Opening a Corporate Bank Account in Cyprus: Checklist for Companies

Opening a bank account in Cyprus for companies is an essential step for those planning to do business on the island. In addition to managing finances, a bank account in Cyprus confirms that the control and management of your company are carried out within the country, granting access to significant tax benefits and advantages.

The process of opening a bank account in Cyprus requires the preparation of a specific set of documents that will provide the bank with the necessary information to comply with compliance procedures, KYC (Know Your Customer) requirements, and international anti-money laundering (AML) regulations.

To simplify the process, we’ve prepared a checklist of the documents required to open a corporate bank account in Cyprus.

You can also find detailed information on how to open a personal bank account in Cyprus in our article, which includes requirements, a list of necessary documents, and practical tips to successfully open an account with a Cypriot bank.

What you need to open a corporate account in Cyprus:

1.Passport details of directors, shareholders, and beneficiaries

Copies of passports and/or other identification documents of all key persons of the company, including directors, shareholders, and beneficial owners. In accordance with the EU Anti-Money Laundering (AML) Directive and Cyprus’ local legislation, banks are required to identify all individuals who directly or through ownership chains control the company. You can find more detailed information about AML rules on the Central Bank of Cyprus website.

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Some banks may require additional identification documents, such as national IDs and residence permits in other countries. It is also recommended to check the document submission rules of a specific bank in advance.

2. CVs of directors and beneficiaries

A brief resume outlining the professional background of the company’s directors and beneficiaries, including details of 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 the people managing the company to ensure their reliability and ability to run the business within the legal framework. This process is part of risk assessment, especially for companies operating in high-risk sectors (e.g., financial sector).

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It’s important to include information on professional qualifications, successful projects, and jurisdictions in which the company’s directors operate. Direct experience in the relevant industry can significantly increase the chances of account approval.

3. Memorandum and Articles of Association

Original or certified copies of the company’s founding documents. These documents contain information about the company’s purpose, its management structure, and the rights and responsibilities of shareholders and directors. Under the Cyprus Companies Law, the founding documents are fundamental for the legal registration and operation of a business in Cyprus. They also confirm the powers of directors and reveal the purposes for which the company was established.

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Special attention should be paid to management issues and the distribution of rights among participants. Without properly drafted documents, the bank may refuse to open a corporate account. If you contact us to open an account for a pre-registered company in Cyprus, we will check your founding documents for compliance with local laws. If your documents need adjustments, our lawyers will promptly make the necessary changes to successfully open a bank account for the company in Cyprus.

4. Certificate of Incorporation

This certificate is one of the key documents needed to open a bank account with any Cypriot bank. It confirms that the company is registered with the relevant government body and has legal status. The certificate must be issued by the Cyprus Registrar of Companies. It confirms the legal existence of the company and is a mandatory document for the bank.

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This certificate is required for all operations related to interacting with Cypriot banks, as it confirms the company’s legal status and capacity. We will also check the certificate’s validity and the accuracy of your company’s data in the Cyprus Companies Registry to ensure all requirements are met.

5. Certificate of Directors and Secretaries

The document contains a list of all current directors and the company secretary, as indicated in the company registry. According to Cypriot corporate law, the bank must know who manages the company. The certificate provides the bank with complete information about the company’s leadership. Banks may request documents confirming the directors’ authority, such as board resolutions appointing specific individuals to key positions. This is important so the bank can ensure the presented individuals have the right to act on behalf of the company.

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The bank checks information about decision-makers, so it’s important to provide up-to-date data. Any changes in the directors, beneficiaries, or the company’s legal address must be updated in the Companies Registry to avoid refusal in opening a bank account or the blocking of an existing one.

6. Certificate of Shareholders

A complete list of individuals who directly or indirectly own the company is required. The shareholders’ certificate in Cyprus is an official document issued by the Companies Registry and confirms the list of all shareholders, as well as their ownership share. The certificate is necessary to comply with EU directives and international transparency standards for company ownership. Any discrepancies or incorrect information may lead to the bank refusing service.

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Note that banks may request additional documents confirming beneficial ownership, especially if the company’s structure is complex or includes multiple layers of ownership. Our lawyers can audit the company structure if necessary to meet the bank’s requirements.

7. Proof of residential address

To open a corporate account in a Cypriot bank, you need to provide documents confirming the residential address of all key company individuals. Such documents usually include utility bills from the last few months or a registration certificate. In line with KYC standards, banks must identify and verify the residential address of all company participants.

Recommendation from Feod Group Lawyers

When preparing documents, it is crucial that they contain the exact residential address and full name of the person whose residence is being verified. Some banks may require additional confirmations from local authorities, which should be considered when preparing documents.

8. Proof of Funds

You must provide documents confirming the legality of the source of funds for all company founders. As part of AML procedures, banks are required to verify the sources of funds that will be used in operations. Documents that may be required include:

• Personal bank statements showing regular income and fund movements;
• Statements from individual entrepreneurs (if the founder is self-employed);
• Tax returns showing declared income;
• Financial reports from other companies in which the founder is also a shareholder or founder.

Recommendation from Feod Group Lawyers

Our company’s lawyers emphasize the importance of preparing clear and straightforward documents to confirm the sources of income, minimizing delays and questions from the bank. The documents must be drafted in a way that unequivocally confirms the legality of the funds. Depending on the company’s activity, banks may request additional documents, such as audit reports, contracts with key clients or partners, and proof of completed deals or contracts.

9. Bank Reference Letter

A bank reference is an important document for compliance procedures to open a corporate account in Cyprus. This letter, provided by any bank where the company’s founder holds an account, serves as confirmation of their financial reputation and good standing in banking operations.

Recommendation from Feod Group Lawyers

We recommend obtaining bank references from your current bank in original form, with a signature and stamp, to confirm your financial reputation and good standing. It is important that the letter is on the bank’s official letterhead and contains contact details for potential verification.

10. Certificate of Registered Office

The certificate of registered office is an official document confirming the company’s legal address in Cyprus. Having a registered office address in Cyprus is a mandatory requirement for conducting business and complying with Cypriot law. This address is used for official correspondence and for receiving notifications from government authorities. The certificate is issued by the Department of the Registrar of Companies and is one of the key documents when opening a bank account.

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If your company plans to hire employees in Cyprus, you must also have a physical office and a dedicated phone line. This becomes a necessary requirement for complying with labor laws and conducting business activities.

Opening a bank account in Cyprus requires careful attention to detail, but with properly prepared documents and professional legal support, the process can be made significantly easier.

To successfully open a corporate bank account in Cyprus, it is important not only to prepare the full set of documents but also to ensure they are correctly formatted.

Working with our lawyers when opening a bank account in Cyprus guarantees professional support at every stage:

• Choosing the optimal bank
• Document preparation
• Guidance at every step

If you need help opening a corporate bank account in Cyprus, contact our lawyers at Feod Group for a professional consultation!