Cyprus corporate bank account
Healy Consultants’ corporate banking team will expertly handle corporate bank account opening in Cyprus for our Clients. We will prepare all the necessary documents and submit to the bank on behalf of the Clients, and if needed, we also attend the bank account opening interview on your behalf.
- Bank of Cyprus is the largest bank in Cyprus with over 36 billion EUR in assets. All banks are regulated by the Central bank of Cyprus
- There are 34 foreign international banks in Cyprus including Barclays Bank, Byblos Bank, Jordan Kuwait Bank, Promsvyazbank and many others;
- If our Client is not comfortable only maintaining a Cyprus corporate bank account, Healy Consultants can open an additional international corporate bank account outside of Cyprus. Examples include London, New York, Germany, Bulgaria, South Africa, Australia, or Dubai. Our fee for this service is €2,950 without travel or €2,550 with travel. All banks will be top tier banks in these countries with excellent internet banking services.
Healy Consultants banking services
- To support Cyprus company formation, Healy Consultants will assist our Clients with accessing a full range of tailored corporate banking facilities comprising of i) single and multiple currency accounts ii) telephone banking iii) internet banking iv) savings and checking accounts v) debit and credit cards and vi) wealth management services;
- To receive the best online banking and customer service to facilitate Cyprus company business setup, Healy Consultants recommends using services of international banks. Some of the international banks include Standard Chartered, HSBC, Barclays Bank and Citibank among others.
Opening a corporate bank account in Cyprus
- Healy Consultants’ Compliance Team can open an international corporate bank account within 4 weeks of company incorporation;
- Healy Consultants will first register the Clients’ company with the Department of Registrar of Companies and Official Receiver which is a requirement with most banks in Cyprus;
- When the company registration is complete, Healy Consultants will obtain the registration certificate on behalf of the Client;
- The documents required for opening a corporate bank account in Cyprus are i) Articles of Incorporation and By-Laws written in Greek/English language, or a certified translation thereof ii) registration certificate iii) notarized board resolution with names of signatories authorized to open the account in a particular bank iv) banking resolution and v) proof of listed status on the stock exchange (if applicable);
- There is a high probability that the Client will be obliged to travel to meet the bank directors in order to open the account. Healy Consultants, however, does everything necessary to minimize this probability ensuring the Client does not travel;
- After the approval of the preferred corporate bank account, Healy Consultants will promptly send by post or email our Clients all original documents, unopened bank correspondence and a Clients feedback survey.
- Cyprus banks can provide financing to Cyprus registered companies provided the following conditions are met i) good business plan ii) availability of security iii) experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study vi) project strength and weakness analysis (SWOT);
- To support Cyprus business establishment, Healy Consultants will assist Clients, where required, with trade finance engagements including and not limited to i) letters of credit ii) bank guarantees iii) documents against payment and against acceptance iv) finance against trust receipt;
- Securing a loan, overdraft or simply preferential credit terms are other corporate banking related aspects of doing business in the Cyprus.
Exchange controls and other regulations
Healy Consultants recommended banks in Cyprus have no restrictions on the inflow or outflow of funds for remittances of profits, payments to third parties, capital gains, debt service and imported inputs or returns on intellectual property.
Frequently asked questions
Can I rely on Cyprus online banking to make international transactions?Certainly. Cyprus has several reputable banks with great online banking services using which our Clients can conduct international transactions.
How long will it take to open a business bank account in Cyprus?It will take on average 4 weeks to open a Cyprus bank account.