Posts Tagged Cyprus banking – Business bank account in Cyprus
Opening an offshore bank account in Cyprus
Posted by peter in Cyprus Bank Account on December 26, 2008
Opening an offshore bank account in Cyprus can offer a multitude of benefits to International companies, the main advantage being that you can use the internet to carry out most transactions. Well established banks in Cyprus can provide multi-currency trading accounts and investment accounts that can be accessed via the internet, so practically every transaction can be done online or by fax or telephone if you prefer. There is no need to go into the bank in person to proceed with business, everything is convenient and instant. Some banks in Cyprus also offer debit cards.
To set up this kind of account there are various forms of identification that you will be require to supply. Proof of your permanent address is always essential to open an offshore bank account, this can be a utility bill for electric or the telephone and has to be provided from all signatories, shareholders and directors of your company.
The bank will provide you with forms to be filled in and signed, if you are unsure of certain details or how to proceed there are agencies that can assist you with preparing all the relevant forms and paperwork and ensure you have everything in order before applying for the bank account. These bank account opening forms need to be completed and signed.
You will also need to get hold of a certified copy of the Certificate of Incorporation and a certified copy of the Memorandum and Articles of Association, again a good agency will be able to provide you with these relevant forms and help you to fill them in correctly.
You cannot open an offshore bank account without the necessary identification documents. Banks will invariably require a form of ID with a photo attached to it, these will be a passport or an international driving license or some other document with photo to identify you. Again you will have to make copies and these all need to be certified. All the signatories of the account to be opened, the directors and the shareholders need to supply ID. The ideal form of identification required by the bank is your passport, a copy made and it has to be notarized.
To be continued soon!
Cyprus is a major offshore and onshore business centre with great business facilities and thousands of offshore companies
Posted by peter in Cyprus Bank Account, Cyprus Company Formation on December 16, 2008
Cyprus is a major offshore and onshore business centre with great business facilities and thousands of offshore companies, many firms are incorporated there every year. It is also a beautiful island destination to visit or live on, offering convenience for flights to Europe, Asia and the Middle East and an efficient communications network.
The benefits of opening a bank account in Cyprus include low tax on corporate profit, tax free dividends to shareholders, double tax treaties between Cyprus and 27 countries including Russia and the Ukraine, offshore companies located on the island are able to buy duty free items, including cars, and Cypriot off-shore company owners can remain anonymous using nominee services.
Whether you are a resident of the country is not important, however if you want to open a bank account in Cyprus it is much more preferable to open it in person rather than try to correspond with the bank from abroad.
Before you arrive in Cyprus you are able to open a bank account just by visiting a Cypriot bank in another country, opening a bank account using this method will mean that your signature has to be checked and confirmed before an account can be opened. There are branches of the Cypriot bank in many countries abroad.
It is advised to visit as many Cypriot banks whilst you are in your own country as possible and take the time to compare their rules and regulations, what ID do they require, their interest rates, etc. should all be checked out. They will all vary considerably and you want to obtain the best deal possible. Also check out their fees for personal accounts and international transfers and any other services you think you will need to use.
It is always helpful to seek other people’s advice and recommendations, ask business colleagues or friends if they have any experience of any of the banks and listen carefully to what they have to say. A good recommendation can sometimes be far more helpful and truthful than any type of advertising. Then take a trip to the bank and introduce yourself letting them know you are interested in opening up a bank account with them.
For anyone to open a bank account they must be over the age of 18 and you will to take proof of your identity to show them. This is normally a passport, driver’s license or some other form of ID, preferably with a photo attached. Letters with your home address will also be needed, this could be an electricity or telephone bill. It is up to you what type of bank account you intend to open depending on the reasons why you require it; it could be anything from a current account to have a salary paid in, a savings account to save money for your retirement or a foreign currency account.
Even if you are planning to retire and live the rest of your days in Cyprus it is always a good plan to keep your bank accounts in your own country up and running, they will always come in useful. If you have family still in your own country then it is wise to keep some of your funds in this account for when you visit them as it will work out cheaper to use these funds than paying the commissions charged to convert foreign currency. Most expatriates who live in another country than the one where they would normally reside, such as Cyprus, have at least two accounts open, one for international transactions and one for every day business.
If you are considering opening a bank account in Cyprus then you can always start your search for an appropriate bank by searching the web, type in ‘Cyprus bank account’ in the search box and go from there. From the options that appear, select the site that offers all the types of banking you need. Then contact the bank and request a phone consultation, ask them to mail you read outs about the bank. Always enquire about debit and credit cards and business banking. Other areas you might be interested in are wealth management and asset protection.
There is plenty of information online regarding offshore bank accounts, they can save you money and you can relax knowing you have a great retirement fund planned for the future. Open a Cyprus Business or Personal Bank Account