position with the Cyprus Tax Department, where he worked as a personal assistant to the Commissioner of Taxation, gaining experience in all areas of the Cyprus tax legislation. Philippos is skilled in both local and international taxation, specifically in advising clients on tax legislation, tax due diligence, tax controversies, international tax advisory and tax modeling. Philippos is a qualified Certified Accountant and holds a Bachelor’s Degree in Accounting & Finance. He is a member of the Institute of Certified Public Accountants of Cyprus (ICPAC), the Tax Committee of ICPAC, and the Cyprus Treaty Negotiation Team.
Partner, Tax & Legal Services Leader, Deloitte Cyprus
Pieris Markou specializes in local and international taxation, is a fellow member of the Institute of Chartered Accountants in England and Wales and a member of the Chartered Institute of Taxation. He is also an active member of the Institute of Certified Public Accountants of Cyprus, having served as member, vice chairman and chairman of the Tax and VAT Committees of the Institute. He is currently a member of the Institute’s Council. He participates in a number of meetings at the Ministry of Finance, the House of Representatives and with the Tax Commissioner for the formulation of policies on taxation. He is also a member of an advisory committee on treaty negotiations.
Managing Director, Alpha Bank Cyprus Ltd
Konstantinos Koutentakis has 31 years of working experience in Marketing, Sales and Business Management mainly in the Consumer Goods and Banking sector. He worked for Group L’OREAL in France and Greece for 12 years, with last position held being that of General Manager of LANCOME Greece. He then worked as Senior Associate for 2 years for the global organizational consulting company, KORN FERRY, in Greece. Since 2002 he has been working for Alpha Bank Group. In Greece, initially at Alpha Mutual Funds, then as Head of Retail Distribution Strategy, Head of Asset Gathering, at Personal Banking Segment, Mass Segment and CRM, and since October 2016, as Executive General Manager of Asset Gathering Management. Since April 2017, he is the Managing Director of Alpha Bank Cyprus Ltd. He graduated from Stanford University (BSc in Electrical Engineering and MSc in Engineering Economic Systems). He also holds an MBA from INSEAD Business School.
Country Executive, Alter Domus, Cyprus
Alkis Kailos is a Director and the Country Executive at Alter Domus Cyprus. Alkis commenced his career in Australia with Wayne Aitken and Partners and after 12 years in public practice he returned to Cyprus and joined Deloitte as a Manager in Audit reaching the position of Director before joining Alter Domus. Alkis’ academic credentials include a Bachelors Degree in Economics with Major in Accounting. He is a Fellow Member of the Institute of Chartered Accountants in Australia (FCA) and a holder of a Certificate of Public Practice in Australia. He is also a member of the Institute of Certified Practicing Accountants of Cyprus (ICPAC) and was an active member of the Auditing Standards Committee of ICPAC. Alkis has been the President of the Education Committee of ICPAC for a number of years. Alkis is also a member of the Society of Trust and Estate Practitioners (STEP) and holds the designation of a Registered Trust and Estate Practitioner (TEP). He is currently a member of the Fiduciary Services Committee of ICPAC.
Chief Executive Officer, Aspen Trust Group, Cyprus
Andreas Athinodorou, B.Sc. (Hons), F.C.A. graduated with a degree in Business Economics and Finance from the University of Southampton, UK. He qualified as a Chartered Accountant of the Institute of Chartered Accountants in England and Wales with PricewaterhouseCoopers. He specialized in Corporate Finance. He has worked with Arthur Andersen and as Group Finance Director in a number of companies in Cyprus. He is one of the founders and the Chief Executive Officer of the Aspen Trust Group. Andreas is heading ATG Fund Services LTD – the division of the Aspen Group that offers International Fund Administration Services. He is a founding member and on the board of directors of the Cyprus Investment Funds Association (CIFA). He is a member of I.C.A.E.W., I.C.P.A.C., S.T.E.P., I.F.A., I.T.P.A, and has published a number of technical articles in prestigious publications.
Director, Trident Trust Company (Cyprus) Limited
Andreas Mercouri joined Trident Trust Cyprus in 2009 and is currently a Director focused on daily management and operational matters. Andreas is also a Board Member and Treasurer of the Cyprus Fiduciary Association. Through his previous employment Andreas has over 6 years of experience working on specialist corporate recovery and insolvency cases, with exposure to a diverse portfolio of formal insolvency and corporate recovery assignments across various industry sectors in fast-moving business environments. Andreas also worked within the financial investigations division of this global firm. Andreas holds a BSc (Hons) in Accounting & Financial Management from Loughborough University in the UK and is a Chartered Accountant and fellow member of the Institute of Chartered Accountants in England & Wales.
Managing Director, Fiducenter (Cyprus) Ltd
George Savvides is the Managing Director and a shareholder of Fiducenter (Cyprus) Ltd. He has a first class honours degree in Accounting & Finance from Lancaster University, UK. He is a Chartered Accountant, fellow member of the Institute of Chartered Accountants in England and Wales (ICAEW) and of the Institute of Certified Public Accountants of Cyprus (ICPAC). He is a licensed Insolvency Practitioner in Cyprus and an Associated Arbitrator, member of the Chartered Institute of Arbitrators (CIArb). George was the originator and First President of the Cyprus Fiduciary Association, a body which has been established, among other purposes, to represent the fiduciary services providers in Cyprus. He is the representative for Cyprus on the Referral Scheme operated by the Tax Faculty of the ICAEW for what concerns international tax matters. George is the author of many articles, among other, on the tax system and other aspects related to the international business sector in Cyprus and has organised and/or participated as a chairman or speaker in various conferences and other professional events in Cyprus and abroad.
Registrar of Companies and Official Receiver, Department of the Registrar of Companies and Official Receiver, Cyprus
Spyros Kokkinos was born in Nicosia on December 11, 1955. He holds a law degree in private law from the Aristotle University of Thessaloniki and attended a postgraduate course (LL.M.) at King’s College of London. He is a registered advocate as from 1982. He was appointed as the Registrar of Companies and Official Receiver in January 2002. He served as Assistant Registrar of Companies and Official Receiver (September 1986 - 31/12/2001). He is a Member of the Council of Commercial Agents since 1986 and Member of the Board of Mitsis Trust Indenture appointed by the President of the Republic of Cyprus in November 2005. He served as a Member of the Cyprus Securities and Exchange Commission from July 2001 up to July 2011.
LLB, LLM, MBA, Advocate & Director, Varnavas Playbell & Co. LLC, Cyprus
Varnavas has a Bachelor of Laws (LLB) degree from the University of Manchester, a Master of Laws (LLM) degree from the University of Chicago, under a Fulbright scholarship and a Masters of Business Administration (MBA) degree from IE Business School in Madrid. He is the founder and managing director of Playbell & Co., a boutique Cyprus law firm specialising in corporate and commercial law and ancillary matters. He is a member of the New York Bar Association and the Cyprus Bar Association. Varnavas is also the founder and editor of Epsilaw a pioneering digital legal know-how tool for Cyprus law matters.
Senior and Managing Partner, Chrysses Demetriades & Co. Law Office, Cyprus
Chris Georghiades studied law at the University of Athens (1979) and at London University (Kings College), (LL.M. 1980). He was admitted to the Cyprus Bar in 1980. Chris joined the Firm in 1981, became a partner in 1986, and as from 2015 he is the senior and managing partner of the Firm. Chris has extensive experience of corporate and commercial matters, particularly in relation to company and business acquisitions and sales of both public and private companies, joint ventures, shareholder disputes, corporate re-organisations, insolvency, banking and taxation. He also advises on construction law, sports law, aviation law and administrative law. He is a licensed insolvency practitioner. He contributes to various legal and commercial publications including the Chapter on Cyprus in Jordan’s “International Corporate Procedures” and in “Offshore Legal Opinions in Loan and Security Transactions” published by Sweet & Maxwell; Global Legal Insights, Energy published by Global Legal Group. Chris has assisted in the drafting of the Cyprus Casino Law and Regulations as well as the introduction of amendments to the insolvency laws of Cyprus. Chris has played a central role in the development of sports law in Cyprus and is currently a member of the International Court of Arbitration for Sport and Chief Disciplinary Inspector of UEFA.
Advocate, Barrister at Law, Managing Partner & Head of the Immigration and Real Estate Department, Andreas Demetriades& Co. LLC, Cyprus
Demetris Demetriades is the managing partner and Head of the Immigration and Real Estate Department of Andreas Demetriades & Co. LLC in Cyprus. He has been with the Law Firm since 1994, representing high-net-worth individuals, entrepreneurs and corporations. He specialises in real estate investment, immigration, and corporate and financial law. Demetris earned his Bachelor of Laws (LL.B.) degree from the University of East Anglia in England. He then qualified as a Barrister at Law of the Honourable Society of Gray’s Inn and a member of the Cyprus Bar Association (First Rank achievement Cyprus Bar Exams). He is fluent in Greek and English.
Managing Partner, Dr. K. Chrysostomides & Co LLC, Cyprus
Dr. Kypros Chrysostomides graduated from the Paphos Gymnasium. He studied Law at the University of Athens, Comparative Law at the Luxembourg Law School. He then obtained his Doctorate in Law at the Bonn University, where he worked as research and teaching assistant. He then worked for four years with the European Commission of Human Rights in France. As from 1981, he practiced law from his own firm. He acted as Government Spokesman from 2003-2006. In May 2006 he was elected Member of the House of Representatives. In March 2008 he was appointed Minister of Justice and Public Order. He is also actively involved in the professional, cultural and social life in Cyprus and is a member of various national and international organizations and he was the rapporteur and speaker at numerous international conferences. He was one of the first lawyers to present cases of refugees and other victims of Turkey’s invasion in Cyprus before the European Court of Human Rights. He is the author of several books on the international aspects of the Cyprus problem and the political life in Cyprus. He is fluent in English, French and German.
Managing Director, Pyrgou Vakis Law Firm, Cyprus
Melina Pyrgou is the Managing Director of Pyrgou Vakis Law Firm. Melina served on boards of various associations, committees and corporations and has held other positions throughout her career timeline. Melina’s most current appointments are those of a Board Member of the “Health Insurance Organisation”, member of “The Cyprus Legal Council” chaired by the Attorney General of the Republic of Cyprus, a Board member of the Cyprus Investment Promotion Agency, and a member of the Disciplinary Committee of the Institute of Certified Public Accountants of Cyprus. Melina is also listed in “Legal 500” EMEA 2016 and 2017 as a “Recommended Lawyer” in the areas of Commercial, Corporate and M&A. Melina has also served as President of “EuropeFides”, an Association of accountants, auditors, tax advisors and lawyers for the year 2016.
CEO, Advocate & Legal Consultant, Chambersfield Economides Kranos, Cyprus
Michalis Economides is an Advocate and Legal Consultant, approved member of the Cyprus Bar Association, a Barrister at Law of England and Wales, Member of the Chartered Institute of Arbitrators of England and Wales, Register Member of Mediators for Civil and Commercial Disputes, as well as a Certified Liquidator and Insolvency Practitioner. Also, he is an awarded and recommended attorney from various reputable organizations around the globe and he is regularly appointed by individuals, private and public entities for scrutiny, review and consultation. Mr. Michalis Economides created his own Law Firm, Chambersfield Economides Kranos, and, moving forward, he proceeded with founding GFA Trust, an international corporate and fiduciary provider and Migration Citizen, an immigration services expert.
Alpha Bank Cyprus Ltd operates in the Cypriot market since 1998 and is a full subsidiary of the Alpha Bank Group, one of the leading groups in the financial sector in Greece, with a strong presence in the local and international market. Through a modern network of Branches and specialized Units, which are constantly being modernized and enhanced, along with the support and expertise provided by the Alpha Bank Group, Alpha Bank Cyprus Ltd provides a wide range of financial products and services which respond to the growing demands of its customers. Alpha Bank Cyprus Ltd has high quality products and services of retail banking, medium sized and large scale banking businesses as well as international activities. Moreover, within the framework of contributing to the local community and society at large, Alpha Bank makes human values its highest priority, ensures a good working environment for its employees, cares for nature and the environment as well as social and cultural development through a comprehensive Corporate Social Responsibility Program.
Epsilaw is a digital legal know-how tool which gives instant practical insight on any given Cyprus law matter, harnessed from the knowledge, skills and experiences of expert practitioners, making its users exceptionally faster and effective in addressing any such matter for their clients or business. Its objective is to empower professionals to excel.
G.A.P. Vassilopoulos Group
G.A.P. Vassilopoulos Group was founded in 1964 and today ranks among the top 25 organizations in Cyprus. The Group provides services in the Logistics Sector, Financial Sector as well as in the Hospitality and Consumer Sector. G.A.P. Vassilopoulos Group is listed on the Cyprus Stock Exchange since 2001 and currently operates via a network of over 3.000 offices/associates/selling points throughout Cyprus, the United Kingdom, Germany, Ireland, Belgium, the Netherlands, Luxembourg and Israel. www.gapgroup.com
Western Union Business Solutions
With a suite of tailored business solutions, Western Union Business Solutions can help businesses of all sizes to manage their international transactions, reduce risk, and capitalise on market opportunities. Western Union Business Solutions FX Resource Centre can help you make wise business decisions, by providing you with market intelligence.
iSPIRAL delivers innovative solutions, which resolve all your KYC, AML, and Governance, Risk & Compliance challenges. A leading boutique-style Regulatory Technology company that targets innumerable industries, providing tailored, one-stop software to comprehensively address the compliance objectives and obligations set by regulators worldwide. With particular proficiency in the finance sector, iSPIRAL’s expertise combines global partnerships, machine learning technology, real-time activity monitoring, and data analysis to ensure that the organization consistently delivers exceptional flexibility, efficiency, and quality.
Mellon (Cyprus) Ltd, a member of Mellon Group of Companies, was founded in 2000 in Nicosia. The company has been established in the Cypriot market for its role in the introduction and streamlined implementation of new technologies, especially with regards to Electronic & mobile payment systems and branch automation/transformation. Over the last 17 years all local banking/Financial organizations, semi-government and government organizations have become its clients and partners in IT transformation. Incorporating the Mellon Group international know-how and multi-country experiences and partnering with leading vendors like Gemalto, Ingenico, Diebold/Nixdorf, Fiserv, NEC and Strands, Mellon (Cyprus) Ltd. is uniquely positioned as a digital transformation partner.
IMH is the largest business knowledge and information transfer organisation in Cyprus. Its services include the coordination and running of conferences, seminars and commercial exhibitions, specialist business media publishing and human resources consulting. Every year, IMH organises more than 80 conferences related to every sector of the market, commercial exhibitions and training seminars, and undertakes the entire process of five business award ceremonies. IMH publishes the only dedicated business magazines in Cyprus: the Greek language monthly IN Business and the English-language monthly GOLD, which are read by tens of thousands of Cypriot and non-Cypriot professionals, managers and entrepreneurs. It also operates the magazines’ accompanying news portals, the IN Business Portal (www.inbusinessnews.com), the GOLD Portal (www.goldnews.com.cy) and the REPORTER (www.reporter.com.cy). ΙΜΗ also delivers via e-mail the IN Business Daily Newsletter, the GOLD News Daily Newsletter and the REPORTER Newsletter. The IMH Business Development Department bids for tenders published by local public sector bodies, the European Union and other international organisations. Through its activities, ΙΜΗ gives businesses a chance to develop, to network, to find new clients and business associates, to communicate with new audiences and discover growth opportunities. www.imhbusiness.com
Through its representation of twelve member banks, that hold more than 90% of market share and provide a full range of banking services, the Association of Cyprus Banks (ACB) is the voice of the Cyprus banking system. Its primary aim is to promote best practices for the interest of the banking sector and the local economy as a whole. The ACB is a non-profit organization through which common positions are formulated and promoted on banking and financial issues, when local legislative and governmental policies are determined. In communicating the industry’s views, the ACB cooperates closely with the Central Bank of Cyprus, the House of Representatives and various Ministries as well as other private and public bodies. The Association also has a close relationship with media representatives, the European Banking Federation (of which it is a member), national banking associations and global organizations.
Cyprus Bar Association is the professional body of lawyers with 3793 members. Cyprus Bar Association was established under the Advocates Law Chapter 2 in 1960 and it has been operating since then. It is the Regulatory Body, and among its powers is to maintain the honour and independence of the Bar and its defence in relation to the judiciary and the executive. As well as to regulate the practice and etiquette of the profession. It is the competent authority for lawyers under Cyprus legislation in accordance with section 59 (4) of the Prevention and Suppression of Money Laundering of Money Laundering Activities Law of 2007 (L. 188 (I)/2007 as amended. Cyprus Bar Association is a member of the Council of the European Bar Association (CCBE) and a member of the International Bar Association ( IBA).
The Cyprus Fiduciary Association was established in November 2011 by the initiative of leading firms in Cyprus providing fiduciary, management and administration services to companies and other vehicles engaged in international business activities or involved in international business structures. The objective of the Association is to serve the Administrative Services Providers (ASPs) by promoting their interests, supporting their operations and educating their staff. The aim is to assist in creating a solid and strong fiduciary and a wider international business sector in Cyprus, operating on high professional standards and integrity. CFA is recognised as a representative body of ASPs in Cyprus before public and regulatory authorities, other associations and the business community in Cyprus and abroad. The Association purports to cooperate with all bodies active in the international business sector of Cyprus in order to further develop the country’s services, advance the supervisory framework and promote it as a reputable international business centre.
CIBA is a non-governmental, fully independent association, financed by membership fees only. Its activities and initiatives are organised and carried out by its General Secretary and Executive Committee of (max.) 12 persons. CIBA represents and safeguards the interests of the international businesses, their shareholders, managers and staff. The authorities recognize that CIBA represents the whole of the international business community in Cyprus and that it is instrumental in finding compromises between the required EU-driven legislation and international business requirements. CIBA annually awards the prestigious CIBA Excellence award to a member company that fulfils the specific criteria as set out by the Association.
CIFA is the Association of professionals, businesses and organizations offering services and being involved in the Investment Funds Sector in Cyprus. CIFA focuses on enhancing the high level of sophistication of the Investments Funds Industry and addresses the broad range of needs and issues faced by service providers and businesses involved in the sector. The Mission of CIFA is to: Help its members capitalize on industry trends; Shape regulation; Enhance professionalism, integrity and quality and Promote the Cyprus Investments Fund Industry. The Board of CIFA is comprised of highly reputable industry professionals experienced in all aspects of the industry, including fund management, advisory, banking, audit and legal. www.cifacyprus.org
The Cyprus Securities and Exchange Commission (CySEC) is the independent public supervisory Authority responsible for the supervision of the investment services market and transactions in transferable securities carried out in the Republic of Cyprus. The mission of the CySEC is to exercise effective supervision to ensure investor protection and the healthy development of the securities market. The vision of the CySEC is to establish the Cyprus securities market as one of the safest, most reliable and attractive destinations for investment.
The Institute of Certified Public Accountants of Cyprus (ICPAC) is the relevant authority for the accountancy profession in Cyprus. Established in 1961, ICPAC currently has more than 4.300 professional accountants as members and another 4,000 students and graduates. Its principal objectives include the provision of an organisational framework for all professional accountants, the support and the promotion of the activities and interests of the accountancy profession, safeguarding the reputation of the profession and adherence to the Code of Ethics by all its members, as well as the continuous professional development and updating of members on issues relevant to accounting, auditing and other business matters. In addition to the above, ICPAC has been delegated the task to regulate the audit profession and is also a competent authority under the Anti-Money Laundering laws, the Laws on the regulation of enterprises providing administrative services and the Insolvency Practitioners Law. The Institute is a key stakeholder in the economy of the country, playing a vital role to establish and maintain Cyprus as an international business centre of repute. It provides assistance to the Government and its departments, as well as cooperates harmoniously with other bodies in the private sector. Furthermore, ICPAC cooperates via a network of international accountancy and other professional bodies.
Businesses and individuals considering investment into Cyprus have a partner on the ground at all stages of the investment cycle. Invest Cyprus is the government’s dedicated partner responsible for attracting and facilitating Foreign Direct Investment (FDI) in key economic sectors. Being the lead agent in establishing Cyprus as a world-class investment destination, Invest Cyprus proactively promotes the enhancement of the country’s competitive environment, advocating reform and maximising FDI, for the economic and social benefit of Cyprus. In close collaboration with all government authorities, public institutions and the private sector, Invest Cyprus is the investor’s first point of contact. Invest Cyprus is a member of the World Association of Investment Promotion Agencies (WAIPA) and the Mediterranean Investment Network, ANIMA.
Accountancy Cyprus is the official journal of the Institute of Certified Public Accountants of Cyprus (ICPAC), now published in association with IMH. Issued quarterly since 1982, it aims to keep Institute members informed on all the latest developments related to the economy, the accounting and audit profession, and to taxation, compliance and regulation issues. It also provides Institute news and includes articles on a wide range of subjects of interest to members. Since June 2016, ICPAC is the publisher of Accountancy Cyprus, while IMH is responsible for its editorial content, design, printing and commercial management.
GOLD magazine was founded in 2011 as the first English-language business monthly in Cyprus. Today, it is not only synonymous with the promotion of good business practices but it has a unique and valuable readership of High Net Worth Individuals, international company executives, English-speaking Cypriot and non-Cypriot business men and women. GOLD provides a comprehensive and informed overview of the local business scene, the economy and the market and has gained a reputation for its in-depth articles and revealing interviews with key local and international personalities. www.goldnews.com.cy
IN Business magazine has a monthly readership of more than 50,000. It is the only monthly business magazine in the Cyprus market that provides an overall approach to all segments of the economy, ranging from retail to services, as well as reporting on new deals, presenting new faces and, generally, all that is going on in the domestic business realm. IN Business has been a pioneer in local business journalism, thanks to its in-depth analysis and its research backed by never-before published facts and figures. www.inbusinessnews.com
