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Initial and relevant obligations

Nature of business

The nature of business of a partnership indicates the activities that the partnership intends to carry out in the Republic of Cyprus.

Nature of business for which permission, consent or pre-approval is required

Depending on the nature of business, the following permission, consent or pre-approval is submitted (either during the name approval or simultaneously with the submission of the application for the incorporation of the partnership):

Nature of business	Competent authority
Provision of medical services	Cyprus Medical Council
Provision of dental services	Cyprus Dental Council
Provision of legal services	Law Office of the Republic of Cyprus
Provision of administrative services	Cyprus Securities and Exchange Commission ή Law Office of the Republic of Cyprus
Note: In the case of an incorporation of a company that is a subsidiary of a licensed parent company, it is required to provide a letter of confirmation. In case the company to be registered falls under the exemptions of the Regulation of Administrative Services and Related Issues Law of 2012, it is required that a relevant confirmation/letter confirming this exemption is provided.
Provision of investment services: Alternative Investments Funds (“AIF”) of the Republic – in the form of Fixed Capital Investment Fund Company or Variable Capital Investment Fund Company Alternative Investment Funds with Limited Number of Persons ("AIFLNP ") Republic – in the form of Fixed Capital Investment Fund Company or Variable Capital Investment Fund Company Undertakings for Collective Investments in Transferable Securities ("UCITS") – in the form of Variable Capital Investment Fund Company Alternative Investment Fund Managers ("AIFM") UCITS Management Companies (‘UCITS MC’)	Cyprus Securities and Exchange Commission (CySec)
Note: In the case of Companies with sole purpose the management of AIFLNPs, only a confirmation letter by CySec to the alternative investment fund is required. In the case of Registered Alternative Investment Funds (RAIF), there is not an authorized licensing process from CYSEC and according to article 138 of the Alternative Investments Funds Law (N.124(I)/2018) the external manager of RAIF must submit all the relevant documents for its registration to CYSEC registry within one (1) month form the incorporation/registration of RAIFO to the Registrar of Companies.
Provision of credit Services (Credit Institutions) Provision of payment services (Payment Institution) Provision of exchange services (Bureaux de Change) Provision of electronic money services (Electronic Money Institutions)	Central Bank of Cyprus
Provision of higher education services	Ministry of Education and Culture
Operation of casino	Ministry of Energy, Commerce and Industry
Operation of radio/television organisations	Cyprus Radiotelevision Authority
Provision of insurance and reinsurance services and related matters	Superintendent of Insurance
Wine Production	Ministry of Agriculture, Rural Development and Environment
Note: The license for the production of wine is secured via the Department of the Registrar of Companies before the partnership’s registration.

The notification of the nature of business of a partnership is done with the form Σ1 while applying for the incorporation of a partnership.

The notification for change of the nature of business is done with the submission of form Σ2 within seven (7) days from its change.

It is noted that the nature of business of a partnership is published in the electronic register of the Registrar of Companies.