Opening a Corporate Bank Account in Cyprus: A Checklist for Companies
Opening a corporate bank account in Cyprus is a crucial step for companies planning to do business on the island. Beyond financial management, maintaining a Cypriot bank account confirms that your company’s control and operations are conducted within Cyprus, granting access to significant tax advantages and benefits.
Corporate and personal bank accounts in Cyprus offer clients secure financial management tools, international transactions, and access to high-quality banking services.
Benefits of Opening a Bank Account in Cyprus
- High Stability and Reliability of the Banking Sector
Cyprus’ banking system is known for its strong stability and reliability, making it one of the most robust in the EU. As of September 2024, the Common Equity Tier 1 Ratio (CET1) stood at 23.5%, the highest in the EU, ensuring banks have sufficient reserves to withstand economic downturns. Additionally, the non-performing loan (NPL) ratio decreased to 7% in the first half of 2024—a result of natural financial improvements rather than debt sales, further reinforcing the stability of Cyprus’ banking system.
- High Level of Confidentiality and Security
Since joining the EU in 2004, Cyprus has adopted stringent financial and legal transparency standards. However, strict client data protection measures remain in place, ensuring a high level of banking confidentiality. This makes Cypriot banks an attractive choice for businesses and individuals who value privacy and security.
- Convenient International Transactions and Access to the Eurozone
Modern online banking solutions allow account holders to manage their finances anytime, anywhere. Additionally, Cypriot banks provide access to the Single Euro Payments Area (SEPA), enabling fast, low-cost international euro transactions. SEPA payments offer low fees, quick processing times, and simplified execution, making Cypriot banks particularly advantageous for clients engaged in international business or frequent cross-border transactions.
Types of Bank Accounts in Cyprus
Corporate Bank Account
A corporate bank account in Cyprus is an essential tool for effective business management. It is required for processing client payments, payroll, supplier transactions, and expense control. Opening a corporate account also serves as proof that a company operates from Cyprus, which is a key requirement for accessing tax benefits and complying with local regulations.
Personal Bank Accounts
Personal bank accounts in Cyprus are ideal for residents, individuals planning to relocate, or those seeking the financial advantages of the local banking system. These accounts provide a secure way to store funds, manage daily expenses, and facilitate international transactions. Additionally, Cypriot banks offer advanced online banking tools and multi-currency options.
For more details on how to open a personal bank account in Cyprus, check out our dedicated guide, which outlines requirements, necessary documents, and practical recommendations for a seamless banking experience.
Requirements for Opening a Corporate Bank Account in Cyprus
Opening a corporate bank account in Cyprus requires preparing a specific set of documents to ensure compliance with KYC (Know Your Customer) procedures, AML (Anti-Money Laundering) regulations, and international financial standards set by the FATF (Financial Action Task Force).
All Cypriot banks adhere to these strict compliance measures, which are necessary to prevent financial crimes and maintain transparency.
To successfully pass the due diligence process, businesses must provide accurate and up-to-date information and be prepared to explain their corporate structure and sources of funds. This includes clear and verifiable documentation proving the identity of beneficiaries, the legitimacy of business activities, and the origin of funds.
Banks may also request additional details regarding financial transactions, the purpose of the account, and expected banking activities.
To simplify the process, we have compiled a checklist of essential documents required to open a corporate bank account in Cyprus.
It is important to note that the specific requirements may vary depending on the bank and the nature of your business.
Process of Opening a Corporate Bank Account in Cyprus
- Passport Details of Directors, Shareholders, and Beneficiaries
Copies of passports or other identification documents for all key individuals involved in the company, including directors, shareholders, and ultimate beneficial owners (UBOs). Under the EU Anti-Money Laundering (AML) Directive and Cyprus regulations, banks are required to verify the identity of all individuals who directly or indirectly control the company. You can find more details about AML rules on the website of the Central Bank of Cyprus.
Feod Group’s Recommendation:
- Some banks may require additional identification documents, such as national ID cards or residence permits from other countries.
- It is advisable to check the specific documentation requirements of your chosen bank in advance.
- CVs of Directors and Beneficiaries
A brief biographical summary describing the professional experience of the company’s directors and beneficiaries, including information on previous workplaces, businesses, and positions, is a mandatory requirement to open a corporate account in a Cypriot bank.
Banks require confirmation of the competence of individuals managing the company to ensure their reliability and ability to run the business within the legal framework. This process is related to risk assessment, especially for companies operating in high-risk sectors (e.g., the financial sector).
Feod Group’s Recommendation:
- Include professional qualifications, successful projects, and relevant business experience in different jurisdictions.
- Industry experience can significantly increase the likelihood of account approval.
- Memorandum and Articles of Association
Originals or certified copies of the company’s founding documents. These documents contain information about the purpose of the company’s establishment, its management structure, as well as the rights and obligations of shareholders and directors.
According to the Cyprus Companies Law, founding documents are fundamental for the legal registration and operation of a business in Cyprus. They also confirm the directors’ authority and disclose the objectives for which the company was created.
Feod Group’s Recommendation:
Particular attention is given to company management and the distribution of rights among participants. Without properly prepared documents, the bank may refuse to open a corporate account.
If you contact us to open a bank account for an already registered company in Cyprus, we will review your founding documents to ensure they meet all local legal requirements. If any modifications are needed, our lawyers will promptly make the necessary adjustments to successfully open a bank account for your company in Cyprus.
- Certificate of Incorporation
The certificate is one of the key documents required to open a bank account in any Cypriot bank. This document confirms that the company is registered with the relevant government authority and holds legal status. The certificate must be issued by the Cyprus Registrar of Companies. It verifies the legal existence of the company and is a mandatory document for the bank.
Feod Group Lawyers’ Recommendation:
The certificate is required for all transactions involving Cypriot banks, as it confirms the company’s legal status and capacity. We will also verify the validity of the certificate and the accuracy of all company details in the Cyprus Registrar of Companies to ensure full compliance with all requirements.
- Certificate of Directors and Secretaries
The document contains a list of all current company directors and its secretary, as registered with the Registrar of Companies. Under Cypriot corporate law, banks are required to verify who manages the company. The certificate provides the bank with complete information about the company’s executive structure. Banks may also request documents confirming the directors’ authority, such as board resolutions appointing specific individuals to key positions. This is essential to ensure that the listed individuals have the legal right to act on behalf of the company.
Feod Group Lawyers’ Recommendation:
The bank verifies information about individuals responsible for management decisions, so it is crucial to provide up-to-date data. Any changes in the composition of directors, beneficiaries, or the company’s registered address must be updated in the Registrar of Companies to avoid issues such as a rejected bank account application or the potential blocking of an existing account.
- Certificate of Shareholders
- Proof of Residential Address
Additionally, to open a corporate bank account in Cyprus, documents confirming the residential address of all key company individuals must be provided. Typically, recent utility bills (covering the last few months) or a residence registration certificate are accepted as proof of address.
In accordance with KYC (Know Your Customer) standards, banks are required to identify and verify the residential addresses of all company members.
Feod Group Lawyers’ Recommendation:
When preparing documents, it is essential that they include the exact residential address and the full name of the individual. Some banks may require additional confirmation from local authorities, which should be considered during the document preparation process.
- Proof of Source of Funds
It is necessary to provide documents confirming the legitimacy of the source of funds for all company founders. As part of AML (Anti-Money Laundering) procedures, banks are required to verify the sources of funds that will be used in transactions. The list of such documents includes:
- Personal bank statements reflecting regular income and cash flow;
- Statements from individual entrepreneur accounts (if the founder is a sole proprietor);
- Tax declarations showing declared income;
- Financial reports of other companies where the founder is also a shareholder or owner.
Feod Group Lawyers’ Recommendation:
Our legal experts emphasize the importance of preparing clear and well-structured documents confirming the source of income to minimize delays and additional inquiries from the bank. Documents must be properly formatted to unequivocally confirm the legitimacy of the funds.
Depending on the company’s activities, banks may also request additional documents, such as audit reports, contracts with key clients or partners, and proof of completed transactions or agreements.
- Bank Reference Letter
A bank reference letter is an essential document for compliance procedures when opening a corporate account in a Cypriot bank. This letter is issued by any bank where the company’s founder holds an account and serves as proof of their financial reputation and responsible banking practices.
Feod Group Lawyers’ Recommendation:
It is recommended to obtain a bank reference letter from your existing bank in its original form, with a signature and stamp, to confirm your financial standing and reliable banking history. The letter must be issued on the bank’s official letterhead and include contact details for potential verification by the receiving bank.
- Certificate of Registered Office
The Certificate of Registered Office is an official document that confirms a company’s legal address in Cyprus. Having a registered office address within Cyprus is a mandatory requirement for conducting business activities and complying with local legal regulations. This address is used for official correspondence and receiving notifications from government authorities. The certificate is issued by the Department of the Registrar of Companies and is one of the key documents required when opening a bank account.
Feod Group Lawyers’ Recommendation:
If your company plans to hire employees in Cyprus, you must also have a physical office space and a dedicated telephone line. This is an essential requirement for compliance with labor laws and conducting business operations.
Opening a bank account in Cyprus requires attention to detail, but with properly prepared documents and professional legal support, the process can be significantly simplified.
To successfully open a corporate bank account in Cyprus, it is crucial not only to prepare a complete set of documents but also to ensure their correct formatting and compliance.
Popular Banks in Cyprus
Cyprus offers a diverse range of banking options for both individuals and businesses. Among the most reliable and well-established banks on the island are Hellenic Bank, Bank of Cyprus, and Eurobank Cyprus. These financial institutions provide secure banking services, including advanced internet banking solutions, modern mobile apps, and a wide network of branches and ATMs. If you’re looking for the best bank in Cyprus, these leading institutions are worth considering.
- Opening an Account with Bank of Cyprus
Founded in 1899, Bank of Cyprus is the largest and most established financial institution in Cyprus, with an extensive network of 588 branches. The bank provides comprehensive banking services for individual and corporate clients, including financing, investment management, brokerage, and insurance services.
- Opening an Account with Hellenic Bank
Established in 1976, Hellenic Bank has grown into one of the leading banks in Cyprus. Today, it operates through over 55 branches across the island, serving both private customers and businesses with a wide range of financial solutions.
- Opening an Account with Eurobank Cyprus
Founded in 2007, Eurobank Cyprus is part of an international banking group with a strong presence in Cyprus. The bank operates business centers in Nicosia, Limassol, and Larnaca, offering high-quality services tailored to corporate clients. As of January 2025, Eurobank Cyprus now enables clients to send and receive instant payments across Europe, provided that both the sending and receiving banks support the SEPA Instant Payment Scheme.
Legal Services by Feod Group
Partnering with Feod Group ensures professional legal assistance at every stage of the bank account opening process in Cyprus. Our experienced legal team offers personalized support to ensure a smooth and efficient application process.
Our Services Include:
✔ Selecting the Right Bank
We analyze your business needs and recommend the best banking option based on fees, services, and reputation.
✔ Document Preparation
We prepare and verify all required documents to meet KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance, minimizing the risk of rejection.
✔ Full Process Support
From application submission to final approval, we provide ongoing guidance, including negotiations with bank representatives and preparation for bank interviews, if required.
✔ Post-Account Setup
We assist in setting up online banking, activating necessary banking services, and ensuring seamless interaction with the bank.
✔ Handling Complex Cases
We specialize in resolving challenges related to complex corporate structures, international shareholders, or additional compliance requirements.
📌 Need assistance with opening a corporate bank account in Cyprus? Contact Feod Group for expert legal consultation and professional support!
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FAQ: Opening a Corporate Bank Account in Cyprus
The cost of opening a corporate bank account in Cyprus depends on the bank and account type. Banks may charge account maintenance fees, transaction fees, and currency exchange fees. It is advisable to check the bank’s terms and pricing structure in advance to anticipate any potential expenses.
Opening a bank account in Cyprus requires meeting strict bank requirements. Key conditions include proving the company’s real business activities, complying with international anti-money laundering standards, and maintaining transparency in corporate structures.
Cypriot banks offer services such as lending, asset management, currency transactions, and more. Banks in Cyprus provide flexible conditions for companies of various sizes and industries.
Contact us
For enquiries please fill in the form below. Our consultants will contact you with the details.
Griva Digeni 49, Chrystalla Court 1st Floor Office 11, 6036 Larnaca, Cyprus
11B Lyuteranska St., off. 23, 01024
