Local banks in Cyprus that offer business accounts
Communication Team
Communication Team

September 15, 2022

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Local banks in Cyprus that offer business accounts

Cyprus has become a gateway to business opportunities and new entrepreneurs planning to thrive in the international markets. As a result, the government of Cyprus has introduced various benefits such as low corporate taxes, easy markets, attractive tax regimes and a state-of-the-art infrastructure.

Cyprus is a member of the European Union and has become the third largest destination in the Mediterranean region. It offers a plethora of business opportunities to foreigners and locals looking to expand their business.

The banks in Cyprus have adapted accordingly becoming more flexible and open to giving foreigners better access to run a business and hold a business account in Cyprus.

Today, we'll take you through the Cypriot banks that offer multiple benefits to open a business bank account in Cyprus, their criteria to make the cut, their requirements and more, thereby providing solutions to expand your business.

So if you are thinking about starting a business in Cyprus, then this guide is for you.

Which banks in Cyprus offer business accounts?

Alpha Bank: Offers a full suite of banking products and services to both individuals and businesses in its 22 branches, located at different locations in Cyprus. You can get access to information in English on their website. If you want an instant account with Alpha, you get multiple benefits right away like free withdrawals, debit card, chequebook for facilitating transactions without the need for cash, Alpha e-banking etc.

Bank of Cyprus: One of the largest banks in Cyprus with a strong focus on business banking. They have a website in English and provide various account options to choose from. But things get even easier when you leverage their e-instant account. You can open an account in the name of a subscriber and gain access to your money via Mastercard. All you need is to be their ‘1bank’ subscriber and deposit at least €1 to hit the ground running

 Hellenic Bank: Established in 1976, the second-largest bank in Cyprus offers a wide range of business banking products and services. When you open a bank account for business with Hellenic Bank, it offers benefits like instant debit cards, direct access to your money, cheque book, overdraft limits and more. The bank also offers you an option to open a business bank account online through a fast, easy process.

Euro Bank: A small but growing bank in Cyprus that offers a full range of banking products and services for businesses. When you open a business bank account with Euro Bank, you get multiple benefits like online banking, free withdrawals and deposits, free debit card and more.

Related: Can a non-resident open a business bank account in Cyprus?

What is the procedure for opening a bank account in Cyprus for 2022?

The procedure for opening a bank account in Cyprus has been relatively simple and easy, provided you have all the necessary documents in place. In fact, you can also open an account remotely i.e. without the need to be present during the bank account opening process

Step 1: Research and choose the bank you want to open an account with

Step 2: Gather all the necessary documents required

Step 3: Fill out the application form

Step 4: Submit the form along with the required documents

What documents do I need to open a business bank account in Cyprus?

In order to open a business bank account in Cyprus, you will need to provide the following documents:

  1. Your passport or national ID card.
  2. Proof of address, such as a utility bill or rental agreement.
  3. Documentation about your business, such as your business registration certificate, Memorandum and Articles of Association, etc.
  4. Some banks may also require additional documents, such as a business plan
  5. Information and documents related to annual income, like a tax declaration, company documents, income and payslips, profits and dividends etc.
  6. You may also be required to bring in a letter of recommendation from any bank where you have your account

Once you have submitted all the required documents, the bank will usually take 2 weeks to process your application and open your bank account for business.

It’s important to note that, banks in Cyprus are strictly prohibited to open a business bank account in these cases:

  • If you fail to show them your clean accounting records
  • You are under the blacklist of the OECD, EU or FATF
  • You are not a tax resident of any country

What are the alternatives if I don’t qualify for a bank account for business?

If you are not eligible to open a business bank account in these banks, Cyprus still does not hold you from running your business. There are options for you to open a business account in digital-only banks (also called neobanks or mobile banks) and other financial management or payment platforms. These banks are comparatively faster and more flexible with their requirements. Additionally, these banks offer you a wide range of features at very low cost, easier access to your bank account, multi-currency accounts, easy card issuances to run a smooth business in Cyprus and financial management platforms that function just like banks but aren’t official banks are generally easier to get an account with as they are not lumbered with the same traditional processes, procedures and more exclusionary requirements of official banks.

Two of the better known neobanks you can look for

and popular banking provider platforms (not banks)

Easier and faster option: open a business bank account with wamo in Cyprus in 10 minutes

If you want to save time and high costs, wamo is another digital bank that enables businesses to open a business bank account in Cyprus in 10 minutes.

You will just need basic identity and business documents to make the cut! Additionally, you get multiple benefits like limitless sub accounts, virtual and physical debit and credit cards, regular reports and analytics, an expert view of your financial picture, SEPA and SWIFT options to ease your international transactions to name a few.

In fact, since your time is precious, it also offers you options to make effortless payments to your customers or clients through business QR codes and the newest fastest available payments feature available: payment request links.

wamo offers an ideal solution for expats, freelancers, students and business owners to run a business as smoothly as possible, regardless of geographical location. Why not give it a try?

Related: The easiest ways to open a business account in Cyprus

© 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

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 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. PayrNet holds an amount equivalent to the money in the wamo current accounts in a safeguarding account which gives the customers protection against insolvency. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 922901) for the issuing of electronic money. wamo is an EMD agent of PayrNet.

© 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