Business bank accounts in Cyprus (Ltd): essentials only
Business bank accounts in Cyprus — this mini-guide shows what banks check, the documents to prepare once (and reuse), and the few pricing traps to avoid so you can open faster.
Business bank account Cyprus: what banks check
- Ownership & control: directors, shareholders, ultimate beneficial owners (UBOs).
- Business profile: activities, main clients/suppliers, operating countries, expected payments.
- Source of funds/wealth: where the money comes from (invoices, contracts, payroll, tax).
Your document pack (prepare once, reuse)
- Corporate docs: Certificates of Incorporation, Directors/Secretary, Shareholders/UBOs, Registered Office; Memorandum & Articles; recent company extract if applicable.
- Verification: When opening a business bank account in Cyprus, expect a brief in-branch meeting to verify originals.
- People docs: IDs/passports and proof of address for directors/UBOs; short CVs; (optional but helps) bank reference.
- Business evidence: sample contracts/invoices, website, or a brief deck describing customers and flows.
- Obtaining certified copies: In case you lost documents you can obtain certified copies from the Department of Registrar of Companies.
Process & timing (what to expect)
- Apply online with scans → review → branch appointment with originals. Some banks contact you after submission; timing varies.
Pricing to watch
- Monthly maintenance (SME vs corporate tiers)
- Per-transfer charges (online vs branch)
- Cash handling/statement fees
- Review/overdue review fees if you miss KYC updates (e.g., €50 for legal entities at one bank). Keep renewal dates in your calendar.
Payments that help a Ltd
- Instant euro transfers (≈10s) are rolling out; by policy they cannot cost more than a normal euro transfer of the same type. Useful for payroll and supplier due dates.
Why many Ltds keep a local bank (even if they love fintechs)
- Access to credit: overdrafts, term loans, card limits typically need a local track record (salary inflows, tax payments).
- POS settlement & cash services when needed.
- Best of both: fintech for day-to-day; local bank for lending and in-branch needs.
Compare Business accounts (Ltd) and check each bank’s Charges page before you decide.