Can I open a business bank account in Cyprus for my company as a foreigner?
Communication Team
Communication Team

November 22, 2022

Share

Can I open a business bank account in Cyprus for my company as a foreigner?

One of the third largest islands in the Mediterranean Sea, Cyprus has established itself as a benchmark offshore destination. The economy of Cyprus has been buoyed by tourism, financial services and game-changer opportunities led by the government of Cyprus.

With that, the country has further been enabling foreigners and entrepreneurs to expand or launch their businesses there without having to visit or stay in Cyrpus. The simple answer is yes, you can run an international business in Cyprus from your home country! And the best thing about this process is that you can do it all online.

One initial step to start your offshore company is to open a business bank account which lets you convert currencies and conduct your international business transactions in a secure environment. Cyprus financial institutions are reputable and accessible, making it an ideal place to set up shop. They additionally allow you to open business accounts with them remotely.

Cypriot law is fully compliant with EU legislation, so your company is held accountable under the same standards as any other company operating within the block. But to qualify for business accounts, you need to fulfil some of the criteria of these financial institutions and get yourself ready for the regular processes of registering yourself as a company.

Also Read: Reasons why you should start your business in Cyprus?

Advantages of a business account in Cyprus

While it is not necessary to open a business account for your offshore company in Cyprus, there are many benefits associated with an account that can make you more confident to run a business. Some of the many are:

  • Secure environment – Thanks to the country's compliance with EU regulations, your company is held accountable under the same standards as any other company operating within the block. This makes it an ideal place to make business transactions in a safe and secure manner.
  • Ease in financial transactions - The country's reliance on electronic transactions has the ability to make your business dealings in Cyprus a breeze. You can easily run a business with other local and international businesses if you have the accessibility to local financial services.
  • Effective currency conversions - Having a business account enables you to convert any currency in your home currency. Without a business account, you will be bearing heavy conversion fees and international transfer fees which can often affect your business profits in the long run.
  • No double taxation: Cyprus has signed Double Taxation Treaties (DTAs) with more than 25 countries. That means, there are no taxes on imports and exports. A few countries are the U.S, U.K, Norway, France and Germany to name a few.

Note that, it is recommended to get a business account at the time of incorporation of your company. By completing the core tasks first, you’ll be in a better position to handle your finances with ease in the future.

Related: What is a business bank account with sub-accounts?

Open a business account in Cyprus

Opening a business account in Cyprus is pretty straightforward. There are multiple banks and financial institutions that you can approach to open your account. This can be done either remotely or in-person. Some of the popular banks in Cyprus are:

  1. Hellenic Bank
  2. Bank of Cyprus
  3. Citibank
  4. Laiki Bank

It is important to note that popular banks sometimes get stringent with their requirements or might take more than the usual time to process your application. As a foreigner looking to open a business account in a popular bank of Cyprus, you ought to be prepared for some delays or rejections.

Read about these banks and their procedures in detail. But that does not mean you cannot open a business account. There are multiple options which make your process easier and faster.

**a) You can open an account with a small bank.**This is the best option if you do not intend to keep a lot of money in your account and simply need basic banking facilities such as making loans, transferring funds, etc. These banks are usually more flexible and will accept applications from foreigners without difficulty.

b) You can also open an account with financial institutions like wamo. As a holistic financial management platform, wamo provides technologically advanced financial services that meet the requirements of the fast-paced business in Cyprus.

Specifically established as a fintech solution for small and mid-sized businesses, wamo provides a vast range of financial services and a customer service team that value your business as highly as you do, with the ability to help you see where your business can go and how it can get there.

Why wamo can be a wise choice for your business?

As fintech solutions like wamo have established their own timelines and regulations in Cyprus, they are also constantly looking for ways to improve the process and make it more user-friendly. This means that you can run your financial transactions with confidence knowing that your business will be processed quickly, securely and with minimal hassle.

Additionally, wamo's solutions are more flexible, provide personalised services and provide an overall better experience when compared to a traditional bank.

For businesses that need more than just basic banking facilities, it also provides you with advanced features like sub-accounts, virtual debit cards that can be used anywhere in the world, multiple monthly plans that suit your requirements.

To get set up with wamo, download the wamo business app from Google Play or the App Store, submit your required documents and complete the registration process in just 10 minutes. You can be up and running with a full-featured business account in 24 hours. It’s that simple!

Wamo.Io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. Wamo.Io LTD (Firm Reference Number 922901) is an EMD agent of PayrNet Ltd which is an Electronic Money Institution authorised by the FCA under the Electronic Money Regulations 2011 (EMR’s) with Firm Reference Number 900594.

Wamo Solutions Ltd is registered under the Laws of Malta with company registration number C97355 and registered office at Dragonara Business Centre, 5th Floor, Dragonara Road, St. Julians STJ 3141, Malta. Wamo Solutions Ltd is an EMD agent of UAB “PAYRNET” which is authorised by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (authorization code LB001994, license reference 72).

The wamo card is issued pursuant to licence from Visa. UK issuance is conducted by PayrNet Ltd and EU issuance is conducted by UAB PayrNet. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be safeguarded in one or more segregated bank accounts with a regulated third party credit institution and not lent out, which gives you protection against insolvency, in accordance with the provisions of the Electronic Money Regulations 2011.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner