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What you need to know about opening a bank account

29 July 2015
The Cyprus economy is slowly in the process of recovery after the financial crisis in 2013. The island is under the supervision of the European Commission, the European Central Bank and the International Monetary Fund otherwise known as Troika.

Banks are still working to restore credibility and stability to the financial sector so as to boost investor confidence and enhance the economic recovery of the island. In the meantime, banks are operating as normal and with exceptional services.

Michael Vorkas & Associates LLC aims to provide a full package of services including the opening of bank accounts for companies and individuals. We aim to assist our clients in taking their decision on selecting the most suitable jurisdiction, bank and banking services.

Services

All major Banks offer a full set of banking services for individuals and businesses.

• Current and savings accounts

• Debit and credit cards

• Direct debits

• Foreign currency exchange

• Long terms savings and investment accounts

• Phone and online banking

There is a wide network of Banks across the country - foreign, Greek and Cypriot - and many of those in the major towns have English and some Russian speaking staff.

No appointment is necessary to open an account; the following documents are needed:

For Individual Accounts:

• Passport or proof of identity, certified by an International Bank, Notary Public or Embassy, or Professional Firm;

• Proof of address in English dated within the last three months, certified by an International Bank, Notary Public or Embassy, or Professional Firm;

• Bank reference letter from current or previous banker (required by some banks)

• Curriculum Vitae (required by some banks)

For Corporate Directors or Shareholders

• Full set of corporate documents, in English, legalized by the relevant authorities in the country of incorporation. The Documents must include:

o Certificate of Incorporation;

o Certificate of Registered Address;

o Certificate of Directors & Secretary;

o Certificate of Shareholders;

o Certificate of Good standing (if the company is more than 1 year old);

o Certificate of Incumbency, or extract from the Registry, or other official document, with a current date, clearly stating the Directors and shareholders, or certified true copies of the registrar of members and directors;

o Appointment of First Directors;

o Copy of Trust Deed;

o Copy of the most recent financial statements

o Business and operational profile;

For Corporate Directors or Shareholders

• Full set of corporate documents, in English, legalized by the relevant authorities in the country of incorporation. The Documents must include:

o Certificate of Incorporation;

o Certificate of Registered Address;

o Certificate of Directors & Secretary;

o Certificate of Shareholders;

o Certificate of Good standing (if the company is more than 1 year old);

o Certificate of Incumbency, or extract from the Registry, or other official document, with a current date, clearly stating the Directors and shareholders, or certified true copies of the registrar of members and directors;

o Appointment of First Directors;

o Copy of Trust Deed;

o Copy of the most recent financial statements

o Business and operational profile;

Opening of Bank Accounts

• Detailed description of the main activities;

• Anticipated turnover of the company per annum;

• The expected origin of funds to be credited/debited;

• Group Structure with all companies/parties involved;

• currencies

All of the above must comply with the rules and regulations of the Central Bank of Cyprus

Adopted Currency

Cyprus currency is the Euro. Cyprus joined the Eurozone in 2008.
Marina Socratous
Tags:

bank account, corporate account, individual, business, Cyprus