Cyprus has long been recognized as a leading European jurisdiction for international business. With its favorable tax regime, EU membership, and a well-developed banking system, it’s no surprise that entrepreneurs and investors choose to set up their companies here.
Whether you’re forming a new company or expanding operations, one of the first steps is to open a corporate bank account in Cyprus.
Here’s a straightforward guide to help you understand the process — and how Fidustria can help you navigate it smoothly.
Step 1: Register Your Company in Cyprus
Before applying for a bank account, your business must be officially incorporated in Cyprus. This involves:
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Choosing a company name and structure (most commonly a Limited Liability Company)
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Registering the company with the Cyprus Registrar of Companies
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Receiving the Certificate of Incorporation, Shareholders, Directors, and Registered Address
Banks require these documents to begin your application.
At Fidustria, we prepare your full corporate file in advance, ensuring all documents are in order before the banking process begins — saving you time and reducing back-and-forth with the bank.
Step 2: Select the Right Bank or EMI
Cyprus offers a range of traditional banks and Electronic Money Institutions (EMIs). Some popular choices include:
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Bank of Cyprus
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Hellenic Bank
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Eurobank
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AstroBank
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International EMIs (Wise, Revolut, etc.)
Choosing the right partner depends on your business type, expected transaction volumes, and whether you need local IBANs or multi-currency accounts.
Fidustria will assess your business model and advise whether a traditional bank or an EMI is more efficient — helping you activate your business operations as quickly as possible.
Step 3: Prepare the Required Documentation
To comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, banks in Cyprus will request a standard set of documents, including:
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Certificate of Incorporation
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Memorandum & Articles of Association
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Certificate of Directors and Shareholders
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Proof of business address
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Passport copies and proof of address for all UBOs and directors
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Detailed business activity description or business plan
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Source of funds and wealth declarations
Our team at Fidustria ensures that your documentation is complete, accurate, and translated where required — helping you avoid unnecessary delays and account rejection.
Step 4: Bank Interview or KYC Meeting
Most Cypriot banks require a brief interview or remote video call with the company’s beneficial owners or directors. This step allows the bank to:
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Understand your business activities
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Verify your identity and assess compliance risks
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Confirm the legitimacy of funds
At Fidustria, we minimize physical presence wherever possible and coordinate with banks to make this step smooth and efficient.
Step 5: Account Approval and Activation
Once all checks are completed, the bank will issue your IBAN and activate your corporate account. You’ll then be able to:
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Deposit share capital or initial working capital
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Access online banking
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Order business debit or credit cards
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Start processing transactions
Processing times vary but generally range from 2 to 4 weeks, depending on the bank and complexity of your business structure.