Eternity Law International — News — Open a bank account in Cyprus

Open a bank account in Cyprus

Published:
October 7, 2020

Cyprus is the most attractive country for business registration. It proposes low taxation, simple procedures for incorporation and subsequent business management and stability in politics and law.

If you plan to form your company in Cyprus, you have to open an account in one of the local banks. It will be a profitable investment, as Cyprus banks provide a row of benefits for their holders:

  1. short period for account opening – about 1 month;
  2. one of the best bank security guarantees across the globe;
  3. uncomplicated customer compliance requirements;
  4. no requirements for the minimum account balance.

Bank account for personal use

Providing a pack of documents is obligatory. It includes:

  1. passport or ID card;
  2. a document, which confirms your residence. For example, the latest utility bills (no older than 3 months);
  3. bank recommendation;
  4. completed form. Filing it in the bank is possible.

Some banks can ask you for proof of your solvency. In this case, you can add the extract from another account.

Bank account for business

Besides the personal information of each business owner (passport/ID) you should provide:

  • constituent documents of the company (Memorandum, information about the company structure and office);
  • a document, which confirms your residence (the latest utility bills);
  • bank recommendation;
  • completed written form;
  • proofs of the solvency of the company. Submitting an extract from any foreign bank is allowed.

If you have an account manager, please, add his or her personal information to the set of documents. It is worth noting, that the requirements can differ in some banks, so be attentive and consult with a selected bank in advance.

Our specialists will help you to choose an appropriate bank and to gather the required documents. Please, feel free to contact us for help or additional information.

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