Frequently Asked Questions
What documents are required to open a corporate bank account in Cyprus?
Typically, you need the company’s Certificate of Incorporation, Memorandum and Articles of Association, company directors and shareholders’ proof of identity and address, and a Board Resolution authorizing the opening of the account.
How long does the corporate bank account opening process take in Cyprus?
Generally, the account opening process can take from a few days to several weeks, depending on the bank’s due diligence process and the completeness of the submitted documents.
Can a non-resident company open a corporate bank account in Cyprus?
Yes, non-resident companies can open corporate bank accounts in Cyprus, although they might need to provide additional documentation to comply with Cyprus banking regulations and anti-money laundering requirements.
Are there any specific banking fees I should be aware of when opening a corporate bank account in Cyprus?
Banks in Cyprus may charge for account maintenance, transactions, and other administrative services. It’s advisable to request a detailed fee schedule from your chosen bank to avoid surprises.
What types of corporate bank accounts are available in Cyprus?
Cypriot banks offer various types of corporate accounts including current accounts, savings accounts, foreign currency accounts, and merchant accounts, each tailored to different business needs.
Can I manage my Cyprus corporate bank account remotely?
Yes, most banks in Cyprus provide online banking services, allowing you to manage your corporate bank account remotely from anywhere in the world.
What support does your firm provide throughout the bank account opening process?
Our law firm assists with the entire process, from gathering documentation to liaising with the bank. We ensure that all legal requirements are met, offer advice on the best banking solutions for your business, and help navigate through any issues that may arise during the account opening process.