How to Open a Business Bank Account in Cyprus in 2025
Opening a business bank account in Cyprus is a crucial step for companies looking to establish a corporate presence in the country. Cyprus, with its favorable tax regime, robust financial system, and strategic location, has become an attractive destination for international entrepreneurs. In this guide, we will walk you through the key requirements and procedures for opening a business bank account in Cyprus in 2025.
Why Open a Business Bank Account in Cyprus?
Enhanced Credibility: A corporate bank account provides legitimacy to your business operations.
Efficient Financial Management: Enables seamless transactions, invoicing, and tax compliance.
Access to Banking Services: Facilitates international transfers, loans, and investment opportunities.
Favorable Tax Environment: Cyprus offers low corporate tax rates and an extensive network of double taxation treaties.
Who Can Open a Business Bank Account in Cyprus?
Any registered business entity, including:
Private Limited Companies (Ltd)
Public Limited Companies (Plc)
Partnerships
Branches of Foreign Companies
Holding Companies
Trusts and Foundations
Key Requirements for Opening a Business Bank Account in Cyprus
To comply with regulatory requirements, banks in Cyprus conduct thorough due diligence before approving a corporate bank account. The following documents are typically required:
1. Company Documents
Certificate of Incorporation
Memorandum and Articles of Association
Certificate of Shareholders
Certificate of Directors and Secretary
Certificate of Registered Office Address
Good Standing Certificate (for companies older than two years)
2. Know Your Customer (KYC) Documents
Valid passport copies of all company directors, shareholders, and ultimate beneficial owners (UBOs)
Proof of residential address (utility bill, bank statement, or official government correspondence, issued within the last six months)
Detailed CV/professional background of UBOs and directors
Tax Identification Number (TIN) or equivalent documentation
3. Business Information
Detailed business plan or description of activities
Expected turnover and sources of income
Information about business partners, suppliers, and customers
Organizational structure diagram showing ownership and control
4. Source of Funds and Wealth
Recent audited financial statements (for existing businesses)
Bank reference letters for directors and beneficial owners
Supporting documents for the initial deposit (e.g., contracts, invoices, or other proof of incoming funds)
Steps to Open a Business Bank Account in Cyprus
Step 1: Choose a Bank
Research banks offering corporate banking services that align with your business needs, such as international transactions, multi-currency accounts, and online banking.
Step 2: Gather Required Documents
Ensure all documents are notarized, apostilled, or certified as per the bank’s requirements. Missing documents can lead to delays.
Step 3: Submit the Application
Submit the completed application form along with all required documentation to the selected bank.
Step 4: Compliance and Verification
The bank will conduct due diligence, including background checks on company directors and beneficial owners. Some banks may request an in-person or video interview.
Step 5: Approval and Initial Deposit
Once the bank approves your application, you will be required to make an initial deposit (amount varies depending on the bank and account type).
Step 6: Activate and Use Your Account
Upon successful completion of all formalities, you will receive account details, including online banking credentials, and can start using the account for business transactions.
Important Considerations
Compliance with Anti-Money Laundering (AML) Regulations: Banks follow strict AML procedures to prevent financial crimes. Full transparency about your business activities and source of funds is essential.
Banking Fees: Corporate bank accounts may have maintenance fees, transaction charges, and minimum balance requirements.
Processing Time: The process can take from a few weeks to a couple of months, depending on the complexity of your business structure.
How Connor Legal Can Help
At Connor Legal, we specialize in business formation, corporate compliance, and bank account opening in Cyprus. Our experienced team ensures your application meets all regulatory requirements, minimizing delays and increasing approval chances.
Our Services Include:
Company Formation in Cyprus
Preparation and Certification of Required Documents
Liaising with Banks on Your Behalf
Compliance Advisory Services
Tax and Legal Support
If you’re planning to set up a company in Cyprus and need assistance with opening a business bank account, contact Connor Legal today for expert guidance.
