Opening a bank account

Eltoma Corporate Services can open bank accounts in Cyprus for any company regardless of its jurisdiction. Cyprus banks offer multi-currency accounts can be opened with internet access and also managed by telephone / fax.

Eltoma Corporate Services work with the following Cyprus banks:

One of the major advantages of opening a bank account in Cyprus is that it can be opened without the need to travel to Cyprus. Eltoma Corporate Services can manage the process on your behalf.

Corporate bank account

In order to open a Corporate Bank Account the following documentation is required:

  • A completed Bank Account Application Form.
  • A completed Beneficial Owners Declaration Form.
  • All Corporate Documents – These are required to be verified by Notary and Apostille.
  • A Reference Letter – from an existing bank.

Company Director Documentation:

For a physical person we require:

  • Passport Copy – notarised and apostille.
  • Proof of Address (normally a utility bill under 3 months).
  • Specimen Signature on the Company Resolution Bank Form – this is required to be verified by notary and apostille.

For a corporate Director we require:

  • All corporate documents – these are required to be verified by notary and apostille. They also need to show the beneficial owner of the company

Company Secretary documentation:

  • The passport of the company secretary is required to be verified by notary and apostille.
  • Proof of address is required.
  • The specimen signature on the Company Resolution Bank Form is required to be verified by notary & apostille.

Authorized Signatories:

  • The passport(s) of the authorised signatories are required to be verified by Notary and Apostille.
  • Proof of address is required.
  • The specimen signature(s) on the Company Resolution Bank Form are required to be verified by notary & apostille.

Additional documentation:

If the company’s shareholders are represented by nominees then we require:

  • A copy of the Trust Deed appointing the Nominee Shareholders / Original Declaration of Trust or a copy certified as a “True Copy” the introducer (Eltoma Corporate Services).

Personal bank account

Eltoma Corporate Services can open personal bank accounts.

For a personal bank account we require the following documentation:

  • Copy of Passport – this must be verified by notary and apostille.
  • Proof of Residence – in the form of a utility bill / mobile phone bill not more than 3 months old.
  • A Reference Letter – from an existing bank.
  • The specimen signature on the company resolution bank form is required to be verified by notary & apostille.

Please note that the bank reserves the right to ask for additional information in line with the international practice of meeting the required compliance regulations and adequately establishing the “Know Your Customer” principle.

Process:

  • Eltoma Corporate Services send the client the bank application forms and Beneficial Owners Declaration plus a list of all required documentation.
  • The client is to complete the application forms and e-mail these forms plus additional documentation to Eltoma Corporate Services.
  • Eltoma Corporate Services check all documentation and if correct forward the required documentation to the bank.
  • Upon approval of the documentation the bank sends a welcome letter with the account details plus all relevant bank forms to Eltoma Corporate Services and this is forwarded to the client.
  • The client is required to sign all the relevant bank forms, complete the specimen signature on the signature card and obtain the appropriate verification for all documents. Certification can be obtained in one of 3 ways; at a Bank Representative Office in the country of residence (providing there is one, Eltoma Corporate Services will advise on a case by case basis), or alternatively can be verified by Notary & Apostille or finally at the Cyprus, Greek or UK Consulate. Eltoma Corporate Services will confirm which method is best on an individual basis dependent on the client’s circumstances.
  • Upon receipt of all correct documentation the bank will send the Personal Identification Number (PIN’s) to the client.
  • The client will confirm receipt of the PIN’s at which point the bank will then duly activate the account and the account will become fully operational.

Timescale:

The account is normally fully operational within 7-10 days after Eltoma Corporate Services initially receive all correct documentation.

Take the next step, we are here to help.

Register a Cyprus company.
Open a Cyprus bank account.

  Resources:

OECD publishes compliance review for all non-compliant jurisdictions

OECD publishes compliance review for all non-compliant jurisdictions

The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.

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Cyprus tax department releases new guidance on CRS deadlines and the online portal

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