Cyprus corporate bank account
Healy Consultants Group PLC’s corporate banking team will proficiently handle the opening of our Client’s Cyprus bank account. We will prepare all the necessary documents and submit the same to the bank on behalf of our Client, and if needed, we would also attend the bank account opening interview on our Client’s behalf.
- Bank of Cyprus is the largest bank in Cyprus with over 23.6 billion EUR in assets. All banks are regulated by the Central bank of Cyprus.
There are 26 foreign international banks in Cyprus including i) Barclays Bank; ii) Byblos Bank; iii) Jordan Kuwait Bank; iv) Promsvyazbank and many others;
- According to the guidelines of the Central Bank of Cyprus, local banks can only accept non-resident Clients if they i) visit the bank for an interview and provide supporting documents for their business or ii) are introduced to the Bank by an approved professional intermediary such as:
- Law firms, members of the Cyprus Bar Association;
- Accountants, members of the Certified Public Accountants of Cyprus;
- Fiduciary companies, licensed by Cyprus Securities and Exchange Commission;
- Cyprus banks also require that our Clients first complete a customer details survey and an economic profile pre-questionnaire form. These forms are used by the bank’s internal compliance to evaluate the potential business relationship before considering an application from a Client.
Healy Consultants banking services
- To support Cyprus company formation, Healy Consultants Group PLC will assist our Clients providing them 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 Group PLC 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 Group PLC’s Compliance Team can complete the formalities needed to open a Cyprus corporate bank account within 4 weeks of company incorporation;
- Healy Consultants Group PLC will first register our Client’s 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 Group PLC will obtain the registration certificate on behalf of our Client;
- The documents required for opening a Cyprus bank account 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 bank; iv) banking resolution; and v) proof of listed status on the stock exchange (if applicable);
- There is a high probability that our Client will be obliged to travel to meet the bank directors in order to open the bank account. Healy Consultants Group PLC, however, does everything necessary to minimize this probability ensuring our Client does not require to travel;
- After the approval of the preferred corporate bank account, Healy Consultants Group PLC will promptly send by post or email our Client 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) submission of a good business plan; ii) availability of security; iii) adequate experience of business owners; iv) submission of the audited financial statements of last 3 years; v) submission of a realistic feasibility study; and vi) submission of the project strength and weakness analysis (SWOT);
- To support Cyprus business establishment, Healy Consultants Group PLC will assist our Clients with their required trade finance engagements including and not limited to i) letters of credit; ii) bank guarantees; iii) documents against payment and against acceptance; and iv) finance against trust receipt;
- Securing a loan, overdraft or simply preferential credit terms are other aspects of corporate banking that are to be considered whilst doing business in Cyprus.
Exchange controls and other regulations
- Temporary restrictive measures on transactions were introduced by the Central Bank of Cyprus in a bid to control the export of capital from the country during the financial crisis in 2013;
- Those measures were a part of the deal to ensure that Cyprus funded part of the €10bn bailout;
- These controls were eased in January 2015.