A Cyprus bank account is important to the offshore company as it helps in planning on how best to utilize its funds and also enables the business to save some of their proceeds for future use. But certain questions asked before opening the account may include:
What services are offered by the Cypriot banks?
A Cyprus bank account will offer foreign exchange services in order to facilitate trading between countries. They also offer internet banking for easier transfer of funds between the branches and main office and will issue debit and credit cards.
Is there a minimum opening balance required?
Most of the banks will have a set amount that should be deposited before the account is operational. This will, however, depend on the individual bank. The amounts should be submitted as soon as the bank account number is received.
How long will take before the account is operational?
After submitting all the relevant documents, it will take a period of three to ten working days before the account becomes operational. As soon as the account is activated, a notice is sent to inform you so.
How safe are the amounts invested in banks?
The Cypriot banking system is highly regulated in order to protect the investors from incurring losses. The Central Bank of Cyprus ensures that the banks have attained the set standards before they can be registered. The Cypriot banking system consists of four major banks that are listed on the Cyprus stock exchange. There are eight branches of EU countries banks and 17 branches belonging to non-EU banks. All these banks have gone through a thorough continuous vetting process before getting the operating license.
Do I have to physically visit the bank to open an account?
No you don’t have to be there as most banks have integrated internet banking thus you can communicate with the bank through the phone, email or fax. The same applies for other account operations that can be done from any place provided there is a medium of connectivity.
Are there any restrictions as to the citizenship of the account holders?
A Cyprus bank account that is opened by an offshore company will usually have no restrictions as to the nationality of the founders. This is so because Cyprus is fully dedicated to promoting foreign investment in the country.
Who controls the account?
The account is fully controlled by the approved signatories.
What are the basic requirements before getting a bank account?
Since offshore companies are privately-owned the bank will require identification documents of two directors, the signatories and the shareholders. The memorandum of understanding and letter of incorporation should also be provided alongside the board resolution showing the names of the legally approved signatories.
How can I be sure that the private information given to the bank remains so?
Confidentiality is the main principle guiding banks in Cyprus. The Central Bank has put up measures to see to it that any bank that breaks this rule is highly penalised or their license may be revoked.
Offshore Bank Account in Cyprus (C) 2009 CCLOGIC.COM – Open an Offshore Bank Account in Cyprus or the Seychelles.