To open a bank account in Cyprus the client’s presence is a prerequisite unless the client is introduced by an approved introducer in which case the procedure becomes much faster and the client avoids unnecessary expenses and travelling in Cyprus. Bank accounts are available in all major currencies and our firm stands ready to assist you both with the selection of the bank and the account type that will best serve your corporate needs.
The procedure for opening a bank account is a straight forward one and we normally have the bank account on the same day if all required documents are submitted.
a) We first fill and submit to the bank a “company profile” form based on which the bank prepares and sends us the bank forms that need to be signed by the client;
b) The client fills and signs the bank forms which are then submitted to the bank along with the necessary documents. Actually, in most of the cases the bank may open the account without having the signed bank forms but only by having simple copies of some of the basic documents of the client;
c) After the opening of the account the client may transfer or deposit money in it. However the client will not be able to transfer out any funds unless the originals of the bank forms and documents are submitted to the bank (for the banks that we are introducers, we are authorized by the banks to certify the client’s documents as true copies)
Note: For companies with nominee shareholders, the trust deed must also be submitted
Although the required documentation differs from bank to bank, in most of the cases the documents that a company needs to submit in order to open a bank account are:
a) Certificate of Incumbency
b) Articles of Association
c) By Laws
d) Proxy
e) Appointment of director by Proxy
f) Resolution
g) Share Certificate
h) Corporate documents of all companies in chain acting as shareholders or directors
For the Beneficial owners the following documents are required:
a) Passport copy
b) Bank reference
c) Utility bill (not older than 6 months)
d) CV
e) Tax Registration Evidence