Business Bank Account in Cyprus: Opening Guide

Published on October 2, 2025 and written by Cyril Jarnias

Cyprus, a Mediterranean island at the crossroads of Europe, Asia, and Africa, has become a sought-after destination for international entrepreneurs. Its robust banking system, favorable taxation, and business-friendly regulatory framework make it a wise choice for establishing a commercial presence. In this article, we will explore in detail the process of opening a corporate bank account in Cyprus, the necessary documents, and the best available banking options.

Benefits of a Corporate Bank Account in Cyprus

Before diving into the practical details, it’s important to understand why Cyprus is an attractive destination for international businesses:

Financial Stability: Despite past challenges, the Cypriot banking sector has undergone a remarkable transformation, strengthening its stability and resilience. Cypriot banks are now subject to strict supervision by the European Central Bank, ensuring their financial soundness.

Favorable Taxation: With a corporate tax rate of only 12.5%, one of the lowest in the European Union, Cyprus offers an attractive tax environment for businesses. Additionally, the country has concluded numerous double taxation treaties, facilitating international operations.

Access to the European Market: As a member of the European Union, Cyprus offers direct access to the single European market, while serving as a bridge to Middle Eastern and North African markets.

Modern Banking Infrastructure: Cypriot banks offer advanced online banking services, multi-currency options, and a comprehensive range of financial products tailored to the needs of international businesses.

Steps to Open a Corporate Bank Account in Cyprus

Opening a corporate bank account in Cyprus requires careful preparation and adherence to certain key steps. Here is a detailed guide to help you navigate this process:

1. Choose the Right Bank

The first crucial step is to select the banking institution that best matches your business needs. Cyprus has several reputable banks, each offering specific services and benefits. It is recommended to:

• Compare banking fees and interest rates
• Evaluate the quality of online and mobile banking services
• Check the availability of services in English (or your preferred language)
• Review corporate credit card options and credit facilities

2. Prepare the Required Documentation

Cypriot banks have strict documentation requirements, in accordance with anti-money laundering (AML) and know your customer (KYC) regulations. Here is a list of commonly required documents:

• Company Certificate of Incorporation
• Company Statutes/Articles of Association
• Proof of company address (lease agreement or utility bill)
• Passports and proof of address for directors, shareholders, and ultimate beneficial owners
• Detailed business plan outlining the company’s activities and financial projections
• Recent bank statements (for existing businesses)
• Banking or professional references

3. Schedule an Appointment with the Bank

Once your documentation is gathered, contact the chosen bank to schedule an appointment. Although some banks offer online account opening processes, an in-person meeting is often necessary, especially for corporate accounts.

4. Bank Interview and Document Verification

During your appointment, a bank representative will review your documentation in detail and ask questions about your business. Be prepared to explain:

• The nature of your business
• The source of your funds
• Your revenue projections
• The types of transactions you plan to conduct

5. Account Approval and Activation

If your application is approved, the bank will provide you with the necessary documents to activate your account. This may include:

• The bank agreement to sign
• Information on banking fees
• Details for accessing online banking
• Corporate bank cards (if requested)

Essential Documents for Opening a Corporate Bank Account in Cyprus

Meticulous preparation of your file is crucial for a successful account opening. Here is a detailed list of documents generally required by Cypriot banks:

• Certificate of Incorporation
• Company Statutes/Articles of Association
• Certificate of Good Standing (if applicable)
• Register of Shareholders and Directors
• Board Resolution authorizing the account opening

• Valid passports of directors, shareholders, and ultimate beneficial owners
• Recent proof of address (less than 3 months old) for each individual
• Detailed CVs of key executives

• Detailed business plan
• 3-year financial projections
• Audited financial statements (for existing businesses)
• Bank statements from the last 6 months (for existing businesses)

• Organizational chart of the corporate structure (for complex groups)
• Share certificates
• Ultimate Beneficial Owner Declaration

• Contracts or proforma invoices with key clients and suppliers
• Licenses or permits specific to your industry
• Banking or professional references

It is important to note that all documents must be either in Greek or English. Documents in other languages will need to be translated by a certified translator.

Main Banks in Cyprus: Choosing the Ideal Partner for Your Business

Choosing the right bank is crucial for the success of your operations in Cyprus. Here is an overview of the main banks and their specific advantages:

1. Bank of Cyprus

• Largest bank in Cyprus with an extensive network
• Advanced online banking services
• Wide range of financial products for businesses
• Multilingual support, including English and Russian

Bank of Cyprus is particularly suitable for businesses with significant operations in Cyprus and the Mediterranean region.

2. Hellenic Bank

• Strong presence in the SME sector
• Customized banking solutions for different business sectors
• User-friendly online banking platform
• Focus on financial innovation

Hellenic Bank is an excellent choice for startups and growing businesses seeking a flexible banking partner.

3. RCB Bank

• Specialized in international banking services
• Expertise in cross-border transactions
• Wealth management services for entrepreneurs
• Personalized approach with a dedicated account manager

RCB Bank is ideal for businesses with complex international banking needs.

4. Eurobank Cyprus

• Strong focus on corporate banking services
• International trade finance solutions
• Advanced treasury services
• Expertise in the energy and real estate sectors

Eurobank Cyprus is particularly suitable for businesses operating in specialized sectors or with complex financing needs.

5. Alpha Bank Cyprus

• Wide range of business financing products
• Robust online banking services
• Support for Greek businesses establishing in Cyprus
• Innovative payment solutions for e-commerce

Alpha Bank Cyprus is a good choice for businesses seeking a combination of traditional banking services and modern financial solutions.

Tips for a Successful Account Opening

To maximize your chances of success and speed up the account opening process, follow these expert tips:

1. Prepare meticulously: Gather all necessary documents in advance and ensure they are up-to-date and properly certified if necessary.

2. Be transparent: Banks appreciate transparency. Be prepared to provide detailed information about your business, its activities, and financial projections.

3. Establish a local presence: Having a physical address in Cyprus and a local director can facilitate the account opening process.

4. Consider professional assistance: Engaging a lawyer or consultant familiar with the Cypriot banking system can greatly facilitate the process.

5. Be patient: The process can take time. Remain professional and responsive to the bank’s requests to avoid unnecessary delays.

6. Choose the right account category: Ensure you choose the type of account that best matches your business needs (checking account, savings account, multi-currency account, etc.).

7. Prepare for the interview: Be prepared to discuss your business plan and financial projections in detail during your meeting with the bank representative.

Potential Challenges and How to Overcome Them

Although Cyprus offers a business-friendly environment, opening a bank account can present certain challenges. Here are the most common obstacles and how to overcome them:

1. Strict KYC and AML requirements: Cypriot banks have rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. To facilitate the process, ensure you have impeccable documentation and be prepared to provide detailed explanations about your company’s structure and the source of your funds.

2. Account opening timelines: The process can take several weeks. Plan accordingly and start the process well before you need it for your operations.

3. Language barrier: Although English is widely spoken, some documents may be in Greek. Consider using the services of a professional translator to avoid any misunderstandings.

4. Minimum deposit requirements: Some banks may require a substantial initial deposit. Make sure you understand these requirements in advance and prepare accordingly.

5. Restrictions on certain business sectors: Some banks may be reluctant to open accounts for businesses operating in sectors considered high-risk. If this is your case, be prepared to provide additional guarantees and explain your compliance measures in detail.

Conclusion: Your Gateway to Business Success in Cyprus

Opening a corporate bank account in Cyprus is a crucial step in establishing a strong commercial presence in this strategic Mediterranean hub. Although the process may seem complex, careful preparation and a thorough understanding of the requirements will allow you to successfully navigate this process.

Cyprus offers a stable banking environment, favorable taxation, and privileged access to European and Middle Eastern markets. By choosing the right bank and following the advice provided in this guide, you will lay the foundation for sustainable growth for your business in this dynamic region.

Remember that every business is unique, and it may be wise to consult local experts for personalized advice tailored to your specific situation.