Cyprus Bank Account

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Price: £585.00

A Cyprus Bank Account can be opened for businesses which have been incorporated in Cyprus. We work with an international Bank located in Cyprus, they meet our high standards on confidentiality, and offer a wide range of banking services which we believe will suit most requirements. The Bank offers a wide range of different accounts, including Current Account, Deposit Account, Savings Account, Trust Account and many more!

All Banks in Cyprus require the company to have a physical presence in Cyprus, including an office and employees in Cyprus.

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Why Cyprus?

• Cyprus has double tax treaties with over 40 countries – this creates opportunities for international tax planning
• Cyprus authorities have no direct access to the Bank Information – a Court Order is required to get such access
• No information about the company is passed onto the tax authorities
• Strong Bank Secrecy and Privacy

About the Bank

• This Bank has established two International Business units which are located in Nicosia and Limassol
• The Banks holds the largest share of the Cypriot banking market 
• They are the largest banking and financial services group in Cyprus. Founded in 1899, it is headquartered in Strovolos and provides retail banking, business banking, mortgages, wealth management, insurance, and investment services.
• The bank offers a wide range of accounts which can be tailor-made for your own needs
• This is the only Bank in Cyprus to effect payments in over 22 currencies

Banking Advantages

• Largest and most establised Bank in Cyprus
• Strong local expertise 
• Comprehensive banking serivces, the Bank offers:
  • Current and savings accounts
  • Mortgages and personal loans
  • Business banking
  • International payments
  • Wealth management and investment services
  • Insurance products
• Digital banking allows you to transfer money, pay bills, manage cards, view account activity and access services through mobile and online banking 
• International banking capabilities, supports multiple foreign currencies, offers foreign exchange services and international transfers 

Corporate Documents Required

We require Corporate Documents for the company that is opening an Account in Cyprus.
The following Corporate Documents are required:

• Certificate of Incorporation
• Memorandum and Articles of Association (if your type of company doesn’t have memorandum and articles then a similar document which sets out the rules of the company)
• Register of Directors
• Register of Shareholders/Members
• Share Certificate(s)
• Business Plan
• Certificate of Good Standing – we can assist you with obtaining a Certificate from the relevant authority

We can assist you with obtaining the required corporate documents for the Bank Account opening. Please contact us for assistance.

Personal Documents Required

The bank requires the following personal documents from each officer, beneficial owner and authorised signatories within the company:

• Certified Copy of a valid Passport with the photograph visible
• Certified Copy of a Utility Bill dated within the last 3 months – this can be a Bank Statement, Gas/Electricity Bill
• Curriculum Vitae (CV) - a brief account of education, qualifications, and previous occupations

If any of the above documents are not in English, a translated copy must be obtained.

Documents required for any Corporate Officer

• Certificate of Incorporation
• Memorandum and Articles – Or similar document containing the companies rules
• Register of Director/Shareholder/Members
• Share Certificate

All Due Diligence documents should be in English, if not the documents should be translated into English and certified the same.

Currencies Available

The account can be opened in any of the following currencies:

• EUR – Euro
• AED – UAE Dirham
• AUD – Australian Dollar
• CAD – Canadian Dollar
• CHF – Swiss Franc
• CZK – Czech Koruna
• DKK – Danish Krone
• GBP – British Pound Sterling
• HKD – Hong Kong Dollar
• HUF – Hungarian Forint
• ILS – Israeli Shekel
• JOD – Jordanian Dinar
• JPY – Japanese Yen
• NOK – Norwegian Krone
• OMR – Omani Rial
• PLN – Polish Z?oty
• QAR – Qatari Riyal
• RON – Romanian Leu
• SAR – Saudi Riyal
• SCP – Scottish Pound
• SGD – Singapore Dollar
• USD – US Dollar
• ZAR – South African Rand

Visit Required?

A visit to Cyprus is required to open this Business Bank Account and we assist with arranging the appointment for you 

Timescale

Once all documents and bank forms have been received by the bank, it usually takes around 7-10 working days for the account to be opened once compliance are happy with the documents.

Initial Deposit

The Bank will require an initial minimum deposit of 1500.00EURO or currency equivalent, before you can have access to your account.

This Bank has a deposit protection of up to €100,000 per depositor, per bank

Banking Facilities Available

• Business current (sight) accounts for daily transactions
• Fixed-term and business deposit accounts
• Multi-currency accounts (for selected business needs)
• Cash and cheque deposits via branches and deposit machines
• Standing orders and direct debits
• Salary payments and payroll processing
• Internal transfers and local payments

• Business debit and credit cards (Visa / Mastercard)
• Merchant services for accepting card payments
• POS (point-of-sale) solutions
• Online payment integration for e-commerce businesses
• Mobile and contactless payments support

• SEPA and SWIFT international transfers
• Import/export financing
• Letters of credit
• Letters of guarantee
• Documentary collections
• Foreign exchange services and hedging tools

• Please click here for a PDF of the Banks fee schedule  View

Only available for Cyprus Incorporated Companies.

Why Choose CFS Formations?

CFS will provide a fast, simple and transparent service that goes the extra mile to ensure complete customer satisfaction. We have a dedicated accounts manager who works within the bank which we liaise with to ensure the account opening runs as smoothly. Our experienced team will offer full support throughout the bank application.

Bank Account Introductions are not guaranteed, although we do try our best to ensure the account is opened. The Banks criteria can change without prior notice.

Unfortunately, the Bank Account opening is at the discretion of the Bank and their decision is out of our control.

If the Bank decline your application for a Bank Account, kindly note that refunds cannot be provided as we have still processed the application for you.