Bank account opening in Cyprus
We will put the company’s own records into the state a bank reads them in, assemble the application, and tell you plainly who is allowed to do this work for you here.
Bank confirmation
Подтверждение банка
€25,629
25 629 евро
Trading too early
Ранний старт
€427 a day
427 евро в день
Ownership report
Отчёт о владельцах
€3.50
3,50 евро
When you need a bank account in Cyprus
The certificate came, the account did not
The company exists on the register and still cannot receive a payment. Those are two different processes with two different sets of questions.
Someone offered to open it for you
Doing this on another person’s behalf is licensed work here. Whether the person offering it holds that licence is checkable in a public list.
The bank asked for unfamiliar records
Much of what a bank wants is paperwork the company is required to keep anyway. If nobody set it up at incorporation, this is where that shows.
Capital comes before trading
For one kind of company the law puts a bank directly in the way: no confirmation from it, no certificate, and trading before that has a daily price.
Officers or the address have changed
A bank reads the current entries at the register. Changes that were never filed surface here, usually at the least convenient moment.
What you get
- Records a bank can read
- The application file assembled
- The ownership report in hand
- Signing rights written down
- A clear answer on authority
What is required for a company account in Cyprus
Two different bodies of rules meet on this desk. One is the law the company itself lives under, which decides what records exist and what they say. The other governs who is allowed to run this errand for you at all.
The service in the Emirates, with the questions a bank there asks, is on bank account opening. Setting the company up in the first place is company registration in Cyprus.
Who may do this for you
Opening or managing bank accounts on behalf of someone else is named in the law as an administrative service, alongside providing directors and holding shares for third persons. Exercising any of them without authorisation is prohibited outright, and the supervisor keeps the list of authorised persons open to anyone.
The practical use of that is short: ask the question before you sign, and check the answer against the list, and never against a website.
What the bank reads
- The address the register publishes, and whether the company’s own books are in fact kept there.
- The register of members, with every holder entered and nothing left to be tidied afterwards.
- The officers exactly as filed, because a change nobody notified leaves the register telling a different story.
- Whether the last annual return was actually made, since a gap in that series is visible from outside.
- A report on the beneficial owners, which the registrar issues for €3.50.
What each of these has to contain, and by when, belongs to the registration side.
Where a bank stands
A private company
Nothing in that section of the law applies to it. Its account is opened on the bank’s own terms, and the companies law does not add a step.
A public company
Capital offered for subscription has a floor of €25,629, and the registrar will not certify that the company may commence business until a bank confirms that at least that amount reached an account the company holds with it.
The bank that may confirm it
Not any bank anywhere: the law asks for one with its registered office or its place of business in the Republic. That is the only place the statute names a bank at all.
Starting early
A company that trades or borrows before it is entitled to costs whoever is responsible up to €427 for every day the breach continues, and contracts made before that date are provisional until it arrives.
Sources: administrative services and authorisation — sections 4 and 5 of Law 196(I)/2012, public register of providers; the capital, the bank confirmation, the daily fine and the exclusion of private companies — sections 4A and 104 of the Companies Law, Cap. 113; the report fee from the registrar’s Forms & Fees.
Stages of work
What the account is actually for.
Who pays you, in what currencies, from which countries and how often. The answer shapes the file, because a bank decides on the whole picture instead of one form.
The company’s own records first.
We will bring the address, the register of members, the officers and the returns to the state the register and the bank should both agree with, and file whatever was never filed.
The ownership report.
We will obtain the registrar’s report on the beneficial owners and check that what it says matches the papers behind it, because that is the pair a reviewer compares.
Who signs and who may act.
Signing rights, limits and the persons allowed to give instructions are written down before the application, and we will say plainly which parts of this work require a licence to do on your behalf.
The application, and the questions after it.
The file goes in and the follow-up questions arrive. Each one is answered from the records, so the answers do not start contradicting each other.
Keeping the account alive.
New officers, a new address, a new owner: each of them is a filing at the register and a notice to the bank, and you get the list of what triggers both.
Our corporate work in the country is gathered under Corporate & Structuring.
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