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 1 month after Eltoma Corporate Services initially receive all correct documentation.

Feel free to contact us for more information or support.

Take the next step, we are here to help.

Register a Cyprus company.
Open a Cyprus bank account.

  Resources:

Crypto-currency Start-ups Buying False Reviews is Destablising Reputable Investment Sources

Crypto-currency Start-ups Buying False Reviews is Destablising Reputable Investment Sources

When cryptocurrency issuers want reviews for their coins, reports have surfaced that several prominent companies have been found offering money to advertisers in exchange for positive appraisals.

Is the Era of Shell Companies Coming to an End?

Is the Era of Shell Companies Coming to an End?

The Honourable Dr. Orlando Smith, Premier and Minister of Finance has announced that the BVI Government will take all reasonable steps to address European Union concerns about economic substance and a new Legislation is intended to be in force by the end of December 2018 in order to avoid the European Union Black List of Tax Heaven Jurisdictions.

Regulatory Update: BVI Economic Substance Act 2018

Regulatory Update: BVI Economic Substance Act 2018

In 2016, the Council of the EU pledged to start advocating tax transparency and fairer taxation within Europe and consequently worldwide. After the EUs Code of Conduct Group (COCG) on taxation investigated BVI practices, they found a number of concerns regarding legitimate substance requirements for companies and limited partnerships doing business in and through BVI.

Information on the Payment of Cyprus Taxes for Pensions & Rental Income

Information on the Payment of Cyprus Taxes for Pensions & Rental Income

Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.

Cyprus Regulatory Update: Shell Company Definition & Exceptions

Cyprus Regulatory Update: Shell Company Definition & Exceptions

The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:

Singapore Variable Capital Company VCC: New Features & Benefits

Singapore Variable Capital Company VCC: New Features & Benefits

The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.

Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements

Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements

As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.

Challenges of Our Time: Cryptocurrencies & Their Regulation

Challenges of Our Time: Cryptocurrencies & Their Regulation

The very concept of cryptocurrencies derives from technologies and the creation of alternatives to existing payment systems, which for the most part is caused by the negative consequences of financial crises and the injustice within the sphere of financial and legal regulation. Many people are convinced that the cryptocurrency is likely to become an alternative to the established global financial system and open new opportunities to those segments of the population and citizens of those countries that are deprived of the opportunity to work with the banking financial system.