Globalserve – Cyprus Company Formation – бизнес на кипре
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Before you proceed with a bank account opening, you have to choose carefully the bank you want to cooperate with. Have in mind that banks compliance departments are very strict nowadays. Based on that, you have to choose a bank whose clients’ acceptance policies comply with your business activities and requirements and you have to be prepared to send them immediately all documentation and details needed. Be prepared to be transparent to the bank, to reveal the beneficial owner, his business background and profession which should be related to the company’s activities and his size and source of wealth to be clear and comply with the size of the company’s activities.

See below details needed to open a bank account.

For natural persons either as principals or ultimate beneficial owners (UBO) of companies

  • Full name and residential address
  • Date and place of birth
  • Nationality
  • Occupation
  • Contact details other than address (i. tel. numbers, e-mail account etc)
  • Notarized copy of the signature and photograph page or pages that are clear and obvious, of the current passport and notarized specimen signature
  • Original or notarized copy of recent utility bill (not more than 3 months old), or bank statement or domestic passport, showing the customer’s current residential address.
  • Original bank reference letter
  • Information about professional background and CV
  • Information whether he/she or an immediate member of the family is or was a PEP
  • Source of wealth / origin of funds

For directors / shareholders (other than the UBO) / bank signatories / attorneys / contact persons for business affairs

  • Full name and residential address
  • Date and place of birth / registration
  • Nationality
  • Occupation
  • Contact details other than address (i.e. tel. numbers, e-mail account etc)
  • Notarized copy of the signature and photograph page or pages that are clear and obvious, of the current passport and notarized specimen signature

For the company as principal or for the companies in a group structure

  • Notarized copy of certificates of incorporation, directors, shareholders and/ or incumbency according to jurisdiction
  • Memorandum and Articles of Association Certified true copy
  • Overall group structure indicating the chain to the UBO

After your application sent, you have to be waiting for a few days for the approval. You must be well prepared to answer the bank’s questions giving them details and confirming that you know your clients and you trust them too.

Globalserve Consultants Ltd, having a strong and experienced banking department is always available to advice and assist you on the bank account opening and other issues. We undertake the preparation and submission of the application and the communication with banks too, having successful cooperation with more than 10 banks in Europe, UAE, Hong Kong.

You can contact us at the below e-mail address banking@globalserve.com.cy or call as at 00357 25 817181

For more details you can read the article edited by Mrs. Phani Schiza Antoniou Why is it so difficult to open a bank account today?

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