How Do I Establish a Bank Account in Cyprus?

It comes to no surprise if you suddenly wish to establish a bank account in Cyprus. It is one of the best places to safeguard your funds and a great manner of enjoying multitude of benefits, including the very low corporate tax rate implemented for registered IBC companies in the region. In any case, prepare the following documents to establish a bank account in Cyprus.

Individual Cyprus Bank Account Requirements

Obviously, the requirements for individuals to have a bank account in Cyprus requires simpler sets of documents like a passport copy, a reference letter from another existing bank, and proof of address, which is no more than six months old. Just submit these to your chosen bank and you will be pleased to learn it could be processed within the day for your convenience and satisfaction.

Cyprus Corporate Bank Account Requirements

It may not require the assistance of a Cypriot lawyer or an accountant, but some documents have to be prepared following a legal lay out, so it is best if this is done through a Cypriot Firm knowledgeable about IBC registration in Cyprus. Some of the documents that will be requested include the following:
  • Memorandum
  • Certificate of Registered Office
  • Certificate of Company Formation
  • Certificate of Director and Secretary
  • Certificate of Companies Registered Overseas if any
  • Organization Diagram leading to the beneficial owner
  • Trust Deeds existing between the beneficial owner and its nominee shareholder
You have read it right. Cyprus banks allow the existence of nominee shareholder, as long as you supply the documents mentioned above. One of the only concerns of these banks is how you will fund money into your account. They would not want themselves to be caught in a middle of a legal dispute because someone is accusing you of drug or laundering practices. Therefore, it is understandable if these legal documents will be requested from your company for the scrutiny and evaluation of the bank officials.
Aside from the corporate documents that have to be submitted, authorized signatories for the corporate bank account should also submit the following:
  • Passport copy
  • Specimen signature
  • Reference letter from an existing bank
  • Proof of address ( similar to the one requested for individual accounts)
If you submit all of these requirements within the day, there is no reason why your corporate bank account cannot be established on the same day. You will be granted your IBAN, SWIFT, and account number so you can perform online banking services. However, you may need to wait for your debit or credit card for a few days before you may enjoy the services it will provide.

The scrutiny required before corporate bank accounts can be established in Cyprus should be understood by potential bank account holders. It is to safeguard the integrity of the institution and to guarantee no fraudulent activity will happen under their watch. This is simply in accordance with the KYC law regulations, which are adhered to by the Cypriot Banking System.

Oxford Tax Solutions assists companies wishing to set up a Cyprus Bank Account, one of the primary requirements for you to establish IBC registration in the region. It also offers variety of trustee services including Cyprus Virtual Office and Cyprus International Trust Formation.

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