The forex industry is very important in Cyprus. It employs thousands of people. The country is also the headquarters of most forex trading companies. A common question is on the reasons why most forex brokers hire attorneys.
Regulations
The forex industry is in the finance sector. At the same time, Cyprus is member of the European Union. The EU is known for strict regulations. The most recent regulations are MIFID, which took effect in 2018. The laws require that all companies must follow a number of requirements to be within the law. For example, they should have a compliance office. The office enables that the company follows all the laws. Also, companies need to have lawyers to ensure that they understand the various recommendations. Therefore, companies hire quality lawyers like Pavlaw to ensure that they operate within the law.
Litigation
The finance industry is a complex one. It attracts multiple litigations every year. For example, many forex trading companies face lawsuits about their products. They also face lawsuits from regulators, peer companies, and customers. As a result, these companies hire lawyers to help them face the lawsuits.
Mergers and Acquisitions
Another reason why many companies hire lawsuits is in case of mergers and acquisition. In a merger, two companies decide to join and become one. In an acquisition, a smaller company is acquired by a bigger company. It can be acquired using cash or stock. Granted, the number of M&A in Cyprus is relatively small. However, when it happens, lawyers are very instrumental.
Company Registration
Over the years, Cyprus has made it easy for companies to register their organizations. Today, it is possible to have a company registered using the internet. However, to register, you need to know how it is done. With the number of forex brokers coming to the country increasing, the need for company registration lawyers is increasing. These attorneys advise the companies on how to get their companies registered.
Taxation
Cyprus is known for its low interest rates. It is a safe haven that has the lowest corporate tax rate in the European Union. There are other provisions that make it easy for companies to operate. Still, the country has taxes that must be paid. Failure to pay these taxes can lead to significant issues for companies. For this reason, most companies spend a lot of money hiring lawyers to advise them on taxes. The attorneys also ensure that the companies comply with the law.
Lawyers in Cyprus also do a lot of work for forex brokers. Other work that they do is to help them raise money, restructuring and insolvency, project finance, and employee relations.
Summary
As a forex broker, you should do the best to have the best lawyer representing you. It is recommended that you hire a law firm, instead of an individual lawyer. You should establish a long-term relationship with the firm. This will help the firm gain a better understanding of your organization and represent you whenever you need them.
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