Cyprus banks are experienced, stable, fast, and have reasonable fees. They offer all banking services that a business person in Cyprus or abroad may need. In fact, Cypriot banks may be interesting to any business that needs transaction banking services in the EU. Offshore Pro Group experts suggest opening a corporate bank account in Cyprus with the Bank of Cyprus.
Banking services in Cyprus
Today, there are 26 representative offices of large international banks in this jurisdiction. In addition, the Central Bank of Cyprus regulates the activities of every bank in the country.
The Bank of Cyprus is the largest bank in the state, with over €23.6 billion in assets. It is a leading international business banking institution and a pioneer in providing specialized services to meet the needs of this demanding market segment.
The most important aspect of the services offered to international clients is the efficient and secure operation of their accounts from anywhere in the world.
The Bank of Cyprus provides a wide range of services and is attractive due to such points:
- no minimum balance requirements
- more than 30 foreign currencies availability
- simple procedure for paperwork and opening bank accounts
- wide possibilities of Internet banking
The Bank of Cyprus is a structure operating under EU rules, so many foreign companies prefer Cyprus business bank accounts. Next, we will explain why.
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Main reasons for opening a corporate bank account in Cyprus
Cyprus banks do not require clients to have a minimum account balance, as their main goal is high annual turnover and transaction fees. Here are a few main reasons why foreign companies and entrepreneurs choose banking services in Cyprus.
Cyprus is in the EU
Without any links with the EU, it isn’t easy to open a European account for a non-resident. And it is not surprising that many foreign entrepreneurs, offshore and non-resident companies fail to gain access to European banks.
Cyprus joined the EU in 2004 and the Eurozone in 2007. Despite this, its main difference from many European jurisdictions is that Cyprus has a rich history of long-term and trusting relationships with foreign clients and international companies.
Transactional banking
Cyprus banks focus on transactional operations and profit from them. This means that local banks do not expect large deposits from potential clients. Therefore, if your company is looking for a bank that meets the needs of transactional business banking, a corporate bank account in Cyprus will be the ideal solution.
Set of documents to open business a bank account in Cyprus
To open an account with the Bank of Cyprus, you will need to collect and submit the following set of documents:
- Memorandum of Association and Articles of Association
- Certificate of State Registration
- Certificate of Good Standing
- Certificate of Directors / Shareholders / Registered Office / Company Secretary / Companies Register / Ministry of Finance or other document indicating company tax status, including all its officials
- Minutes of Shareholders meeting on the directors’ appointment
- Copies of international passports/identity cards for all account signatories, registered shareholders, directors, beneficial owners
- Declaration of Trust signed by beneficial owners and legal shareholders (if required)
- Corporate structure with shareholders/group of companies in a diagrammatic or other form showing the beneficial owner of the company
- Document confirming the legal address of the company head office
- Residence address confirmation for all company individuals (directors, account signatories, beneficial owners) – a utility bill (not older than six months)
- CVs of the company beneficial owner and account signatories
- Letter of recommendation from the bank for beneficial owners, directors, and account signatories (not older than six months from the date of issue)
- Latest financial reports or company management accounts (for companies older than one year)
- List of partner companies
- Contracts and agreements with partner companies, including domestic ones (if they exist)
- Documents confirming the presence of employees in the company registration country
Please note that various options for confirming business address are allowed: a lease agreement, a title deed, or a utility bill.
Tariffs and fees for banking services in Cyprus
| Account opening application fee for legal entities incorporated outside EEA** & Third Equivalent countries** | €300 | For new customers only |
| Account opening application fee (For physical persons & legal entities) & legal entities incorporated outside EEA** & Third Equivalent countries** requiring enhanced due diligence | €500 | For new customers only |
| Maintenance fee – Legal entities | €50 €100 €75 €125 | Active, incorporated in EEA** & Third Equivalent countries** Dormant, incorporated in EEA** & Third Equivalent countries** Active, incorporated outside EEA** & Third Equivalent countries** Dormant, incorporated outside EEA** & Third Equivalent countries** Monthly charge. |
| Liquidity fee | 0,50% on an annual basis | For legal entities only. Charge monthly, on the monthly average balances in Euro. An amount of up to €100000 per customer is exempted from the average monthly balance on which the fee is charged. |
** EEA – European Economic Area:
The EEA countries are the European Union Member States, plus Norway, Iceland and Liechtenstein as well as other EU country states.
** Third Equivalent countries:
Third countries outside the European Economic Area which impose procedures and take measures for preventing money laundering and terrorist financing equivalent to those laid down by the European Directive 2005/60/EC: Australia, Brazil, Canada, Hong Kong, India, Japan, South Korea, Mexico, Singapore, Switzerland, South Africa, The United States of America.
Additionally, the Bank of Cyprus is ready to open deposits and provide brokerage services, documentary and trust operations, and depository services (the first three visits are free, and then €25 for each visit).
Business bank account opening procedure in Cyprus
Book a free consultation with Offshore Pro Group experts to get answers to all your questions.
Make a payment for assistance in opening a corporate account with the Bank of Cyprus (from 3999 EUR).
Fill out bank forms and prepare a set of documents according to the approved list.
Wait for the due diligence result.
After receiving a positive decision, you will get access to a corporate bank account in Cyprus.
You don’t need to visit Cyprus to open a business bank account. The interview with the beneficial owner is conducted via Skype.
Conclusion
Cyprus bank accounts are universal. PayPal, Amazon, eBay, EU banks, and international corporations accept them. A business account with the Bank of Cyprus is an EU bank account with all related benefits.
Would you like to get more information? Contact us right now: info@offshore-pro.info or book a free consultation.
