Minister of Finance Makis Keravnos stressed the ongoing commitment of the Government to bolstering the administrative services sector, addressing the 11th Annual General Meeting of the Cyprus Fiduciary Association (CYFA). He also noted the substantial progress achieved by CYFA. The Finance Minister congratulated CYFA for its dedication to cultivating sustainable international activities within the Cypriot economy while upholding the highest professional standards and business integrity, which is invaluable to our society. ‘CYFA’s path since its establishment in 2011 reflects its members’ collective vision and dedication, evolving it as one of the country’s most respected and well-known organisations’, he said. In an ever-evolving business landscape, the Minister recognised the rapid growth of Administrative Service Providers (ASPs), offering fiduciary services to legal entities in Cyprus and beyond. As he said these services encompass a broad spectrum, including directorships, company secretarial functions, and other supporting services. ‘ASPs have become indispensable partners, streamlining regulatory compliance, reducing administrative burdens, and enabling businesses to focus on their core operations while adapting to the constantly changing demands of the global corporate world’, he said. Keravnos noted the importance of reliable administrative services for companies and other organisations in the context of an international business centre. He also highlighted the unwavering government’s commitment to improving every aspect of the industry, including elevating the quality-of-service providers and establishing a robust regulatory framework. He pointed out the Government’s recent decision to undertake a comprehensive study aimed at enhancing the governance and oversight of administrative services companies. Deputy Minister of Research, Innovation, and Digital Policy, Philippos Hadjizacharias, in his address, stressed the crucial role that CYFA plays in supporting the vital sector of investments in Cyprus. Hadjizacharias praised CYFA for offering a platform that unites businesses and individuals involved in investment services. This unified effort, he said, allows them to advocate for their interests with various government bodies and ensures the protection of their rights. The Deputy Minister highlighted the significance of investments as a driving force for economic development in Cyprus, transcending various sectors. He stressed the importance of providing effective services to individuals seeking to invest in Cyprus, as this contributes to the country’s overall growth, reputation, and appeal to further investors. In his speech, CYFA President, Chris Koutouroussis stressed the need of a more dynamic and robust fiduciary industry in Cyprus, built on trust and an excellent reputation He noted the importance of balancing compliance with business development. While he said that compliance’ s crucial, there was an acknowledgment that excessive regulation can hinder business growth. He stressed that CYFA members should aim to strike a balance and focus on onboarding clients who align with their long-term goals and values, even if it means sacrificing short-term profitability. He pointed out that Cyprus’s small size can be turned into an advantage by fostering an agile and adaptable system to navigate the global landscape of increased complexity and mandatory disclosures. Furthermore, he highlighted key factors in achieving these goals, which are tax reform and digitalization. The focus on reputation was also emphasised for attracting high-caliber clients but also international providers to Cyprus. In his speech, the Chairman of Cyprus Securities and Exchange Commission (CySEC) George Theocharides referred to various aspects related to sanctions, focusing on both EU-level sanctions and those imposed by the US and UK. He stressed that CySEC has been actively providing guidance and support to its regulated entities, with extensive information on their website, covering legal frameworks, sanctions guidance, and implementation requirements. Referring to fiduciary market supervisions he said that under the Commission’s supervision, they oversee 135 Administrative Service Providers (ASPs) for Anti-money laundering compliance, and an additional 10 applications are currently under examination. As he said the AML Department maintains continuous monitoring of ASPs to ensure their compliance with legal obligations. Addressing the meeting Registrar of Companies and Intellectual Property Irene Mylona Chrysostomou said that it was of paramount importance to provide Cyprus’ business with the tools to compete in the European Union and the global market by providing them with fast and high-quality services allowing them to evolve and nourish by facilitating the rapid and cost effectively initiation of business activity, establishment of companies, cross border activities, protection of Intellectual Property Rights and access to accurate information in a timely manner. She referred to the efforts of her office to promote business activity including the accelerated procedure for business approval and company registration, increase efficiency and simplified and automated procedures.
Source: Cyprus News Agency