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.
- 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.
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.
- 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.
The account is normally fully operational within 7-10 days after Eltoma Corporate Services initially receive all correct documentation.
Beginners guide to Service Level Agreements: important information & Q&A
SLAs are a critical component of any outsourcing and technology vendor contract. Beyond listing expectations of service type and quality, an SLA provides remedies when requirements aren't met.
Crypto currencies becoming increasingly overly regulated as governments impose more guidelines
Crypto currencies have exploded in popularity in recent years, thanks to innovation in block chain, the distributed ledger technology underpinning those virtual tokens such as bitcoin. That has led to a red-hot fundraising trend where start-ups are pulling in millions of dollars in capital by issuing virtual coins to investors in exchange for money.
Initial Coin Offering, definition and regulation
Initial Coin Offerings (“ICO”) have gained increasing attention by crypto currency users, the media and the regulators. The rising price of Bitcoin, one of the most widely known and used crypto currencies, along with fraud scandals in different countries, have raised attention by the public and concern by the regulators. It is important for us that our clients and our professional team understand crypto currencies and ICOs to be able to make intelligent and well-informed decisions.
Seychelles IBC Act 2016: Action for all companies required
The requirement to file and maintain a list of Directors and Beneficial Owners for all Seychelles companies or International Business Companies “IBCs” registered under the International Business Companies Act 2016 has been introduced to as a way to increase the transparency of all Seychelles international businesses for tax and money laundering purposes
Passport schemes: countries that allow foreign nationals to acquire citizenship through investment
There are many factors that influence an investor to obtain a second citizenship in another country. Aspects such as relocation, retirement, security or even long-term plans for future generations are all benefits and considerations in the prospectus for investment. Several countries now offer this option through different investment schemes.
The Tier 1 Investor Visa: are the UK government checking candidates' source of wealth? Evidently not..
One of many legal disputes resulting from the recent infamous Kazakhstan BTA bank fraud case has shed new light on a little-known immigration scheme colloquially known as the golden visa scheme and officially called a Tier 1 Investor visa in the UK; the scheme grants investors residency in exchange for spending £2m in UK bonds or shares through a bank, with applicants eligible for to remain indefinitely, with full citizenship after five years.
EU release list of tax havens & blacklisted jurisdictions for the first time
In an attempt to recover the approximate 600B euros lost within various EU countries to tax evasion schemes each year; the European Union has released its first official blacklist naming 17 jurisdictions that have failed to meet international standards of implementing sufficient regulations and transparency measures.
A beginners guide to filing capital statements in Cyprus
This article details a beginners guide to capital statements; what to include in them, what the figures mean and how to understand and interpret them; avoiding common pitfalls many individuals experience along the way with filing their own.. Capital statements (also referred to as wealth statements) are similar to profit & loss sheets for a company except capital statements are typically used to measure and record an individual’s finances using an official document accumulated on differing dates.