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How long does it take to open a business account in Cyprus?
Opening a business account in Cyprus usually takes around 2 weeks for non-residents. Some digital banks might offer a faster process. Always check with the bank to find out how long the process can take as each bank is different.
With wamo, setting up a wamo business account is quick and simple. It usually takes about 10-15 minutes to register. Our team wil then review your application and request additional information or documentation if needed. It usually takes under 48 hours to have your business account ready to use.
What do I need to open a business account in Cyprus?
To open a business account in Cyprus, you'll need to provide various documents. These may include business-related documents, proof of ID and proof of the source of funds. Exact requirements can differ among banks, so check with your chosen bank for a detailed list.
To open a business account with wamo, we will ask for:
Your, your directors’ and your shareholders’ proof of ID and proof of addresses
Your company name, registration number and business addresses
Your company’s website address, or links to other online presence (e.g. social media pages). We're required to ask for this as part of our financial regulations to open an account. If you don't have any online presence, then you can let us know how you market yourselves instead.
A bit of information about what your business does. For example: what products or services you buy or sell.
We’ll also ask for these documents:
Certificate of incorporation
Memorandum and Articles of Association (company registration documents)
Registry Extract showing Beneficial Owners
Proof of address (e.g., utility bill, bank statement or rental agreement) - Dated within the last 6 months.
Do I need to be in Cyprus to open a business account?
You do not necessarily need to be in Cyprus to open a business account. Some banks, like Hellenic Bank and the Bank of Cyprus, offer online account opening processes. However, they might require you to complete the process in person or be registered to their digital service. It's best to ask directly at your chosen bank about their process, especially if you're a foreigner or non-resident.
Keep in mind that the bank opening hours in Cyprus typically end around 1 to 2 PM. Also, certain banks may have additional steps or require extra documents if you're a foreigner or non-resident. Always check with the bank for more information.
With wamo, you don’t have to be in Cyprus to open a business account. Our application process is completely online. If you have any questions about opening an account, feel free to contact us. We're available 6 days a week and typically respond in under 5 minutes. Come to the live support chat on our website or by emailing firstname.lastname@example.org.
What is wamo?
wamo is a payments and financial management platform that works just like a bank. But wamo is not a bank. A fintech service like ours and many others works in partnership with a banking service provider to bring you all the benefits of banking without much of the hassle. wamo provides a business account that is easy to use, designed specifically to meet the needs of small and medium-sized businesses. You’ll get fast local and international payments, virtual debit cards for online spending. The ability to create up to 10 sub-accounts each with the option of either a EUR or GBP IBAN. A choice of subscription plans that you can change as your needs change and real, human customer support from a friendly professional team who are committed to your business success.