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Bank Account Opening for Companies in Cyprus

Get experts' total assistance in opening your bank account for your company in Cyprus remotely. Leverage our expertise in the complex and uncertain process of dealing with banks worldwide.

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Enjoy Local Expertise Remotely

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Ease in Ongoing Management

Bank Account Opening for Companies in Cyprus

Bank Account Opening Service

Remote

Remote

A bank account can be opened online from anywhere.

Expertise

Expertise

A complex and uncertain process is demystified for you.

Documentation

Documentation

Guided document collection and organization

Affordable

Affordable

Premium bank account opening service at very low cost.

ADVANTAGES

Open your offshore bank account

Find out the benefits and reasons to take advantage of our expertise for your Cyprus company's bank account opening

Remote Opening

Remote Opening

Our service facilitates the hassle-free opening of offshore bank accounts worldwide, sparing you the need for a physical presence and streamlining the process for international clients seeking banking solutions.

Documentation Clarity

Documentation Clarity

Our experts meticulously gather and organize all required documentation, ensuring clarity and completeness to expedite the bank's review process and enhance the likelihood of successful account openings.

Application Follow-up

Application Follow-up

We provide ongoing support by proactively tracking and following up with banks, promptly addressing any inquiries or requests for clarification, and ensuring a smooth and timely account opening process for our clients.

Valuable Expertise

Valuable Expertise

Benefit from the experience and expertise of our team, who possess in-depth knowledge of offshore banking regulations and procedures, to navigate complexities and optimize success rates for account openings.

Affordable Pricing

Affordable Pricing

Our services are competitively priced, offering a one-time fee for multiple bank applications. In the event of initial unsuccessful attempts, we will continue to assist you in applying to alternative banks at no extra cost to you.

Peace of mind

Peace of Mind

Entrust your offshore bank account opening process to our capable hands and experience peace of mind. Focus on your core business while we handle the intricacies of banking procedures with professionalism and diligence.

AVAILABLE BANKS

Available banking options

Check out the available traditional and electronic (online) banking options for your offshore company in Cyprus

Bank's LocationBank NamePersonal Visit Required?Initial Deposit RequiredOnline Banking Available?
BelizeBelize BankNot requiredUS$ 4,000Yes, available
BelizeCaye International Bank Ltd.Not requiredUS$ 1,000Yes, available
BelizeHeritage BankNot requiredUS$ 3,000Yes, available
British Virgin IslandsBank of AsiaNot requiredUS$ 20,000Yes, available
British Virgin IslandsFirst Caribbean International BankNot requiredUS$ 25,000Yes, available
Cayman IslandsFirstCaribbean International BankNot requiredUS$ 10,000Yes, available
Hong KongBank of ChinaPerson visit is requiredHKD 300,000Yes, available
MalaysiaStandard Chartered Bank (Malaysia)Person visit is requiredUS$ 20,000Yes, available
MauritiusMauritius Commercial BankNot requiredUS$ 50,000Yes, available
MauritiusInvestec BankNot requiredUS$ 50,000Yes, available
MauritiusMauBank LtdNot requiredUS$ 5,000Yes, available
MauritiusBank OneNot requiredUS$ 5,000Yes, available
St. Kitts & NevisBank of Nevis InternationalNot requiredUS$ 10,000Yes, available
St. Kitts & NevisInternational Merchant BankNot requiredUS$ 25,000Yes, available
St. LuciaPROVEN BankNot requiredUS$ 5,000Yes, available
SingaporeDBSPerson visit is requiredSGD 250,000Yes, available
SingaporeHSBCPerson visit is requiredUS$ 200,000Yes, available
SingaporeOCBC BankPerson visit is requiredSGD 30,000Yes, available
SingaporeUnited Overseas Bank (UOB)Person visit is requiredUS$ 100,000Yes, available
United Aarab EmiratesEmirates Islamic BankPerson visit is requiredAED 10,000Yes, available
United Aarab EmiratesRAK BankPerson visit is requiredUS$ 10,000Yes, available
VanuatuPacific Private BankNot requiredUS$ 1,500Yes, available

Electronic Money Institutions

Electronic Money Institutions (EMIs) are digital banks catering to offshore companies, offering online banking services. They provide faster transactions, lower fees, and innovative financial products compared to traditional banks, making them ideal for efficient and flexible offshore banking solutions.

LocationInstitution NamePersonal Visit Required?Initial Deposit RequiredOnline Banking Available?
Hong KongAirwallexNot requiredNot requiredYes, available
Hong KongCurrenxieNot requiredNot requiredYes, available
Hong KongRapydNot requiredNot requiredYes, available
Hong KongStatrysNot requiredNot requiredYes, available
SingaporeAspireNot requiredNot requiredYes, available
SingaporeWallexNot requiredNot requiredYes, available
United KingdomMultiPassNot requiredNot requiredYes, available
United StatesMercuryNot requiredNot requiredYes, available
United StatesPayoneerNot requiredNot requiredYes, available
DOCUMENTS REQUIRED

Documents required to open a bank account

Find out the documents required in order to apply for your Cyprus company's business bank account opening

Included in the package

Company Setup Documents

These include your company's certificate of incorporation, memorandum, and articles of association. They establish the legal existence and structure of your Cyprus entity.
Included in the package

Good-Standing Certificate

The Certificate of Good Standing (CGS) confirms that your company is compliant with local laws and regulations and has no pending legal issues or outstanding liabilities.
Included in the package

Previous Bank Statement

Banks may request statements from your existing business accounts to assess your financial history, cash flow, parties involved, and transaction activities.
Included in the package

Bank Reference Letter

This letter, provided by your current or previous bank, serves as a testimonial of your company's banking relationship, financial stability, and creditworthiness.
Included in the package

Identity and Address Proofs

Certified copies of identification documents, such as passports, and address documents like utility bills for each director and shareholder are necessary.
Included in the package

Detailed Business Plan

This comprehensive document should outline your company's objectives, market analysis, competitive strategy, financial projections, and growth plans.
Included in the package

Business Trading Proofs

These documents provide evidence of your company's commercial activities, including sales contracts, purchase orders, invoices, and vendor agreements.
Included in the package

Account Opening Forms

These forms collect essential information about your company, its ownership structure, business activities, and intended banking services, and are to be submitted.
PARTNERS

Are you a professional?

Attorneys, lawyers, finance professionals, investment advisors, and other professionals supporting clients with offshore formations and compliance: We can help you simplify processes and enhance client satisfaction.

FAQ

Frequently Asked Questions

Find answers to frequently asked questions on opening a company bank account for your offshore company in Cyprus

Can any Cyprus company open a corporate bank account?

Generally, yes, most legitimate Cyprus companies can open corporate bank accounts. However, banks in Cyprus adhere to strict anti-money laundering (AML) and Know Your Customer (KYC) regulations, requiring companies to demonstrate transparency and legitimacy in their activities and source of funds. Companies involved in high-risk industries or with complex ownership structures may face increased scrutiny during the account opening process. Compliance with economic substance requirements, introduced to align with international standards, may also influence bank approval.

Can I open the account remotely for my Cyprus company?

Yes, many banks in Cyprus offer remote account opening services for companies, including Cyprus companies. This can be done online or through authorized representatives, providing convenience and flexibility for international businesses. Remote account opening procedures typically require the submission of required documentation electronically and may involve identity verification processes to comply with regulatory requirements.

What currencies can I use with my Cyprus company bank account?

Banks in Cyprus typically support major currencies such as EUR, USD, GBP, and sometimes others like CHF or JPY, catering to the needs of international businesses. Some banks may also offer multi-currency accounts, allowing companies to hold and transact in multiple currencies within a single account, facilitating cross-border transactions and currency risk management strategies.

What types of Cyprus companies can open corporate bank accounts?

Various types of companies registered in Cyprus, including private limited companies, public limited companies, partnerships, and branches of foreign companies, are eligible to open corporate bank accounts. The specific requirements and documentation may vary based on the type of entity and the bank's policies.

Are there any minimum deposit requirements for opening a bank account for Cyprus companies?

Yes, minimum deposit requirements exist for opening bank accounts for Cyprus companies, but they vary depending on the bank and the type of account. For instance, in Belize, banks such as Belize Bank require an initial deposit of US$4,000, while Caye International Bank Ltd. mandates US$1,000, and Heritage Bank stipulates US$3,000. In the British Virgin Islands, First Caribbean International Bank imposes a higher initial deposit of US$25,000. Similarly, in Mauritius, both Mauritius Commercial Bank and Investec Bank require US$50,000 as an initial deposit. In Singapore, banks like DBS set the initial deposit at SGD 250,000, while HSBC requires US$200,000, and UOB mandates US$100,000. These minimum deposit requirements may vary further based on factors such as account type, currency, and the banking institution's policies.

Can I use a nominee director or shareholder to open a bank account for my Cyprus company?

Yes, nominee directors or shareholders can be used while opening a corporate bank account for your Cyprus company. This arrangement can provide privacy and confidentiality, especially for companies with sensitive ownership structures. However, banks in Cyprus often require disclosure of the Ultimate Beneficial Owners (UBOs) even if nominee services are used, ensuring compliance with AML/KYC regulations and transparency in ownership.

Can I invest through my corporate bank account?

Many banks in Cyprus offer corporate investment accounts, allowing companies to access a wide range of investment products such as stocks, bonds, mutual funds, and structured products. These accounts provide opportunities for companies to manage surplus funds, diversify their investment portfolio, and potentially generate returns on idle cash reserves.

Does the account come with online banking capabilities for my Cyprus company?

Yes, most banks providing services for Cyprus companies offer online banking platforms with advanced features and functionalities. These platforms allow secure remote access to account information, transaction history, and financial management tools. Additionally, online banking platforms may offer features such as electronic fund transfers, bill payments, and customizable reporting options to meet the specific needs of businesses.

Can I apply for corporate credit or debit cards for my Cyprus company bank account?

Yes, many banks in Cyprus offer corporate credit or debit cards as part of their business banking packages. These cards can be used for making purchases, paying bills, and accessing funds conveniently, while also providing a record of transactions for accounting and auditing purposes. Corporate cards may also offer benefits such as reward programs, spending limit controls, and expense tracking features, enhancing financial management and control for businesses.

What are the best banks for companies registered in Cyprus?

Here's the list of banks along with their respective initial deposit requirements for opening an account for your private limited company in Cyprus:

Belize:
Belize Bank - Initial Deposit: US$4,000
Caye International Bank Ltd. - Initial Deposit: US$1,000
Heritage Bank - Initial Deposit: US$3,000

British Virgin Islands:
First Caribbean International Bank - Initial Deposit: US$25,000

Mauritius:
Mauritius Commercial Bank - Initial Deposit: US$50,000
Investec Bank - Initial Deposit: US$50,000

Singapore:
DBS - Initial Deposit: SGD 250,000
HSBC - Initial Deposit: US$200,000
UOB - Initial Deposit: US$100,000

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