Can I open a Cyprus company bank account remotely?

Some banks allow online onboarding with video identification, but non-resident owners are often asked to meet the bank at least once.

Do I need to be Cyprus resident?

No. Banks open accounts for companies with non-resident owners, but they ask more questions about why the company banks in Cyprus.

Which bank is best for a new company?

It depends on your business, currencies and owners. Bank of Cyprus and Eurobank are the largest; smaller banks can be more flexible for some profiles.

Can I open the bank account before the company is incorporated?

No, but you can prepare the pack in parallel so it goes in the day the certificates arrive. Our Cyprus limited company set-up is co-ordinated this way.

Which bank in Cyprus is best for a foreign-owned company?

There's no single best bank. Bank of Cyprus and Eurobank are the largest and most used by UK founders; smaller banks such as Alpha Bank Cyprus or Ancoria Bank can suit some profiles better. The right match depends on your currencies, countries and industry.

Is there a minimum deposit for a Cyprus company account?

Banks don't normally set a legal minimum for a standard business account, but check the bank's tariff for monthly fees. If the account holds the €200,000 investment for a director work permit, keep the deposit evidence the Business Support Center asks for.

Why do people open company bank accounts in Cyprus?

Because a Cyprus company needs one: for substance, for paying Cyprus salaries, VAT and suppliers, and for most permit applications. Payment apps help with currencies but don't replace it. For payroll and VAT filing, see our accounting services in Cyprus.

Company formation

Cyprus Company Bank Account: Get It Opened Without the Compliance Ping-Pong

Opening a Cyprus company bank account usually takes 3–6 weeks, and the delays come from incomplete source-of-funds evidence and vague business plans. We introduce you to a bank contact and a professional who prepares the pack properly. The introduction is free.

Vetted, licensed partners
Free introduction
Referral fees disclosed

Request an introduction

Free. I reply personally within one working day.

The short version

A Cyprus company bank account usually takes 3–6 weeks from a complete application.

Most delays come from missing source-of-funds evidence and vague business plans, not from the bank's systems.

Every 25%+ owner and every director is checked like a personal customer: passport, proof of address, CV, often a bank reference.

Using the account for the company's real payments is part of the company's substance, and the €200,000 director-permit deposit can sit in it.

Our introduction is free; law firms that handle the application charge from about €1,000 plus VAT.

Why the Cyprus company bank account is the slow step

Incorporation takes days; the bank account takes weeks. Cyprus banks are supervised under the EU's Single Supervisory Mechanism and apply strict anti-money-laundering checks, especially to new companies with non-resident or newly arrived owners.

What slows applications down:

Source of funds and wealth that isn't documented — "savings from my UK business" with no statements or tax returns behind it.
A generic business plan that doesn't explain who the customers are, where money comes from and goes to, and expected monthly volumes.
Documents not in English or not certified.
Unclear ownership. Banks must identify every ultimate beneficial owner (UBO), and they won't open an account until they have.

A palm-lined avenue of glass office buildings in Limassol on a sunny morning — Limassol's business district

A complete pack, sent through a known contact, is the difference between one round of questions and five.

Moving an existing company's banking? If the account holder is a UK or other foreign company rather than a new Cyprus one, banks also ask for a certificate of good standing, an ownership chart up to the ultimate owner, recent accounts, and apostilled documents.

Documents a Cyprus bank will ask for

Every bank has its own forms, but this is the core pack. All documents must be in English or officially translated.

1 Company documents

Certificate of Incorporation (certified English copy)
Certificates of directors and secretary, shareholders and registered office
Memorandum and Articles of Association (English)
Board resolution to open the account and name signatories
Beneficial ownership details

2 For each director, signatory and 25%+ owner

Certified passport copy
Proof of address less than 3 months oldUtility bill or bank statement.
Bank reference letter less than 3 months oldSome banks ask for one.
CVShows the business experience behind the company.

3 The business

Business planCustomers, suppliers, countries, expected monthly turnover and payment volumes.
Source of funds for the company's capitalBank statements, sale agreements, dividend vouchers.
Source of wealth for the ownersTax returns, company accounts, property sale documents.
Contracts or invoices showing real activityEspecially useful for a new company.

How the bank account service works

01
Day 1
Tell us about the company
Activity, owners, countries and expected volumes.
02
1–2 working days
Introduction
We introduce a professional who prepares bank applications and a suitable bank contact.
03
Week 1
Document pack
Your pack is reviewed and gaps filled before anything is sent.
04
Weeks 2–5
Bank review and meeting
The bank's compliance team reviews it; expect a meeting in person or by video.
05
Weeks 3–6
Account live
Online banking, cards and currency accounts set up.

Where the weeks go: a typical Cyprus company bank account timeline

From the day the Certificate of Incorporation arrives. A complete pack is what keeps you at the short end.

Stage	Complete pack	Incomplete pack
Pack assembled and checked	Days 1–3 (prepared during incorporation)	1–2 weeks
Bank's first compliance review	1–2 weeks	2–3 weeks
Follow-up questions	One round	Two to five rounds, a week or more each
Meeting in person or by video	Booked with the first review	Booked after questions are answered
Account live	About 3–4 weeks	6 weeks or longer

Our summary of typical timelines reported by Cyprus law firms (3–4 weeks from first contact with a complete file) and corporate service providers in 2026. Each bank sets its own process.

Free introduction

Get your bank pack checked before it goes in

We introduce you to a professional who prepares Cyprus company bank applications and a suitable bank contact. One complete submission beats five rounds of questions.

Request a bank introduction Set up the company first

Which banks, and what it costs

The Central Bank of Cyprus register lists local banks including Bank of Cyprus, Ancoria Bank and Cyprus Development Bank, and EU-owned subsidiaries including Eurobank (which absorbed Hellenic Bank in 2025), Alpha Bank Cyprus and National Bank of Greece (Cyprus). Bank of Cyprus and Eurobank are the two largest. Each has its own appetite for new companies, non-resident owners and certain industries, which is why the introduction matters. For your own personal account, see our Cyprus bank introductions.

Our introduction is free. Banks usually charge nothing to open an account; check each bank's published tariff for monthly fees and international transfers. If you use a lawyer or corporate service provider to prepare and manage the application, they quote a fee — Cyprus law firms advertise from about €1,000 plus VAT for handling an account opening. Partners pay us a referral fee; it isn't added to your bill (referral disclosure).

Eligible deposits are protected up to €100,000 per depositor, per bank, under the EU deposit guarantee scheme.

Tip

Using the account for a director work permit?

The company-of-foreign-interests route needs a €200,000 investment in Cyprus, which can be a deposit in a bank licensed by the Central Bank of Cyprus, made within the 6 months before the application. Tell the bank and your lawyer at the start so the account and the deposit evidence match what the Business Support Center asks for. See our entrepreneurs hub.

Why the account matters beyond banking

A Cyprus company that takes its income into a UK account and pays its bills from a UK card looks like a company run from the UK. Using a Cyprus bank account for the company's main receipts and payments is part of its substance — the evidence that it's genuinely managed from Cyprus.

An espresso on a café table by the fishing boats in Paphos harbour in the morning — Paphos harbour before the day-trippers arrive

Payment apps like Wise or Revolut Business are useful for multi-currency invoicing, but they don't replace a Cyprus bank account for substance, for most permit applications or for a Cyprus company's day-to-day banking.

The bank account is one part of our company formation service. If you haven't chosen a residence route yet, the relocation route finder is a quick first check, and our Cyprus accountants guide explains who keeps the company's books once the account is open.

3–6

Weeks to open, typically

With a complete pack

€100,000

Deposit guarantee

Per depositor, per bank

25%

Ownership that triggers full checks

Each UBO is verified

€0

Cost of our introduction

Banking and formation partners

Vetted professionals who prepare Cyprus company bank applications.

Licensed and regulated

Registered with the right Cyprus body — Bar Association, ICPAC, CySEC or the Estate Agents Council.

Fluent with UK clients

They know HMRC, UK pensions and how British clients expect to be kept in the loop.

Vetted in person

I’ve worked with them or checked their work with people I trust. No paid listings.

Fees disclosed

If a partner pays a referral fee, I tell you before the introduction.

Partner profiles are shared privately, matched to your situation.

Request an introduction

Frequently asked questions

Usually 3–6 weeks from a complete application. Missing source-of-funds evidence is the most common cause of delay.

Request a bank account introduction

Tell us about your company and its expected payments. We'll introduce you to a professional who prepares Cyprus bank applications, and a suitable bank contact.

Document pack checked before submission
Bank chosen for your business profile
Free introduction, no obligation

Founder-led. Replies within one working day.

Sources checked for this page

1.Central Bank of Cyprus — Register of credit institutionsGovernment
2.Bank of Cyprus — International account openingProfessional
3.Central Bank of Cyprus — Financial conduct and deposit guaranteeGovernment
4.Business Support Center (MECI) — Registration of companies with foreign interestsGovernment
5.Registrar of Companies — Forms & feesGovernment
6.European Banking Authority — Guidelines on remote customer onboardingGovernment

Written by

Jason

Founder, Paphos Advisor

British founder who moved his family from the UK to Paphos in 2025. I write down what I learned doing it properly — the tax, the residency and the living-here detail — and introduce people to the specialists I’d use myself.

How I research and fact-check

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Cyprus Company Bank Account: Get It Opened Without the Compliance Ping-Pong

Why the Cyprus company bank account is the slow step

Documents a Cyprus bank will ask for

How the bank account service works

Tell us about the company

Introduction

Document pack

Bank review and meeting

Account live

Where the weeks go: a typical Cyprus company bank account timeline

Which banks, and what it costs

Why the account matters beyond banking

Banking and formation partners

Frequently asked questions

How long does it take to open a Cyprus company bank account?

Can I open a Cyprus company bank account remotely?

Do I need to be Cyprus resident?

Which bank is best for a new company?

Can I open the bank account before the company is incorporated?

Which bank in Cyprus is best for a foreign-owned company?

Is there a minimum deposit for a Cyprus company account?

Why do people open company bank accounts in Cyprus?

Request a bank account introduction

Sources checked for this page

Keep reading

Why the Cyprus company bank account is the slow step

Documents a Cyprus bank will ask for

How the bank account service works

Tell us about the company

Introduction

Document pack

Bank review and meeting

Account live

Where the weeks go: a typical Cyprus company bank account timeline

Which banks, and what it costs

Why the account matters beyond banking

Banking and formation partners

Frequently asked questions

How long does it take to open a Cyprus company bank account?

Can I open a Cyprus company bank account remotely?

Do I need to be Cyprus resident?

Which bank is best for a new company?

Can I open the bank account before the company is incorporated?

Which bank in Cyprus is best for a foreign-owned company?

Is there a minimum deposit for a Cyprus company account?

Why do people open company bank accounts in Cyprus?

Request a bank account introduction