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In order to establish a Private Fund the prior approval of the Central Bank of Cyprus must be obtained. To obtain such approval, the Bank must be provided with such information as to be satisfied as to:
the competence, integrity and independence of the directors, promoters, managers, trustees, or general partner
that the constitutional documentation and the offering memorandum are in an acceptable form and contain the information prescribed by the Central Bank
even though by law a private ICIS is not required to appoint a Manager or Trustee, in practice the Central Bank is known to require the appointment of a Manager unless it is convinced that the Directors of the ICIS have the skills, qualifications and experience to manage the ICIS and determine and implement its investment policy. The Central Bank usually accepts a licensed Cyprus financial services company to be appointed as Manager, and exceptionally - an E.U licensed financial services company or bank. The Central Bank also requires the appointment of a local bank as Custodian
the name of the ICIS should not be undesirable
an ICIS without a physical presence in Cyprus must appoint a Cyprus-based company approved by the Central Bank to carry out the administration work, and
an ICIS must appoint independent and qualified Auditors based in Cyprus.
In the course of examination of the application the Central Bank may at any time request additional information and documents.