corporate bank account opening in Cyprus

[DavidV]

Hello,
I am based in Asia. I have an IBC from Seychelles and want to have an account from Cyprus.
I find those agents/companies which supposedly to help facilitating the bank opening process rather slow and useless. They just want to be paid upfront with 0 commitment whatsoever.
I was wondering if flying directly to Cyprus with all documents and no intermediary will help dramatically to speed the process. In Cyprus can I just walk into a bank and get the job done in few days.
Thanks

 

[Emily Rimlins]

Hello,

Yes. You can do it yourself but you need to visit the IBU departments‌ in either Nicosia or Larnaca.

In general, it is better to contact them prior to‍ visiting as they can be busy. You can just send an email and one of⁠ the staff will contact you and you can go from there.

Hope this helps!

Em

 

[DavidV]

Thank you Em what is IBU department?
Best

 

[Emily Rimlins]

International Business‌ Unit. It is the department that deals with companies not registered in Cyprus or UBO's‍ with international citizenship.

 

[JohnLocke]

So far I have not heard of anyone that had been successful in opening an‌ account with any of the Cyprus banks without an introducer. OP, if you go that‍ route, please post here if you were able to open an account it's much better⁠ if it's possible that way.

 

[Emily Rimlins]

Bank of Cyprus does this⁤ all the time. The only time you need an Introducer is 1. You cannot travel⁣ to open the account. 2. You have nominee directors

 

[JohnLocke]

cool if that is the case it's great to hear⁠ they do that. As I say personally I have not heard about anyone that had⁤ success of doing so, that's why I hope someone will post back here with their⁣ feedback if they travel to Cyprus to open an account.

 

[negon]

Never heard of this, if you call them they will⁠ refuse to open an account without someone to introduce you. If you speak with some⁤ of the most trusted agency services in Cyprus, they confirm none of the Cyprus bank⁣ accept foreign clients from the street!

 

[DavidV]

Thank you. Ok point well taken. who are the⁤ most trusted/competitive service agencies that you recommend out of Cyprus. Thanks

 

[negon]

Here we go PwC Cyprus

 

[KetchupKebab]

If you plan on doing it yourself they will ask quite a few documents.
Overall, if your business is e-commerce or internet related they will most likely refuse automatically as‌ it is considered a high-risk activity.

In addition, they will ask for past 12 month‍ bank statements and current bank recommendation letter for both business and personal accounts, which itself⁠ can be a hassle to get depending on your current bank.