Cyprus business bank account opening

[IlyMily]

Hello,

i am a romanian passport holder, i started an online uk business and have the ltd setup since october this year, i have used Revolut since September, i have been asked to provide source of funds once the account received the first 100k gbp payments, provided all documents and then 150K more received but since then i didn't receive a reply.
So now i am looking for a reliable bank in cyprus in order to receive my payments from STRIPE, i receive 5 to 15K daily.

i have searched online but as far as i see, i do need an intermediary.

hope to find the answer and help here.

 

[Sols]

It's going to be very difficult to get a bank in Cyprus to accept this.‌ If you have no ties to Cyprus at all, chances of opening an account for‍ an SME are almost zero.

 

[IlyMily]

Thanks for the reply, do i need to form a company in cyprus first ?‌ If yes, it’s possible as non resident ?

 

[Sols]

It's still difficult but your chances are increased some if you have a local company.‌ The banks might insist that you have your own office and staff in Cyprus, though.‍

 

[JohnLocke]

I agree, a good business relation of mine has been⁠ through the same procedure the last few weeks. He setup a real office not only⁤ for this purpose but to headquarter his business there.

 

[silentreader]

Hellenic isn't working anymore? They were my go-to bank for Seychelles IBC banking...

 

[IlyMily]

Do i need an introducer?

 

[Sols]

You don't need to pay an introducer for Hellenic to reject you. You can just‌ ask them directly.

Things have changed a lot in Cyprus in the last few years.‍ It used to be fairly easy to open bank accounts for non-resident companies in Cyprus.⁠ Those days are gone. Even the best introducers often get their clients rejected unless the⁤ clients have strong ties to Cyprus and have a low overall risk profile.

The Central⁣ Bank is cracking down on shell corporations and the risks of non-resident companies and has⁢ instructed local banks to be especially cautious.

 

[IlyMily]

Thanks for the replies, what about WorldFirst, is it a reliable company for incoming sepa‌ and us payments ? Sorry if this is out of post subject.

 

[EliasIT]

Isn't an introducer mandatory for all Cyprus‍ banks? Even though you wrote they will decline your case, you can't just call this⁠ bank and ask them (any bank in Cyprus) if they will accept your business, they⁤ don't want to talk to you at all!

 

[Sols]

From what I've gathered, they have terrible customer service and account opening can‍ sometimes take weeks/months simply due to lack of response (and not because they ask for⁠ more docs, for example). But the payments services as such seem OK.

Introducers are not strictly speaking mandatory with any bank in Cyprus, but they⁢ can sometimes help non-residents open doors or better explain the client to the bank. In︀ this case, it just seems like a waste of time to go with an introducer,︁ though.

 

[rey skywalker]

dear sols you are always spotting scams , frauds etch , give us some liitle‌ help tell where we v can open account without so much truobles

 

[Sols]

I wish it were that simple but those days are long gone.

Start by running‌ a clean, legitimate business with a good business plan, financial statements (and/or financial projections), in‍ the country where you are resident (and/or where your operations are located), and approach local⁠ banks. Works for 99% of all businesses.