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Opening a Bank Account in Cyprus

Opening a Bank Account in Cyprus

Updated on Tuesday 22nd September 2015

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Nowadays opening a bank account in Cyprus has become a simple and rapid procedure. The Cypriot banking system has undergone massive change that led to its development. Opening a Cypriot bank account implies little time and an easy procedure for both individuals and companies. Most Cypriot banks provide a wide range of services.

Open a personal bank account in Cyprus

For an individual is quite simple and easy to set up a personal bank account in Cyprus. The documents one must submit for opening the bank account are:

  • -          copy of a  valid passport, identity card (some banks will require notarized copies of identification documents);
  • -          an utility bill stating the residence address of the applicant (the bill cannot be older than 6 months)
  • -          an application form issued by the bank;

Open a corporate bank account in Cyprus

The process of opening a corporate bank account in Cyprus is as easy as setting up a personal bank account except companies are required to provide more documents. In order for a Cypriot company to open a bank account the following documents must be submitted:

  • -          the Articles of Association of the company;
  • -          the Certificate of Incorporation;
  • -          a certificate of good standing for foreign companies if they have been opened for over 2 years;
  • -          the Certificates of Directors and Secretary, the Certificate of the Registered Office;
  • -          the Share Certificate;
  • -          a proof of the registered office issued by the Group Principal Trading Offices;
  • -          an application form released by the bank.

In order to set up a Cypriot bank account for a partnership the following documents must be submitted:

  • -          the partnership agreement;
  • -          the Certificate of Incorporation;
  • -          proof of the registered office;
  • -          a certificate of the partners;
  • -          a certificate of good standing for foreign partnerships if they have been registered for over 2 years;
  • -          an application form issued by the bank.

Corporate bank accounts can also be opened by representation through power of attorney.

The advantages of  bank accounts in Cyprus

A Cypriot bank account offers great benefits to its holder. Whether he or she is a natural person or a company, the banking system provides solution for all types of clients. Some of the major advantages of opening a bank account in Cyprus are:

  • -          a speedy and hassle-free opening process (takes up to 4 days)
  • -          one can submit the documents by fax or e-mail;
  • -          there is no minimum start- up deposit required;
  • -          bank fees are low;
  • -          online banking solution are provided.

 

If you want to set up a company and need advice about the banking system you can contact our lawyers in Cyprus.

 

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