When you get really sure to open Cyprus bank account, you must start gathering as much information about Cypriot banks as possible. You can obtain details from of many Cypriot banks by simply visiting their websites or through an overseas branch of any Cypriot bank (or a foreign bank operating in Cyprus).Make sure to note the most important points like the fees charged for personal accounts, overdrafts, international money transfers and other services offered by different Cypriot Banks.

You should also consider taking help from your friends regarding this matter as they might have dealt with such situation before so their opinion and recommendation can be really fruitful for you to take a decision. A person who have an account in any Cypriot bank will be of a greater help as he will be knowing all the merits as well as demerits of different banks there. His advice will be more practical due to his experience of operating an account in person. He will be able to tell you exactly as to whether to open Cyprus bank account or not to.

Finally when you decide to open Cyprus bank account you should start gathering all the documents required by the banks to register an account in your name. To provide a proof of your identity you can use your passport, your residence proof, your electricity billing address etc. You also need to provide a proof that you have attended majority and that you are over 18 years of age, in this case your birth certificate may be helpful to you. In case you think of sending your documents electronically, you should consider using digital signatures for greater reliability and due safety.

It will also be beneficial for you to have two accounts, a foreign bank account for international transactions and a local account for day-to-day business, in case you plan to shift in Cyprus permanently. Finally when you open Cyprus bank account, you will be able to use its services all over the world whether you live in Cyprus permanently or not.

Cyprus tax residents are not fully taxed for the profits they earn on the disposal of shares. The local businesses enjoy no restriction in the carry-forward of tax losses. They can be carried forward indefinitely to be set-off against future profits. Though sale of immovable property is not exempted, capital gains are fully exempted on the other hand.

Entrepreneurs are benefited from favorable interest rates as interest received by them is typically tax-exempt. An IBC business owner can opt for trading in multiple currencies as there are no exchange control restrictions. An IBC can easily open a Cyprus bank account in any currency that can also enjoy the freedom of foreign exchange commissions and taxes.

Sometimes, offshore banking is perceived as a tax evasion due to which countries make double tax agreements with other nations to provide competitive tax benefits. Under such agreements account-holder information and tax information is exchanged in order to identify tax evaders. Cyprus has 32 Double Tax Treaty agreements which apply to 40 countries and which can be exploited to minimize tax. Cyprus follows strict guidelines, stated under international laws in order to monitor and reduce the abuse of tax systems.

A business enjoys exemption up to the limit of 50% on interest raised out of the ordinary course of business. A business can also enjoy reorganizations, amalgamations, mergers and acquisitions without any tax implications. In case of organized groups, reliefs are available under which losses from a company can be set off against taxable profits of other companies in the same group.

IBCs in Cyprus enjoys many benefits like payment of only 10% taxes on net profits if it is a local Cyprus IBC and has a Cyprus bank account. An IBC can be termed local in case it is managed and controlled within Cyprus itself. Management and control is usually determined by the place of residence of the majority of the directors of the IBC as well as the place of annual general meetings. In case of non-resident IBCs, zero percent tax is levied. Dividend earned by such IBCs is wholly exempted from tax under certain conditions.

By opening a Cyprus bank account, entrepreneurs can be benefited from such exemptions thereby making it an ideal solution for any company to save on its tax liabilities.

Anyone can open a Cyprus bank account as personal or business bank account without visiting Cyprus. That said, you will need to make sure that you are able to provide the following 4 important documents:

1. Passport copy
2. Utility Bill not older than 3 months
3. Reference Letter from a Bank, Lawyer or certified accountant
4. a CV

The process to open Cyprus bank account may take several months in case anyone is not able to provide the required documents mentioned above. Thus is of vital importance for anyone to have everything ready before hand so that they are able to submit all the documents at once in order to avoid any delays. Even if you prefer to go in person to Cyprus for opening an account be sure to keep all the documents stated earlier in your bag in order to avoid declines needing you to visit the bank again.

In case you decide to open Cyprus bank account in the southern region of Cyprus, the three major banks in Cyprus, Alpha Bank Cyprus Ltd, Central Banks of Cyprus and Co-operative Central Bank Ltd (CCB) guarantees to provide you all the services to make your day to day business operations easier. These Cyprus Bank Account services includes with wide range of account services ranging from debit and credit cards services, foreign currency exchange, current and savings account services and long term investments and savings accounts services.

Cyprus Bank Accounts provides ideal solutions for offshore companies mainly for IBCs which are exempted from tax liabilities in full for non-resident companies and only 10% is charged in the form of tax  from the resident companies. Rebates are available for groups of people collectively who can available exemptions in tax to set off losses against taxable profits of other companies in the same group.

Cypriot banks are opened from 08:30 to 12:30 in the morning from Monday through Friday. Online banking facility is available 24 hours a day so you can easily transact any time. Cyprus Bank Account is best for anyone looking for saving on tax as well as enjoying the services meant for serving people and companies globally.

Cyprus bank account benefits differ from people to people. For most people it acts as bank maintained for total privacy that can shield assets from prying eyes. These accounts acts like shield to the financial identity of the owner. With an offshore bank account one can escape the attention of greedy lawyers and experience the kind of total economic freedom that a domestic account can’t offer.

Huge amounts of tax rebates are enjoyed by the offshore accounts holders as many of these will not have interest taxed at source like your home bank account as well as offer some of the best investment opportunities that are not available in the domestic market.

Cyprus bank account benefits the holder by offering FOREX and Trading accounts, making you to instantly buy and sell at the click of a button from a tax-free offshore base. Foreign currencies can be changed in split seconds with a little exchange cost.

Assets are benefited from the risk of anyone who might want to get their hands on it, making it harder for them to reach due to the physical distance and legal complexity. Holders of such accounts are ensured that a case against them never takes off by anyone attempting to seize an offshore account.

A good offshore account always allows you to make transactions online without much effort and into many millions of dollars. The problem that many of domestic account holders face is that if they try to transfer even relatively small amounts of money they need to go through some really irritating security questions and other invasive queries, making them feel completely annoyed. Cyprus bank account benefits an offshore account that will allow you to make international transactions with little or no hassle at all.

Another Cyprus bank account benefit is that it can be opened by anyone and is absolutely not important for you to be extremely rich in order to own such an account. Though certain services like “wealth-management” requires having a minimum of $1 million dollar still most services can be easily afforded by people belonging to all income groups.

Many people have used offshore accounts illegally but with changes in rules and regulations, it has really become difficult for anyone to use such accounts for illegal purposes making them safer and reliable. The Cyprus bank account benefits are many just open one today and enjoy all the privileges.

The Co-operative Central Bank providing services for rural and agricultural communities traditionally as well as is the governing body of all the operating Co-operative Societies (Co-Op bank), which work on the same license as retail banks. With minimum charge for all banking transactions, these Cyrus bank account services offer lower lending rates, interest rates and charges with standard banking services every day.

In order to take advantage of Cyrus bank account services it is mandatory to open an account in any of the Cyprus banks by providing passport, as the proof of identity and any utility bills or title deeds as the proof of address. It is important to file the documents in the bank by going in person; one can even mail the documents in case of non-residents. For all those who own a property in Cyprus, opening an account is more than necessary so that they find it convenient to make regular payments of utilities.

For the convenience of tourists all the banks in tourist resorts are open for longer hours in summer, offering satisfactory Cyrus bank account services. With instructions in English all the ATM’s are opened for 24 hours a day for withdrawals, deposits or balance checking. The general timings of banks are 08:30-12:30 Monday to Friday and Monday afternoons from 15:15-16:45 in summer (1 July to 31 August). Apart for this, all the Cyprus banks offers full internet banking services allowing all transactions to be made online. The account holder is issued a password to access the account.

The account holders fetching the Cyrus bank account services are taxed at a percentage of interest on their account retained for tax, the payment of which may be recorded on the tax return. All the Non-resident account holders should follow the instructions given in the EU Savings Tax Directive that states the rules relating to investments or deposits made in the Cyprus banks.

The currency that is used in Cyprus is euro and is easily convertible too. One can easily enjoy Cyrus bank account services like foreign currency exchange, long terms savings and investment accounts, Debit and credit cards along with having any kind of account like current or savings accounts.

The Central Bank of Cyprus being the Apex Bank of the country, who is entrusted with the power to regulate and control the banking sector of the land, is doing its jobs efficiently and actively. Therefore many global entities and individuals are inclined to avail world class banking services of Cyprus. As a result of which the clientele base has grown three fold reaching un-measurable height. The first step to avail such ultra modern banking experience is to Open Cyprus Bank Account. There are different types of bank accounts with separate objectives. Almost all Cyprus banks deal with foreign currencies, which are separate from the accounts that deal with Cypriot currency (EURO). Internet banking facility is provided to every account holders to transact wherever they are, with easy, accuracy and safer environments. The Banks in Cyprus are not only connected among themselves, but also with all global banks round the clock. So one can deposit, transfer and withdraw money whenever and wherever he/she wants.

The popularity of IT and Internet has made the opening and operating a Cyprus Bank account extremely easy. Offshore investors now have the facility to Open Cyprus Bank Account online sitting at home. The entire account opening process can be completed well within a week, through professional legal representatives, advisors who should be a resident of Cyprus or may be a foreigner who is well acquainted and conversant with the rules and regulations governing operation of Cypriot bank accounts. Never forget, To Open Cyprus Bank Account, you have to produce some authentic documents relating to your proof of identity, residence, good conduct and Verified/Demonstrated copies of Incorporation certificate/MOU etc (in case of offshore company accounts) along with the account opening standing fee fixed by Central Bank of Cyprus. So it is always advisable for individuals or corporate to come in person(s) directly to the bank to avoid possible errors.

The advantages of opening a Bank Account in Cyprus are enormous. The Banks in Cyprus offers multi currency Accounts. That means you can transact and run your Account in almost all global currencies such as USD, EUR, GBP and CYP etc.  Besides the “always on” Internet banking platform, you have the options to manage your Accounts through phone calls and fax service also. Once you Open Cyprus Bank Account, receiving your Master or Visa Debit Card within a week are easy. If you are a loyal and old customer getting a Credit Card through Cyprus Bank Account is not that hard. Cyprus Bank account provides best of e-banking through which you can carry efficient and effective money transfer services that comprises Debit Card balances & transactions, Credit card payments, loans, transfer of funds, creating fixed deposits, and online generation of banking statements etc. The deposits made in Cypriot Banks are now guaranteed according to the “Deposit Protection Scheme (DPS)” issued under article 34(2) of the Banking Law of 1997 and as amended on 24^th. July 2009. So if we summarize the whole facts, Cypriot banks offer world-class banking service with top secrecy, privacy and safety.

The marked is open for a Cyprus business and entering the Forex exchange marked isn’t difficult if you have a Cyprus Company behind it. The state of the art offshore banking in Cyprus makes it lucrative to incorporate a company in Cyprus and to open a Cyprus business bank account which comes with a Internet banking platform that can be used for:

Foreign Exchange trading, both personal and corporate customers can benefit from the Offshore Banks Foreign Exchange trading facilities on a margin basis.

This includes:
sale and purchase of bank notes in all major currencies
sale and purchase of foreign currency at spot and forward rates

To have a Cyprus Company behind the corporate bank account is of essential interest for many investors and business people all around the world, since as mentioned, it gives 100% protection against any liabilities and a 99% privacy in regards of revealing the beneficial owner of the Cyprus Company.

As any business owner is expecting to make large profits with the business they are into, then many consider jumping into a Cyprus Company Formation from the right beginning of their business venture, since it is important for them to be secured and have all available opportunities at the beginning, to ensure to become a successful and stable company and not to be limited in anyway.

Beside the well known tax saving a Cyprus Company Formation gives then there are many other reasons to conduct business from a company in Cyprus, one of them is that Cyprus is part of the European Union which opens the doors to the banking sector throughout Europe but still gives the benefits of being a Offshore company in Cyprus.

Any person or business can register a Company in Cyprus and can open a business bank account in Cyprus once the company formation take place.

CCLOGIC LLC is providing Offshore Company Formation in Cyprus, Seychelles, Belize, BVI and in many other offshore jurisdictions. Our large network of banks will ensure a hassle free and complete offshore company solution for clients worldwide.

Also for many years now, it has been a closed area to enter into the planning of taking your company offshore with your business, it is worldwide known that Swiss bank accounts have been used to avoid TAX on income and profits in general, but this option is going to close their doors, now you need to find a good and reliable place to STORE your MONEY.  Cyprus is one of the only places within the European Union which still has 100% banking secrecy and where it is impossible for an individual or foreign company to open a Cyprus bank account. The Offshore Bank in Cyprus which you need to find will simply deny business cases which haven’t been introduce by an official offshore bank introducer.

The question here is, how you as an individual can become a personal or business offshore bank account in an Offshore Bank, and why a Cyprus bank account is the best solution for you and your business.

Furthermore you will need to consider which other benefits it would give you as a business in regards to offshore asset protection. Yea it is right you might not have heard of the term offshore asset protection, but we will teach you what it is and how it will be an important role for your offshore company formation planning.

So, what you need to do, first of you will have to consider if you make enough profit in your business to effort the expanses which are involved in incorporate an offshore company and to become an offshore bank account with an offshore bank.

Offshore asset protection, how; very simple an Offshore Company and for instant an Cyprus company will make it very difficult for any authority in the world to find the real beneficial owner, secondly it costs a lot of time and money for anyone to claim any rights to get access to assets in an Cyprus Company or any other Offshore Company. Finally an Offshore Company and a Cyprus Company will work as an individual entity so it is perfect for offshore asset protection, because you can just take anything from a person which isn’t related to the claim! Do you have the picture now? If not it is all about offshore asset protection and to protect your rights to keep you hard earned money. In other words by entering into a consideration of offshore asset protection you just need to keep in mind that no one will be able to get access to whatever assets you might have in the company, even not if you file personal bankruptcy.

The important thing here is as long as we speak about cash, you will need to find a Offshore Bank which will open an offshore bank account for your offshore company or Cyprus company, this you will easily get access to through an offshore incorporation service which typically is able to prepare everything for you in one task. With an Offshore bank account you will have access to your moneys in your offshore accounts 24/7/365 and only you will have access to your offshore accounts, not the offshore incorporation service, not any nominee shareholder or director, no, only you. The offshore bank will send you the codes for your Internet Banking directly to the address you tell them to send it to. There is an 100% secrecy by opening an Offshore bank account or for instant to become a Cyprus bank account in an Cyprus bank / Offshore Bank.

Offshore accounts can be hold in multi currencies like EUR,USD,GBP and CYP almost any Offshore Bank will give you the possibility to have your own IBAN account number and Internet Access but the Cyprus Bank Accounts are the most reliable solution in general, since Offshore Banks in Cyprus are regulated through a strong financial network.

Start today to consider how you can get offshore asset protection, an offshore bank account in an Offshore bank and for instant go and consider to open a Cyprus Bank Account before anywhere else.

CCLOGIC.COM has specialized in the opening of offshore bank accounts in Cyprus and is an official introducer for major Offshore Banks in Cyprus.  We register offshore companies in Cyprus for the purpose of offshore asset protection, to safe TAX for our clients and for our clients to conduct legal business without any risk.

By just lowering your prices you would in many cases easily drive more sales into your pocket but you will soon face that this also means you need to sell more to get the same out of it.

A simple calculation which we did for a new client was to consider to take the entire business Offshore for Instant in Cyprus, the payable TAX for international business companies is 0% TAX which means if you lower your pricing per item with let’s say 15% (which would be the TAX you had to pay if you continue as you do now) than you won’t lose any money by reducing the price on your products or services but will at the same time get very competitive towards the competition.

It is important to consider any possible aspect to increase the costs doing business and at the same time be able to reduce the price to serve the consumers which at the moment (due to the financial crisis) only hardly want to spend any money.

A marked survey which has been made in Europe show that we are all more willing to spend money even in this financial crisis, if we can get the product or services we need to a reduced price.

How can I register a Cyprus Company, should be the question you ask yourself now.

CCLOGIC LLC has been in the Offshore Company Formation for years now and been of great help for many of our clients worldwide, many fail on finding the right Agent which can help with this service and get the job done fast and secure, we register a Cyprus Company and can open a Cyprus Bank Account within 7 – 14 days and ensure that everything is incorporated properly with Apostille of Documents and Company Certificates.

The Cyprus Bank Account comes with an Advanced Internet Banking (e-Banking) and as multi currency account (USD, EUR, GBP) – Your Cyprus Company can be registered as anonymous company with nominee shareholders and directors or with yourself or your holding company as director. You have to pay a 0% TAX rate to the TAX Authorities in Cyprus and conduct business worldwide with your Cyprus Offshore Company setup. You have a 100% assets protection and no limitation at all; any business can incorporate in Cyprus.

CCLOGIG LLC is a official Introducer for the major Cyprus Banks and has been serving several hundred clients with the Cyprus Company Formation and opening of Bank Accounts but we can more, we have a bride knowledge about the hassle to accept credit card payments Online, we have partnered with several Acquiring Banks around the world to open Offshore Merchant Accounts and to provide secure and reliable credit card processing for your website.

CCLOGIC LLC is a All in One Financial Service Agent which goal is 100% satisfaction for our clients, contact us today and let us help you to be a successful business which is in front of the competition.

Once you decided to incorporate your company in Cyprus it is very easy to transform this plan into reality, you can just start to fill our Online application for Cyprus Company Formation and hit the submit button.

Once we receive your application a sales representative will get in touch with you by e-mail or phone to clarify how your company structure should be and most important what your goals are in regards to go offshore with your company.

A simple application is then send to you as a PDF file which needs to be read and signed to start the registration of your company. Once this is received by our staff we will get it through to the Cypriot authorities and after approximately 7 days your company is registered.

Once the Company is official register in Cyprus we will send all the Apostil documents, company certificate and other useful information to you by courier or postal mail to an address of your choice.

Important to consider is if your Cyprus Offshore Company need to have a bank account, this can also be opened for the Cyprus Company easily, just let us know and we will send a Cyprus Bank Account application form to you as a PDF file, once this is filled, signed and returned to us we will go to the bank and get the account opened. Everything done Online and visit you to have to visit Cyprus.

Once you have both the Cyprus Company and the Cyprus Bank Account in place, you will be ready to start trading and conducting business through your real Cyprus entity. Your customers will be able to pay your Invoices to your Cyprus Bank Account just by using your Bank Account number or the IBAN number and a SWIFT code.

Through the advanced e-Banking (Internet Banking) system you will be able to monitor once the money enters into your account, from there you can transfer the money to your own local bank account or just have the money stay on your balance.

When would it be useful to have a Cyprus Company?

The possibilities are many, and often incorporation in Cyprus is used for the purpose of International Business Company (IBC Company)to conduct business Online, others register a Cyprus Company for the purpose to act as an Holding Company for a local company outside of Cyprus, this can be of a major benefit for your TAX planning and Assets Protection purpose.

Cyprus is a member of EU (European Union) which makes your Cyprus Company conducting business as an EU member company, that’s again offers you trust worthiness and a lot of possibilities in opening for instant a Merchant Account with a European Bank to accept credit card payments if you have a website.

For more information about how to open a Merchant Account to accept credit card payments on your website and to have your Cyprus Company to apply for the account please read our next publication on this blog or simply get in touch with one of our experience staff in this field at CCLOGIC LLC.