Cyprus Company Bank Accounts: Key Banks and How to Open an Account

How to Open a Bank Account for a Cyprus Company: A Complete Guide

Opening a Cyprus company bank account is one of the most important steps after incorporation. Whether you’re forming a local trading business or an international holding company, access to banking services is essential for running operations, receiving payments, and staying compliant with regulations.

This guide outlines the banking landscape in Cyprus and explains the step-by-step process to open a company bank account in Cyprus, including practical advice on how to prepare for the due diligence process and what to expect.

Why Banking Matters After Cyprus Company Formation

Once a Cyprus company is registered, a functioning business bank account is necessary to:

• Receive and make payments

• Maintain accounting records

• Demonstrate commercial substance (when applicable)

• Comply with tax and regulatory obligations – may even add to the Cyprus Tax Residency requirements of the Cyprus Company

Whether you’re a local entrepreneur or a foreign investor, choosing the right bank and preparing your documentation properly will save time and prevent rejections or delays.

Major Banks in Cyprus for Company Accounts

Cyprus offers a reliable and secure banking environment. The main institutions where companies typically open business accounts include:

• Bank of Cyprus – The largest and most established bank on the island. It offers a full suite of corporate banking services, including multicurrency accounts and online banking. Due to its conservative risk appetite, the onboarding process can be lengthy and documentation-heavy.

• Hellenic Bank – Another major player known for servicing SMEs and larger corporates. Hellenic Bank has invested in digital solutions in recent years but still maintains strict compliance checks during account openings.

• Eurobank Cyprus – A popular choice for international businesses. Eurobank combines personalized service with efficient online banking tools.

• EcommBX – A specialized Electronic Money Institution (EMI) licensed in Cyprus and regulated by the Central Bank of Cyprus. EcommBX focuses on digital banking solutions for international businesses, offering IBAN accounts, SEPA/SWIFT payments, and multicurrency options. It’s a strong alternative for companies that need banking functionality without relying on traditional banks. Account opening is fully remote, but subject to strict AML/KYC procedures.

• Revolut Business – The fastest-growing digital banking solution for Cyprus companies. Revolut offers a fully online onboarding process, competitive FX rates, easy integration with payment gateways, and modern financial management tools. It’s especially suited for international entrepreneurs, digital businesses, and e-commerce ventures. Please note however that as of the date of writing this article Revolut Business gives Lithuanian (LT) IBAN numbers. 

If you’re looking for speed, low fees, and flexibility, Revolut Business can be used for opening a Cyprus company bank account.

You can also open a bank account for your Cyprus Company with International Banks, but we do usually recommend a Cyprus licensed bank.

Step-by-Step Process to Open a Cyprus Company Bank Account

1. Choose the Bank Based on Your Needs

Before applying, consider factors such as:

• Do you need a Cyprus-issued IBAN?

• What currencies and jurisdictions will you operate in? If you will be selling in the appstores or need the account for immigration purposes contact us for what you need to pay attention to.

• Is speed or cost more important than in-person service?

• How good the online banking tools of the Bank are.

Each bank has its own internal criteria, and not all banks accept all types of clients (e.g., certain nationalities, industries, or complex offshore structures).

2. Prepare the Company’s Corporate Documents

You will need to submit:

• Certificate of Incorporation

• Certificate of Directors & Secretary

• Certificate of Shareholders

• Registered Office Certificate

• Memorandum & Articles of Association

• Recent company extract (if applicable)

Documents usually need to be not more than 3 months old and need to be in Greek or English and may be required to be certified as true copies of the original.

3. Gather KYC Documents for All Relevant Individuals

Banks are legally required to identify and verify:

• Ultimate Beneficial Owners (UBOs)

• Directors – Officers

• Authorised Signatories

Typical documents include:

• Certified copy of passport or national ID

• Proof of residential address (e.g., recent utility bill)

• CV or LinkedIn profile showing professional background

• Source of wealth and source of funds declarations – needs to be detailed and clear

• Tax Returns for the shareholder/UBO(s) may be requested

4. Provide a Business Profile or Justification

This usually includes:

• Description of business activity

• Intended jurisdictions of operation

• Expected turnover and transaction volume

• Sample contracts, invoices, or websites (if trading)

• url – website is usually helpful to understand type of activities

Banks use this to understand your commercial rationale and assess risk exposure.

5. Attend a Compliance Interview either in person or online

Most traditional banks will request an in-person or virtual meeting with the company’s UBO or directors. This is part of their internal KYC/AML process and is often required before approval.

How Long Does It Take to Open a Bank Account in Cyprus?

• Traditional Banks: usually 4 to 8 weeks, depending on structure and risk level

• EMIs / Fintech Providers: Often 3 to 10 business days – usually such timeline is achieved mostly with Revolut Business

Processing time depends on how complete your documentation is and whether your business activity or ownership structure is considered high-risk.

Common Challenges and How to Avoid Them

• Delays due to missing or uncertified documents
  → Always prepare certified true copies in advance.

• Rejection based on risk profile
  → Work with experienced advisors to match the right bank to your company profile.

• KYC fatigue
  → Be ready to respond quickly and clearly to requests from bank compliance officers.

We Can Help You Open Your Cyprus Company Bank Account

At Asterisk Corporate Services, we assist clients throughout the entire Cyprus company formation with bank account process. Our services include:

• Advising on suitable banks based on your needs

• Preparing and reviewing your documents before submission

• Coordinating introductions and interviews with bank officers

• Supporting ongoing compliance and updates

Whether you’re a first-time founder or an experienced investor, we help you navigate the regulatory landscape efficiently and with confidence.

Need help to open a company bank account in Cyprus?
Get in touch with our team today for personalised guidance and support.

Please note that the above does not consitute any form of advise and is just for informational purposes. If you require any advise do not hesitate to contact us or contact the professional firm you cooperate with in Cyprus.