Cyprus Company Bank Account

Opening a corporate bank account in Cyprus has evolved into a high-scrutiny process. Following the December 2025 AML (Anti-Money Laundering) updates, Cyprus banks now require verifiable Economic Substance and absolute transparency regarding Ultimate Beneficial Owners (UBOs).

This guide outlines the 2026 strategy to ensure your company account is approved and remains operational.

The Banking Reality: Why Most Businesses Get Rejected

Opening a bank account for a Cyprus company is no longer a “check-the-box” exercise. Since the banking sector’s de-risking move in 2018, local banks have become extremely selective. Most founders face these three major roadblocks:

The “Non-Resident” Filter: If you don’t live in Cyprus yet, or your directors are based in high-tax EU countries, local banks often flag you as “high risk” and delay the process indefinitely.
Sector Bias: If you operate in SaaS, Affiliate Marketing, Crypto, or E-commerce, traditional banks like Bank of Cyprus or Hellenic may reject your application simply because they don’t understand your business model.
The Substance Trap: Banks now demand more than just a “virtual office.” They want to see a reason why the company is in Cyprus—whether it’s a local director, an actual office, or a clear tax residency link.

The Strategic Solution: The "Dual-Banking" Setup

The biggest mistake founders make is waiting for a local bank to approve them before starting operations. We implement a Dual-Banking Strategy that gives you speed today and stability tomorrow.

Phase 1: The EMI (Electronic Money Institution): We open an EU-regulated EMI account (like Wise, Revolut Business, or specialized Cyprus-based EMIs) in 3–5 business days. This allows you to sign contracts and receive payments immediately.
Phase 2: The Local Tier-1 Bank: While you are already trading, we handle the 2-month application process for a local Tier-1 bank (e.g., Eurobank or AstroBank). This account is used for “substance” proof, local tax payments, and long-term stability.

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Necessary Documents for a Business Bank Account in Cyprus

Don’t send a 50-page PDF to a bank without a “warm intro.” To get approved, your file must be pre-vetted. At a minimum, you will need:

Proof of Identity: Clean, high-resolution passport scans for all UBOs (Ultimate Beneficial Owners).
Professional CV: A detailed background proving you have the experience to run this specific business.
Business Plan / Website: A clear description of where the money comes from and who your main clients/suppliers are.
Source of Wealth: Documentation (tax returns or dividend statements) proving your initial capital is “clean.”

A) Company Documents

Commonly requested: Certificate of Incorporation Memorandum & Articles of Association Share certificates / shareholder evidence Certificates of Directors & Secretary Certificate of Registered Office / Registered Address If the structure involves foreign corporate shareholders, banks may request statutory documents and financial statements for those entities.

People documents (UBO, directors, authorised signatories)

Commonly requested: Passport / proof of identity Proof of address (e.g., utility bill within ~6 months) Bank reference letter (often requested) Source of funds / source of wealth explanation (especially for higher-risk profiles)

Business profile (this is where most delays happen)

You should be ready to provide: Description of activities Countries you operate in / customers location Past and existing business activities This kind of detail is explicitly listed as part of standard corporate onboarding information.

Local Banks vs. EMIs: Which fits your business?

Feature	Local Cyprus Banks (BoC, Eurobank)	EU-Licensed EMIs (Revolut, Wise)
Onboarding Speed	4 – 12 Weeks	3 – 7 Days
Risk Appetite	Very Low (Conservative)	Moderate (Digital-friendly)
Physical Branch	Yes (Necessary for some visas)	No (100% Digital)
Trust Factor	High (Good for HNW structures)	High (Standard for Operations)
Substance Required	High (Local presence needed)	Minimal

Why handle your banking through us?

We act as “Introducers” to the main International Business Units (IBUs) in Nicosia, Limassol and Paphos. We don’t just “submit a form”—we pitch your business to the bank’s compliance officer before the application even begins. This reduces the risk of a “Silent Rejection” and ensures your file stays at the top of the pile.

[Book a Strategy Call to Discuss Your Banking Options] or [Start Your Company Onboarding Now]

Count on our Cyprus Business Bank Account Opening Assistance

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Result: you get speed, fewer mistakes, and a cleaner compliance trail from day one.

Frequently Asked Questions about Opening a Cyprus Bank Account

Can a foreigner open a bank account in Cyprus?

Yes, foreigners can open both personal and business bank accounts in Cyprus without being residents. However, banks will conduct “Enhanced Due Diligence” (EDD), which means more questions about your professional background and the source of your funds compared to a local resident.

What is the best bank for a Cyprus company?

There is no “best” bank, only the “best fit.” Eurobank Cyprus is excellent for high-net-worth holding companies. Bank of Cyprus has the best digital infrastructure for local SMEs. Ancoria Bank is often more flexible for smaller, tech-oriented startups.

How long does it take to open a business bank account?

For a local Cyprus bank, expect 4 to 8 weeks. For a digital EMI account, it usually takes less than 7 business days. This is why we always recommend starting with an EMI while the local bank processes your application.

Do I need to visit Cyprus in person to open a bank account?

Not necessarily. Most banks now offer video-call identification (KYC). However, having a local representative or an “Introducer” handle the paperwork on the ground significantly increases your chances of approval without a physical trip.

Which documents are required for a business bank account?

You will need the full set of corporate certificates (Incorporation, Directors, Shareholders, Registered Office), the Memorandum & Articles of Association, and personal KYC for all owners (Passport, Utility Bill, CV, and Tax ID).

Need Assistance Opening a Bank Account in Cyprus?

We’ll prepare your onboarding pack, structure the ownership narrative, and guide compliance Q&A until the account is active.

We also assist businesses active in Casino and Adult sectors.