Corporate Accounts in Cyprus for UK and EU Companies

Companies have been recently offered an opportunity to open corporate accounts in Cyprus on favorable terms. European financial institutions’ high-quality services are provided there at the most loyal level of requirements set for clients. Please find below the main relevant details. 

Incentives for Foreign Companies 

Let us recommend a financial service company founded in 2016 with the head office in Limassol (Cyprus). The variety of its corporate services extends far beyond payment solutions. 

Guarantees

Payment processing business is handled by this institution according to the license issued by the Central Bank of Cyprus in compliance with the European Union Directive (EU) 2015/2366 on payment services in the domestic market. 

The recommended company guarantees a customized approach, convenience, and reliability. Decisions on opening a corporate account are made fairly quickly – up to 2 days if you choose the appropriate package of services. 

Discuss the details with an expert

Check the list of required documents, and get the details of the process, terms, and costs.

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Basic Services

Having obtained the account activation permit, the corporate client can perform the following operations:

• conduct current payment transactions
• deposit money directly (except for cash)
• conduct revolving payments for regular orders. 

Main advantages:

• fast payments in euros within the SEPA zone
• payments via SWIFT
• English and Russian-speaking support staff
• convenient secure system for managing accounts remotely
• IBAN accounts 
• payments in euros, US dollars, and Russian rubles
• fast decision making on activation and loyalty to customers
• ability to pass remote identification for account activation. 

Restrictions and Requirements for Clients Opening Cyprus Corporate Accounts 

The recommended financial service company is focused on the following customers:

• large and medium-sized businesses
• professional securities brokers
• financial institutions (banks, insurance companies).

There are no prohibitions for other business types if they develop and perform legally. Clients are granted maximum freedom and opportunity to transfer payments all over the world while saving time on paperwork, account set-up procedures, and payment formalities.

Territorial Restrictions 

Corporate accounts in Cyprus can be opened by companies that are residents of the EU countries, as well as the UK, Norway, Iceland, and Liechtenstein. 

Terms and Conditions of Using Business Account in Cyprus 

A convenient web-interface is available for the maximum comfort of cooperation with the recommended payment service company. 

It meets European security standards and allows customers to quickly receive information about the state of accounts, stay in touch, and interact with the service institution. 

Business Clients Enjoy the Following Services:

• maintenance of payment accounts and clients’ accounts
• cashless payments and conversion operations
• migration guarantees and other documents required by official Cyprus authorities
• Escrow account. 

By opening a business account, a foreign company will be able to receive and make payments to third parties around the world, transfer funds to its own account. Payment transactions from different providers (banks, payment systems, financial institutions working with electronic money) are processed. 

The most popular services with customers are those permitted by the Central Bank’s license:

• Credit transfers for crediting the recipient’s account according to a payment document. It is possible to execute a standing order for regular payments.
• Direct debit is performed on the basis of a permit (single-time or regular). It is a convenient function in such cases as transfers of insurance premiums or payments for services for contractual outsourcing. 

Types of Corporate Accounts:

• Operating account (current for daily operations);
• Client’s account (for investment firms);
• Escrow account (for secure payments with guarantees). 

Recommendation: Top managers and heads of corporate clients receiving the payment service can open a personal account in Cyprus. 

Available payment currencies

Transactions on corporate accounts can be made in EUR (euro), RUB (roubles), USD (US dollars). You can make payments in any currency through conversion.

Deadlines for opening a corporate account

• up to 2 weeks;
• up to 1 week;
• up to 2 days. 

Tariffs 

Clients are not required to make an initial deposit or to ensure a minimum balance by the end of the month. As for the flexibility of tariff plans, the payment company in Cyprus guarantees an individual approach to each corporate client. It is based on the monthly analysis of the frequency and volume of payments. 

The standard commission rates are as follows:

Important: These tariffs are subject to revision due to certain considerations, including individual customer approach. For more details, please send us a request to the e-address given at the top of the page.

How to open a business account 

1. Let us know if you are interested in opening a corporate account in Cyprus. Contact us by mail or via any available messenger, online chat.
2. Pay for our services and get advice on how to fill out the bank form and the necessary documents.
3. Provide us with your portfolio of documents for inspection before sending them to Cyprus.
4. After receiving a confirmation of the positive decision, you will be able to activate the account and start your business activities. 

List of documents:

For a company:

• Certificate of Incorporation.
• Certificate of the Trade Name/Brand (if applicable).
• Articles of Association and Constituent Agreement.
• Certificate of Authorities of the Directors and Secretary (or an equivalent document).
• Certificate of a proper legal status (for companies older than 1 year).
• Certificate of Authority (for companies older than 1 year).
• Certificate of Shareholders (or an equivalent document).
• Certificate of a legal address (or an equivalent document). 

For beneficiaries:

• A valid passport /ID.
• Confirmation of the residential address: a recent (no older than 6 months) utility bill (electricity/water/phone), bank statement or home insurance, or payment of municipal tax. 
• Questionnaire/resume.
• Recommendation letter from the bank (if applicable).
• Proof of the origin of the beneficiary’s assets (documents should indicate the amount of wealth, the ultimate beneficial owner, and contain information on how the ultimate beneficial owner has acquired such a state). 

Documents of legal persons or entities registered outside Cyprus are provided as apostilled originals with translation into English. Translated documents must be completed no later than 6 months before the date of application. 

Important: When opening a corporate account in Cyprus, the Payment Service Compliance Department may request other documents that certify the status or condition of the company, its beneficiaries. We will help you understand the requirements and advise on how to prepare the documentation. 

For consultations, questions, please contact us at the e-address given at the top of this page.