Opening a bank account for your Cyprus company

A Cyprus bank opens a company account only after it understands who owns the company, what it does and where its money comes from. Prepare four things before you apply: the corporate documents (certificates of incorporation, registered office, directors, secretary and shareholders, plus the memorandum and articles); a board resolution and an ownership chart signed by the beneficial owner; a business profile with clients, suppliers, countries and expected turnover; and evidence of the source of funds and wealth of the owners. A real link to Cyprus, such as a director, an office or staff here, helps. The Central Bank of Cyprus 2025 AML Directive says banks must assess each client individually and may not refuse whole categories of customers, but each bank still decides on its own risk rules. An EU electronic money institution can be a first step while a bank reviews the file.

• Certificates of incorporation, registered office, directors, secretary and shareholders, plus the articles.
• Board resolution to open the account and an ownership chart signed by the beneficial owner.
• Business profile: clients, suppliers, countries and expected turnover.
• Source of funds and wealth for owners.
• Identity documents of signatories, shareholders and beneficial owners.
• Recent audited financial statements, or management accounts for a new company.

The business profile is the document that answers the bank's questions before it asks them. Keep it short and specific:

• What the company sells and to whom, with the names of main clients and suppliers where you can share them.
• Countries the money comes from and goes to.
• Expected monthly turnover, number of incoming and outgoing payments, and their usual size.
• Why the company is in Cyprus: directors, staff, office or customers here.
• Contracts, invoices or a website that support the description.

Use the same figures in every document. A business plan that says €50,000 a month and an application form that says €500,000 will stop the review.

Source of funds is where the money for this account comes from: the share capital, a loan from the owner, the first client payments. Show it with bank statements and contracts.

Source of wealth is how the owner built their overall wealth: salary over the years, sale of a company, inheritance, investments. Show it with employment records, sale agreements, tax returns or similar documents.

Banks ask for both under the anti-money-laundering rules. Where risk is higher, they ask for more evidence.

Many banks meet the beneficial owners and directors before they decide, in person or online. Expect questions such as:

• What exactly does the company do, and who are its first clients?
• Why Cyprus, and who manages the company here?
• Where will payments come from and go to, and how much each month?
• How did the owner build the money that funds the company?
• Are any owners, directors or clients politically exposed persons?

Answer with the same figures as in the file. Bring the originals of identity documents and the signed ownership chart.

Most delays come from gaps the bank has to ask about. The usual ones:

• Unclear activity. “Consulting” or “trading” without named clients, products and countries.
• Missing source of funds. The money for the share capital or first payments has no paper trail.
• High-risk countries among clients, suppliers or owners, without an explanation of the business reason.
• No presence in Cyprus. No director, office or staff here, and no plan to have them.
• Complex ownership through several layers of companies, with no chart showing the beneficial owner.
• Inconsistent answers between the application form, the business plan and the meeting.

A licensed administrative service provider or an advocate reviews this with you before you apply.

Yes. A bank decides on its own risk assessment. The Central Bank of Cyprus 2025 AML Directive says bank policies should not lead to a general refusal or termination of business relationships with entire categories of customers; each client is assessed individually.

The right to a basic payment account under the Payment Accounts Law 64(I)/2017 is for consumers legally resident in the EU, not for companies. If one bank refuses, ask what was missing, fix the file and apply elsewhere.

An electronic money institution (EMI) can often open an account faster and is enough to receive client payments and pay suppliers. It does not lend, and some counterparties and authorities prefer a bank account.

Before you rely on an EMI, check that it is authorised: the Central Bank of Cyprus publishes registers of payment and electronic money institutions, and institutions from other EU countries are listed by their home regulator. Many companies start with an EMI and add a Cyprus bank once the business has a track record.

• Keep the bank's records up to date. Banks review clients periodically and ask for fresh documents.
• Tell the bank about changes in directors, shareholders or beneficial owners. The UBO register must also be updated within 45 days of a change.
• Keep transactions in line with the profile you gave. Large or unusual payments without an explanation trigger questions.
• Keep invoices and contracts for incoming and outgoing payments; the bank may ask for them.

• Applying before the business profile and source of funds are ready.
• Giving vague answers about expected transactions.
• Using a nominee structure without showing the beneficial owner clearly.
• Applying to several banks at once with different stories.
• Waiting for the account to open before preparing the first invoices and contracts.

There is no official processing time. Timing depends on the bank and on how complete the file is. Each question from the bank adds a round of answers, so a complete first file is the fastest route.

Some banks need a meeting with the beneficial owners, which can be held online. Plan the account in parallel with incorporation: the bank needs the certificates, but you can prepare the business profile and source of funds while the company is being registered.