Cyprus business bank account for your company: 4 to 12 weeks from a complete application
We prepare your application for a Cyprus business bank account and answer the bank until it opens, from €1,500. Wise or Revolut takes your payments meanwhile.
Opening a Cyprus business bank account: who can, where and how long it takes
The answers for owners who live abroad, with the times a bank and a payment firm take.
4 to 12 weeksNon-resident owners can open an account
Yes. A Cyprus company owned from abroad opens an account at a Cyprus bank, and its owners need not live on the island. The Central Bank of Cyprus directive tells a bank to weigh each business on its own file, not to turn away a whole category. We apply to Bank of Cyprus, Eurobank Limited and Alpha Bank Cyprus, all on the Central Bank's register. A bank opens the account in 4 to 12 weeks from a complete application.
up to 10Working days for a payment account to open
A payment account opens within two weeks. Wise or Revolut take up to 10 working days, and you apply online with our help. Revolut says it reviews a business application in under 48 hours. Founders use one from the first week for invoices, supplier payments and currency exchange, and keep it afterwards as a second route for money.
€100,000Deposit protection for each depositor
Deposits in a Cyprus bank are protected up to €100,000 for each depositor in each bank, and the cover extends to companies. A payment institution or an electronic money institution (EMI) keeps its clients' money apart from its own, in a separate account at a bank.
A company that hires staff from outside the EU shows an investment of €200,000 from abroad in its account at a Cyprus bank. Founders with that plan start the bank application with the company.
Cyprus banks and payment accounts compared
Who holds your money in each.
Bank of Cyprus
- Opens in
- 4 to 12 weeks 10 to 12 for a new company with owners outside the EU
- Suits
- A company that wants the widest range of banking services
- How you apply
- Through us, with its branch visit arranged
Eurobank Limited
- Opens in
- 4 to 12 weeks
- Suits
- A company with staff, an office or customers in Cyprus
- How you apply
- Through us, with its questionnaire and a video or branch meeting
Alpha Bank Cyprus
- Opens in
- 4 to 8 weeks for owners outside the EU
- Suits
- A company with a short ownership chain
- How you apply
- Through us, with identification on a video call
Wise or Revolut
- Opens in
- up to 10 working days
- Suits
- Payments, invoicing and currency exchange from the first week
- How you apply
- Online, with our help
What a Wise or Revolut account does
It gives the company an account for invoices, supplier payments and currency exchange. Wise asks for the registration certificate, proof of the trading address, documents on who owns and controls the company and the ID of the account holder. Wise does not open accounts for businesses in cryptocurrency, tobacco or adult content.
Who holds the money in each
Wise Europe SA is an authorised payment institution under the National Bank of Belgium. It is not a bank, and it keeps clients' money apart from its own in banks and low-risk assets. In the EEA Revolut Business is a bank, Revolut Bank UAB, authorised by the Bank of Lithuania, and the Lithuanian scheme insures eligible deposits up to €100,000 per depositor.
What stays with a Cyprus bank
The €200,000 that a company of foreign interests shows from abroad goes into an account at a bank licensed by the Central Bank of Cyprus. Payment and e-money institutions do not count. A payer in the SEPA area may not refuse an IBAN because it belongs to another country, so an account with an EU IBAN receives your customers' payments.
What clients write about Legarithm
4.8 on Google from 26 reviews.
…they handled my Cyprus company setup while I was still in London. Smooth remote process and great communication.
We set up a company in Cyprus. Nobody pushed extra services, everything was to the point. They explain things clearly, give a real timeline and help with the tax details.
Everything is well coordinated and clear. Half an hour of the first meeting was more useful than two weeks of trying to work it out myself.
What a Cyprus bank account application costs
The fee starts at €1,500 at each of the three banks and covers the documents, the application and the correspondence with the bank. Prices are before VAT.
Application to a Cyprus bank
from €1,500Get a quote- Wise account, help with opening
- included in Standard, €2,749
- Registrar certificate for the bank, each
- €200
- Apostille and certified translations
- in your quote
How we prepare the file for the bank's checks
We collect the evidence for each point and check it before the bank sees it.
Every director and every beneficial owner (UBO): a person with more than 25% of the shares or with control by other means. A chart shows the whole structure, and a long chain comes with its business reason.
What it sells, in which markets and to whom, with the turnover it expects and the size of its usual payments. The bank also asks for the countries and main partners of the money coming in and going out.
Contracts, invoices, a website or online shop and the latest financial statements. The Central Bank's directive names these as the proof a bank files for a company that sells or serves customers remotely.
The company's office, staff or directors in Cyprus. A resident director who takes part in the board's decisions is part of that, and nominee services in Cyprus covers the role. A postal address and a secretary service alone do not show presence.
The source of each owner's funds, shown with documents: a salary, the sale of a business, investment income. The directive names tax returns, audited accounts and payslips as proof.
A company in crypto-assets, gambling or payments adds its licence to the bank's file, and a crypto-asset firm not supervised under the EU's MiCA regulation faces an enhanced check. The guide goes through each check: what a Cyprus bank checks.
Opening a Cyprus bank account from abroad: Bank of Cyprus account opening through Legarithm
What you sign, what we arrange and how the bank identifies each owner.
One route to the bank, any visit arranged
Legarithm is an official introducer, so your application goes from us straight to the bank's account opening department. You sign the bank's forms remotely, and a notary or our lawyer certifies the copies of your passport and proof of address. Documents from abroad carry an apostille, and those in another language an English translation. Bank of Cyprus ends its page for a limited company with a branch visit and the original documents, and we arrange that visit with you.
How each bank identifies you
The bank identifies each director and owner itself, a check banks call know your customer (KYC). Alpha Bank Cyprus does it on a video call, and we represent you before Bank of Cyprus. A bank that takes a customer from an introducer meets the owner before the first transaction, and the Central Bank's directive allows that meeting online with a recording. When a bank invites a director to a branch, we arrange the visit.
A fuller record of funds for non-EU owners
Owners from outside the EU send the same documents and a fuller record of where their money comes from: tax returns, a contract of sale, bank statements. Our compliance officer reads the file the way a bank does and closes the gaps before it is filed. The list Bank of Cyprus publishes for a Cyprus limited company names no residence requirement for the owners.
What the account includes
A Cyprus IBAN, online and mobile banking, a corporate Visa or Mastercard debit card, euro transfers by SEPA, international transfers by SWIFT (the code of Bank of Cyprus is BCYPCY2N), and balances in euros, dollars and pounds.
Company bank account opening in Cyprus, step by step
From the choice of the bank to the first card payment, with the time each step takes.
- day 11
We choose the bank with you
We compare the 3 banks with your owners, your activity and your payment flows, and name the one where the business fits.
- first week2
You send the documents
You upload the documents of the company and of its owners in your account. We check them against the bank's list.
- up to 10 working days3
A payment account opens
You apply for Wise or Revolut online with our help while the bank reviews your file. The account takes invoices and supplier payments from the first week.
- 2 to 3 weeks4
We prepare the application
We complete the bank's forms and questionnaire, certify the copies and order the Registrar's certificates, which take 2 to 3 weeks to issue. You sign.
- 4 to 12 weeks5
The bank reviews it
We file the application and answer the bank's questions with you. Bank of Cyprus publishes 3 working days for its first contact after an application form, and Eurobank Limited asks for a meeting, by video or at a branch.
- then6
The account opens
You receive the IBAN, the online banking access and the card. Until then a Wise or Revolut account takes your payments.
A complete application filed on Monday 2 November 2026 is expected to open the bank account between 30 November 2026 and 25 January 2027. A payment account applied for the same day is expected between 3 and 9 November.
Documents for a Cyprus bank account: the company, its owners and directors
Each bank publishes its own list. We cover all three lists and the minimum in the Central Bank's directive.
Documents
The company
- Certificate of incorporation
- Memorandum and articles of association
- Certificates of directors, shareholders and registered office
- Certificate of good standing, for a company older than 12 months
- Chart of the ownership structure, signed by the beneficial owner
- Receipt of the entry in the Registrar's register of beneficial owners
- Trust deed between the beneficial owner and a nominee shareholder, where nominees hold the shares
- For a shareholder that is a company: its own statutory certificates and latest financial statements
- Resolution of the directors that opens the account, names the people who operate it and sets how they sign
- Description of the business and its expected turnover
- Expected payments in and out: countries, main partners and amounts
- Number of staff, and the group structure where the company belongs to a group
- Tax residence of the company and of each owner
- First contracts or invoices
- Recent audited or management financial statements for up to 2 years, or VAT payments for the last 12 months
- Utility bill for the address of the main activity, issued in the last 6 months, and not a mobile phone bill
Each director and owner of more than 25%
- Certified copy of a valid passport
- Certified copy of a proof of address; we send one from the last 3 months, the directive accepts up to 6, and each bank sets its own limit
- Bank reference letter from the last 3 months
- CV
- Source of funds declaration, with the tax returns, contract of sale or statements behind it
- Phone, email, date of birth, profession and employer
- A short account of the source of wealth: how the capital arose, with the returns or audited accounts that show it
- The secretary and each authorised signatory send the same passport and proof of address
- The bank's due diligence questionnaire, completed
You send them in your account. We check each document the day it arrives and tell you what is missing.
See the platformBank of Cyprus lists a directors' resolution, the beneficial owners receipt and recent financial statements for a Cyprus company. Alpha Bank Cyprus adds a bank reference and a CV, and Eurobank Limited starts with its International Customer Questionnaire.
Why a Cyprus bank refuses or closes an account, and what to do after a refusal
The reasons the banks and the Central Bank give in their own rules, and the steps we take after one.
What the bank and the regulator say
Bank of Cyprus tells applicants that when the documents it asks for are not supplied, it can refuse a new relationship, restrict an account or end one. The Central Bank of Cyprus directive requires a bank to weigh each relationship on its own, to record the reason for a refusal and to keep it ready for the supervisor.
Five reasons the published rules give
- An ownership chain the bank cannot read to the last person, with layers that have no clear business reason.
- A shell company, which the directive defines as a company with only a postal address and no activity. If it is registered where audited accounts are not required, or is tax resident in a listed non-cooperative jurisdiction, the bank cannot take it on.
- A plan the evidence does not support, with payments, countries and partners but no contracts, invoices or website.
- A source of funds without papers. The directive names tax returns, audited accounts and payslips.
- A change the bank has not been told about. A new director, shareholder, address or activity sends the file to review, and an update that is not supplied can lead to restrictions.
What we do after a refusal
- We ask the bank for the points it could not accept and answer each with a document.
- We close the gaps in the file: the path of the funds, the structure chart, the proof that the company trades.
- We apply to another of the three banks, and the payment account takes payments meanwhile.
- A complaint about the handling goes to the bank in writing, within 6 months of learning of the issue. A company with a turnover up to €350,000 can then go to the Financial Ombudsman within 12 months, for a fee of €20.
After the account opens: what the bank asks each year
What the bank asks once the account is open.
The bank reviews each company once a year and asks for its latest audited accounts. We prepare them as part of accounting in Cyprus and send them to the bank.
A new director, shareholder, address or activity sends the file to review under the Central Bank's directive. The new Registrar's certificates reach the bank with our filing, and we update its records.
Bank of Cyprus runs its data updates in the mobile app, by phone or at a branch. We collect the new documents and send them.
A bank reviews the file again when a dormant account is activated. We bring the documents up to date before the first payment.
When the business needs a second route for payments, we prepare one more application, to another bank or payment institution licensed in the EU.
You pay the staff and the Tax Department from the account. With payroll in Cyprus you receive one payment file a month.
Questions about a bank account for a Cyprus company
Which bank in Cyprus is best for a foreign-owned company?
The one whose requirements your business meets. Bank of Cyprus has the widest range of services, and Alpha Bank Cyprus identifies owners from outside the EU by video. Eurobank Limited suits a company with staff, an office or customers in Cyprus.
At which Cyprus bank can a foreigner open an account?
Each of the 3 banks we work with. A foreign owner shows who holds the company, what it does and where its money comes from, and we document each answer. The three are Bank of Cyprus, Eurobank Limited and Alpha Bank Cyprus.
How do I open a bank account in Cyprus?
Register the company, then apply to a bank with the company's certificates, the documents of each owner and director, and proof of what the business does. We prepare and file the application, and a bank opens the account in 4 to 12 weeks while a Wise or Revolut account takes your payments. The Registrar's certificates take 2 to 3 weeks to issue, and you sign the bank's forms remotely.
Can a UK or US owner open a Cyprus business bank account from abroad?
Yes. The owners do not have to live in Cyprus. You sign the bank's forms remotely, a notary or our lawyer certifies your passport and proof of address, and Alpha Bank Cyprus identifies owners from outside the EU on a video call. A company owned from the UK or the US applies to the same three banks: a Cyprus company for UK residents and a bank account for a US-owned company.
What documents do I need to open a business bank account in Cyprus?
For the company, its certificates of incorporation, directors and secretary, shareholders and registered office, the memorandum and articles, and the ownership chart signed by the beneficial owner. For each director and each owner of more than 25%, a certified passport, a proof of address, a bank reference letter, a CV and a source of funds declaration. The full lists are in the documents section above.
Are deposits in Cyprus banks protected?
Yes. The deposit guarantee scheme covers up to €100,000 for each depositor in each bank, companies included. Money in a Wise account is not a bank deposit. Wise Europe SA is a payment institution outside the Belgian guarantee scheme, and Revolut Business deposits sit with Revolut Bank UAB under the Lithuanian scheme.
Does a Cyprus company have to bank in Cyprus?
No. It can bank with any institution licensed in the EU. Founders open a Cyprus account for salaries, loans and the €200,000 investment that hiring from outside the EU asks for.
Can I apply for the account before the company is registered?
The bank asks for the certificate of incorporation first. We prepare the application during company formation in Cyprus and file it once the certificate arrives. The steps up to the certificate are in our guide to registering a company in Cyprus, and a ready-made company holds its certificate from the first day: shelf company in Cyprus.
Get a quote for your Cyprus company
Book a 30-minute call about your company
Your consultant Vladyslav Babaiev Opens in a new tab Business Setup Specialist
- We email you the Google Meet link.
- 30 minutes, free, no obligation to order.
- After the call we email you the checklist of documents for your country.
We reply by the end of the next working day with the cost and the dates for your case. The first call is free and confidential.
Also for a company in Cyprus
Company formation in Cyprus
Three packages from €1,699, registered in 8 to 12 working days
OpenAccounting in Cyprus
Books and tax returns from €290 a month, and the yearly accounts your bank asks for
OpenNominee services in Cyprus
A resident director on the board, a shareholder and a secretary
OpenPayroll in Cyprus
Payslips, income tax and social insurance at 8.8%, filed each month
OpenGuides to a company in Cyprus
All guides to a company in Cyprus
Updated 9 November 2026. Reviewed by Vladyslav Drapii, Founder.
