OPENING A CYPRUS BANK ACCOUNT
Opening of a Cyprus bank account for a Cyprus company has never been easier. Simply gather the below information & documentation and arrange a bank meeting with any of the local banks who would be more than happy to assist you.
It is important to know that the Cyprus banks accept international clients much easier if they are introduced by organisations like our firm which acts as introducer to all Cypresses major banks.
Per latest EU directives and strict anti-money laundering regulations enforced across the globe, banks have become stricter in their client acceptance procedures, hence the lengthy and detailed documentation and information needed from you to open a bank account with a Cyprus bank institution.
Documentation Needed to Open a Bank Account for a Cyprus Company
1. UBO – Ultimate Beneficial Owner
- Recent Utility Bill
- Identity Card or Passport Copy
- Source and size of wealth
- How wealth has / is accumulated?
- How wealth is spread?
- CV (Curriculum Vitae of UBO is needed)
- Local Tax Clearance (not requested but if available speeds up process)
2. UBO – Ultimate Beneficial Owner
- Company Statutory Details (Owner / Shareholders, Directors, Secretary)
- Detailed explanation of Line of Business;
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- How are sales generated, invoiced and paid?
- How are expenses generated, invoiced and paid?
- Main clients and suppliers (the bank will need their names and agreements)
- Purpose of the account opening (be specific and clear)
- Website of the Company
- Physical address of the Company
- Expected source of incoming transfers (receipts):
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- Client names and provision of contracts / agreements made
- Nature of transaction with these companies?
- Activities of these companies?
- Website or other reference point to find more information about these companies
- Expected destination of outgoing transfers (payments):
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- Supplier names and provision of contracts / agreements made
- Nature of transaction with these companies
- Activities of these companies
- Website or other reference point to find out more information about these companies
Feel free to enquire with us your banking needs at kt@cyprusaccountants.com.cy and we would be more than happy to assist you.
We have never encountered any issues with new bank account requests to-date and this long term experience we have by acting as introducers to all Cyprus's main banks makes the entire process much easier.
3. Group of Companies
- Clear Group Structure, if applicable
- Clear demonstration relationship of Company and UBO
- Group Companies Statutory Details (Owner / Shareholders, Directors, Secretary)
BACK OFFICE SUPPORT
CYAUSE Audit Services back office dedicated team will be assisting your needs on a daily basis ensuring that all filing and legal requirements are being met and communicated to you on a timely manner.
Typically, our back-office team will be providing you with the below service:
- Correspondence with bank
- Communication with local authorities such as with the Income Tax Office and the Cyprus Registrar of Companies
- Liaison with accountants, auditors, lawyers and other professionals
- Any other assistance that the client may need.
About Us
CYAUSE Audit Services has extensive experience in the insurance industry has helped tens of insurance brokers and agents register and get licensed by the local Cyprus regulator granting them passporting access to the rest of the European Union.
CYAUSE Audit Services is an Audit & Assurance firm with offices in Cyprus and the UAE. During 2015 we have been awarded by I.C.P.A.C and the A.C.C.A (local and international association of Chartered Certified Accountants) for the Quality of our Audit Services and our Office's Procedures.
Being a Truly International Audit & Assurance firm, we have associates from all over the world and we are constantly looking for new associates to expand our network further. At present, CYAUSE Audit Services operates internationally through its membership with BKR International amongst the largest American associations in the world, Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Our network covers almost 40 jurisdictions with over 2,000 professionals, it supports more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and processes at least 170,000 payslips globally.
CYAUSE Audit Services Ltd is also a member of BKR International one of the biggest US Accounting Associations of the word and the 3E Accounting Network, an international accounting network which originates from Hong Kong and has more than 80 members from all over the world.
Learn More about Cyprus Corporate Environment
Information about CYAUSE Audit Services and the Cyprus Corporate & Tax System can be obtained from our Website or our YouTube channel which provides valuable information about the Corporate & Tax Environment of Cyprus.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
