AML and KYC notice

1.1 Forming and administering a Cyprus company involves firms that are "obliged entities" under the Prevention and Suppression of Money Laundering Activities Law 188(I)/2007, as amended: our partner law firm ([partner law firm name to be confirmed]), which prepares and files the incorporation documents, the providers of the registered office and company secretary services, and our partner accounting firm ([partner accounting firm name to be confirmed]). Before they can act, the law requires them to identify and verify every person who owns or controls the company and to understand the purpose of the company.

1.2 The Registrar of Companies needs the details of the directors, secretary and shareholders for the incorporation forms, and every Cyprus company must register its beneficial owners in the register of beneficial owners kept by the Registrar.

1.3 Banks and electronic money institutions run their own checks under the same law. Because your file is prepared once and complete, they usually need fewer extra questions.

For every shareholder, director, secretary and beneficial owner who is an individual:

• a colour scan of a valid passport (or national ID card where accepted);
• proof of residential address issued in the last 3 months, such as a utility bill or bank statement;
• date of birth, nationality, residential address, occupation and identity document number;
• whether the person is a politically exposed person (PEP), a family member of one, or a close associate of one.

For a company that is a shareholder: its registration documents, its directors and shareholders, and the individuals who ultimately own or control it.

A beneficial owner is an individual who ultimately owns or controls the company, for example by holding more than 25% of the shares or voting rights or controlling it in another way. Our partners may also ask for a CV, a bank reference, or information about the source of funds or wealth, especially for PEPs or higher-risk activities.

Each person gets a private link to upload their own documents. No account is needed. Our team checks that every document is complete, readable and current, and asks for a new one in the app if not. Our partner law firm then carries out customer due diligence, including screening against sanctions and PEP lists, and decides whether it can act. It may ask for more information or refuse to act. If the law forbids it, we may not be able to tell you the reason.

Your documents are shared with our partner law firm and, where needed for the service you ordered, with the registered office and secretary provider, our partner accounting firm, the Registrar of Companies, the register of beneficial owners and the bank or provider you choose. See our Privacy notice for the full list and for how documents are stored.

Identity and due diligence records are kept for 5 years after the business relationship with the company ends, or longer where a competent authority requires it. They cannot be deleted earlier on request. After that they are deleted.

Tell us the truth about every person, including PEP status and any link to sanctioned persons, and let us know when anything changes, for example a new shareholder or a change of address. Giving false information can stop the formation, and the refund rules in our Terms of service apply.

Questions: hello@orisma.co.