Cyprus Companies – Update

Recent developments in the banking sector has affected the account opening of Cyprus Companies with the Bank Institutions licensed under the Central Bank of Cyprus. In real terms the most important amendment is the declining of bank account opening of "shell" Companies.

A person wishing to incorporate a Cyprus Company needs to understand that in order to be eligible to open a bank account in Cyprus he/she must be able to demonstrate to the banking institution full substance of his/ her business operations within the Country of Cyprus.

Ideally a checklist of how substance is defined would be a useful tool for all Company applicants. In practice, applicant Companies need to understand that substance and conditions as set by each bank institution varies.