Tuesday, May 29, 2012

Steps in Setting up A Bank Account in Cyprus

Those who are planning to open a bank account in Cyprus due to the many financial benefits it provides will be happier learning that the steps in setting up an individual or a corporate bank account are so much easier. Just follow these step by step instructions and you will soon find yourself with all the documents listing all of the necessary bank information for your self or your corporation.

Individual Requirements to Open a Cyprus Bank Account

Anyone, resident or non-resident, that is of the age of 18 is allowed to open a Cyprus bank account. You just need to present a copy of your passport, an accomplished legal due diligence form, and a utility bill that will indicate your address to the bank in order to process your request. After submitting these documents, you may immediately get the bank details you will need for business transactions including your account number, IBAN no., and swift no.

Corporate Requirements to Open a Cyprus Bank Account

For corporations, you need to submit a set of company formation certificates aside from the following documents required for the bank signatories:
1.    certified copy of pages of their valid passport showing the signature, personal details, and photo of the signatories
2.    proof of residential address of the signatory
3.    bank reference letter that has been issued for no less than six months

Cyprus Bank Account

Aside from these, the specimen signature card signed by the signatories that has been certified by the bank’s branch has to be forwarded for the processing of the proper documents. Although the processing of the application does not require personal visits and it can be handled by an authorized representative of the corporation, the directors and signatories still need to visit the bank representative for interview.  In like manner, this will be the perfect opportunity for the bank officer to certify all the personal documents of the mentioned corporate officers.

Regular Banking Hours in Cyprus

Most of the banks operate from 8:30 to 12:30 in the morning and 3:15 to 6:45 in the evening during summer. Nevertheless, individual and corporate bank account are given .Cyprus online banking services for additional convenience. This will allow corporate officers to perform all of their transactions online after providing them with a password that will give access to their account.

Online Banking Services Offered by Cyprus Banks

The following are list of the bank services offered by Cyprus Banks to their clients:
a.    international wire transfer payments
b.    access to account transactions and account balances
c.    bank transfer from an affiliate bank to another

Additional Benefits of a Corporate Bank Account

Aside from these additional conveniences, you will be provided with these additional benefits:
a.  Multi currency account that allows you to deposit in Euro, USD, Swiss Franc and other currencies
b.  Choice of debit, credit, or checking account
c.  Digipass feature, which allows money transfer from your Cyprus bank account to a third party with guaranteed online security

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