Opening a Corporate Bank Account in Cyprus: Benefits & Required Documentation
A Cyprus bank account offers a range of great benefits and options for all different company types. Some of the main advantages of opening a bank account in Cyprus are:
- A quick & hassle-free opening procedure (with the correct documentation, it can only 4 working days).
- Bank fees are generally low compared to other jurisdictions.
- Documents can be submitted by ease such as by email or fax.
- There is no minimum deposit required.
- Effectively online banking solutions can be provided.
In order to open a Corporate Bank Account the following documentation is required:
- A correctly completed application form (supplied by the bank).
- A Beneficial Owner declaration form.
- All Corporate Documents (such as Memorandum & Articles of Association). These must be verified by a Notary & fully apostilled.
- In some cases, a reference letter from an existing bank may help support your application.
Company Director & Secretary Documentation:
- Passport Copy – notarised & apostille.
- Proof of Address (normally a utility bill under 3 months).
- The signature on the Company Resolution Bank Form is required to be verified by Notary and Apostille.
- The passport of the authorised signatories is required to be verified by Notary & Apostille.
- Proof of address is also required.
- The signature on the Company Resolution Bank Form is also required to be verified by Notary & Apostille.
If the company’s Shareholders are represented by nominees then a copy of the Trust Deed appointing the relevant Nominee Shareholder, and the Original Declaration of Trust or a copy will suffice, as long as it is certified as a “True Copy”.
Eltoma Corporate Services with a number of reputable banks in Cyprus:
- Bank of Cyprus.
- Alpha Bank.
- Cyprus Development Bank.
- Eurobank EFG.
One of the major advantages of opening a bank account in Cyprus is that it can be opened without the need to travel to Cyprus, if you have the corresponding branch in your country of residence. Eltoma Corporate Services can manage the process on your behalf, contact us for more information.