Bank Account Opening
Stricter global Money Laundering regulations, whose due diligence requirements now involve detailed client information and documentation, have made bank account opening a laborious task all over the world.
We offer practical assistance with bank account opening for personal and/ or corporate use in Cyprus and abroad, as well as a number of support services.
Our services include:
- Opening bank accounts with local and international banks that offer such banking essentials as Internet Banking, Direct Debit and Standing Order, Cheque Book, Credit or Debit Card
- Liaising with the banks on all matters and monitoring the accounts upon request
- Managing the bank accounts and arranging transfers in a secure manner
- Assisting clients with any other banking-related matter.
Cyprus does not require the client’s physical presence for the opening of a bank account, provided a number of requirements are met. This means that our clients can be matched with the right banking institution without having to travel to Cyprus.
The stepwise procedure is as follows:
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- Legal Entity: Incorporation documents; Memorandum of Articles and Associations; Certificates of directors, secretary, and shareholders; Ownership/group structure showing the beneficial owner(s); Company profile, ie., partners, transactions, turnover, counter countries, source of wealth, etc.; any other documents requested by the bank.
- Physical Person: Certified copy of a valid ID; Certified copy of proof of address, such as a utility bill not older than three months; Original reference letter from a bank in the client’s home country confirming good standing; any other documents requested by the bank.
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Either face to face or via a video chat application such as Skype.
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We would like to note that, to date, no bank application processed by our company has been rejected. It is vital, of course, that applicants comply with the bank’s requests. The final decision, needless to say, lies with the bank.