OPENING A CYPRUS BANK ACCOUNT
Opening of a Cyprus bank account for a Cyprus company has never been easier. Simply gather the below information & documentation and arrange a bank meeting with any of the local banks who would be more than happy to assist you.
It is important to know that the Cyprus banks accept international clients much easier if they are introduced by organisations like our firm which acts as introducer to all Cypresses major banks.
Per latest EU directives and strict anti-money laundering regulations enforced across the globe, banks have become stricter in their client acceptance procedures, hence the lengthy and detailed documentation and information needed from you to open a bank account with a Cyprus bank institution.
Documentation Needed to Open a Bank Account for a Cyprus Company
1. UBO – Ultimate Beneficial Owner
- Recent Utility Bill
- Identity Card or Passport Copy
- Source and size of wealth
- How wealth has / is accumulated?
- How wealth is spread?
- CV (Curriculum Vitae of UBO is needed)
- Local Tax Clearance (not requested but if available speeds up process)
2. UBO – Ultimate Beneficial Owner
- Company Statutory Details (Owner / Shareholders, Directors, Secretary)
- Detailed explanation of Line of Business;
- How are sales generated, invoiced and paid?
- How are expenses generated, invoiced and paid?
- Main clients and suppliers (the bank will need their names and agreements)
- Purpose of the account opening (be specific and clear)
- Website of the Company
- Physical address of the Company
- Expected source of incoming transfers (receipts):
- Client names and provision of contracts / agreements made
- Nature of transaction with these companies?
- Activities of these companies?
- Website or other reference point to find more information about these companies
- Expected destination of outgoing transfers (payments):
- Supplier names and provision of contracts / agreements made
- Nature of transaction with these companies
- Activities of these companies
- Website or other reference point to find out more information about these companies
Feel free to enquire with us your banking needs at email@example.com and we would be more than happy to assist you.
We have never encountered any issues with new bank account requests to-date and this long term experience we have by acting as introducers to all Cyprus’s main banks makes the entire process much easier.
3. Group of Companies
- Clear Group Structure, if applicable
- Clear demonstration relationship of Company and UBO
- Group Companies Statutory Details (Owner / Shareholders, Directors, Secretary)
BACK OFFICE SUPPORT
CYAUSE Audit Services back office dedicated team will be assisting your needs on a daily basis ensuring that all filing and legal requirements are being met and communicated to you on a timely manner.
Typically, our back-office team will be providing you with the below service:
- Correspondence with bank
- Communication with local authorities such as with the Income Tax Office and the Cyprus Registrar of Companies
- Liaison with accountants, auditors, lawyers and other professionals
- Any other assistance that the client may need.