Bank Account for Cyprus Limited

[DEUTSCH]

Hello,

I am a German who has just moved to Cyprus since a few months. When I started my Company here I used juni.co as banking service. They had a great banking service until recently they just canceled the companys bank account "because of a new business partner of theirs who has new requirements for the clients"

Now the problem now is that I ended up with no company bank account at all. WISE & Revolut are currently not accepting new Cyprus businesses. So my question is what bank account or EMI with IBAN are you using? Could anyone give me any recommendations for a new bank account EMI working with a Cyprus Limited? I just need a business bank account with an IBAN, wich is digitally usable with low fees. (mostly I do SEPA transfers)

I have the permanent residency with electricity bill etc. and a successful created Cyprus Limited with corp. certificates etc.

Last edited: May 3, 2022

 

[CyprusLaw]

DEUTSCH said:
Hello,

I am a German who has just moved to Cyprus since a few months. When I started my Company here I used juni.co as banking service. They had a great banking service until recently they just canceled the companys bank account "because of a new business partner of theirs who has new requirements for the clients"

Now the problem now is that I ended up with no company bank account at all. WISE & Revolut are currently not accepting new Cyprus businesses. So my question is what bank account or EMI with IBAN are you using? Could anyone give me any recommendations for a new bank account EMI working with a Cyprus Limited? I just need a business bank account with an IBAN, wich is digitally usable with low fees. (mostly I do SEPA transfers)

I have the permanent residency with electricity bill etc. and a successful created Cyprus Limited with corp. certificates etc.
Click to expand...

Hi I will send you a PM

 

[SirGRA]

Hi CyprusLaw, my situation is like "Deutsch" and I'm facing the exact same problem.

 

[timfintech]

What is the industry of your business?

 

[algotrader]

Did you try paysera?

 

[ImKing]

It all depend on your business you are into!

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Do you want a total anonymous company with bank account? Get a step by step guide on how to do that here, it only requires mentor group gold.

 

[SirGRA]

Hi, IT Consulting Services and Software Development. All legit, with local employees and fully managed from Cyprus.
I'm asking because Cyprus banking is terrible and costly as you can get for a country in Europe.
Specifically, the SEPA inward fees combined with a small starting company.

@algotrader - Thank you for the Paysera suggestion.

 

[Nomad POV]

SirGRA said:
Hi, IT Consulting Services and Software Development. All legit, with local employees and fully managed from Cyprus.
I'm asking because Cyprus banking is terrible and costly as you can get for a country in Europe.
Specifically, the SEPA inward fees combined with a small starting company.

@algotrader - Thank you for the Paysera suggestion.
Click to expand...

Hi,


If you live in Cyprus, so have local rental and utility, plus properly established company, plus IT background (your CV matches activities of the company) it should not be very complicated to open bank account in Bank of Cyprus or Sepaga (EMI licensed in Cyprus). On the other hand I totally agree that they are not fast, efficient nor cheap. For SEPA payments most straight forward way would be to open EMI licensed in Lithuanian (Bankera, Paysera, etc.)

 

[SirGRA]

Indeed, I have an IT background, live in Cyprus, locally rent, pay utility bills, yellow slip, etc.
The company has local employees and all the correct legal aspects.

Due to the recent crazy account suspensions/random checks and payments delays on EMIs (Proper invoices, source of funds proof, contracts), I've decided to favour banks.
I'll try the Bank of Cyprus.

Thank you for your help and suggestions, @Nomad POV.
A big thanks overall for the support, comments and positive input.

 

[Forester]

If it is still worth:
To tell the truth, our (as a Cyprus Ltd.) experience with Bank of Cyprus is quite bad, too. For not a huge risk business, I am not a fan of Lithuania-based EMI's ”“ IMO costly and unpredictable. For such a business and purpose that @SirGRA described, I would recommend Intergiro ”“ based i.a. on own personal experience: we have an account with them for about half a year and no complaints; everything works.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[SirGRA]

Thank you for sharing, @Forester,
I'll give Intergiro a try. 🙂

 

[Forester]

SirGRA said:
Due to the recent crazy account suspensions/random checks and payments delays on EMIs (Proper invoices, source of funds proof, contracts), I've decided to favour banks.
Click to expand...

Just one more comment: Per latest experience of mine and of my business partners, crazy account suspensions/random checks and payments delays invoked by demands for proper invoices, source of funds proof, contracts etc. you can face in the brick and mortar banks as well. (All the world is going crazy...)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[sup3rman]

DEUTSCH said:
Hello,

I am a German who has just moved to Cyprus since a few months. When I started my Company here I used juni.co as banking service. They had a great banking service until recently they just canceled the companys bank account "because of a new business partner of theirs who has new requirements for the clients"

Now the problem now is that I ended up with no company bank account at all. WISE & Revolut are currently not accepting new Cyprus businesses. So my question is what bank account or EMI with IBAN are you using? Could anyone give me any recommendations for a new bank account EMI working with a Cyprus Limited? I just need a business bank account with an IBAN, wich is digitally usable with low fees. (mostly I do SEPA transfers)

I have the permanent residency with electricity bill etc. and a successful created Cyprus Limited with corp. certificates etc.
Click to expand...

Why did Juni cancel?

 

[FixieHartmann]

@DEUTSCH - any updates? Did you manage to get a proper bank account for your company?

 

[csp dubai]

forget cyprus banking , only good for a gyros shop

 

[Dandyline]

Strange that Cyprus banks seems to be so difficult to work with. Even in most Tier1 EU countries, it's pretty easy to open bank accounts in the biggest banks, sometimes even online.