Corporate Bank Account Opening Services by Panelium agency & services ltd

Do you need help with corporate banking services, company bank account opening, or an overseas bank account for any other country? Do you need help fixing your corporate bank account application? Our experienced banking department can provide a full range of commercial banking services for Cyprus Companies, other international business companies, and physical persons, whether the companies are under our management or not. We are here to help you open a Cyprus bank account for your company here in Cyprus and abroad.

Opening of bank accounts is a long and complex procedure and paper work is a nightmare; It becomes manageable if you refer to the right introducer, suitable bank and provide them with the required information.

Panelium as a reputable bank introducer can successfully open accounts for its clients to banks as well as Electronic Monetary Institutions (EMI) in Cyprus, Luxembourg, Switzerland, UAE, Bulgaria, UK, Mauritius, Baltic Countries and other jurisdictions, to meet both their commercial transactions needs as well as the placing of their funds with a safe and reputable bank.

But at the same time we offer opening commercial accounts with banks and EMI’s which can offer more competitive prices and can support clients with trade and other credit financing as well as a wide range of financial products.

For the clients who are interested in merchant accounts, portfolio management and placing of funds with top rank bank for security and good returns we can refer them to the suitable banks and financial institutions to meet their requirements.

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Advantages of opening a bank account in Cyprus

During the last years the financial system of Cyprus has introduced a lot of changes making easier the access of foreign investors to the Cyprus market and get benefited from the tax and other advantages offered by the Cyprus Financial system. The Cyprus banks are experienced commercial banks which unlike other international banks welcome commercial banking and are efficient and experienced in execution of commercial transactions.

The most important advantage of opening a bank account in Cyprus is that the owner of the company does not need to travel to Cyprus for a personal appointment with the bank and all documents can be submitted to the bank through our bank department. At the same time investors can open bank account in any currency with cards and IBAN numbers without restrictions and can enjoy high quality and fast electronic banking, offering 24/7 online banking services and SWIFT and SEPA international transfers.

Requirements in order to open a Bank Account:

Due Diligence procedure and details required from the banks

Before opening a corporate account, all reputable banks need to properly identify the Beneficial Owner(s), User(s) and Signatory(ies) of the account(s) and the below documents must be submitted together with the bank forms:

1. Certified true copy or apostille of the signature and photograph page or pages that are clear and obvious, of the current passport of the Beneficial Owner/s, director and bank signatory if different
2. Certified true copy of a recent utility bill, or identity card showing the Beneficial Owner/s address, director and signatory if different
3. Bank reference letter of the Beneficial Owner/s, director and signatory, if different.
4. CV

In case the shareholders are legal entities then additionally to the above, the companies’ statutory documents have to be submitted based on the requirements of the different jurisdictions. The following corporate documents should be certified true copy or apostilled:

1. Certificate of incorporation
2. The Memorandum & Article of Association
3. Certificate of incumbency or Extract from the Trade registry showing the names of the shareholders and directors , or if the jurisdiction does not provide the said documents then the following are required a. Registered address b. Director and Shareholders c. Good Standing (in case of an old company)
4. Share Certificates

In addition, clients need to be able to answer to the below questions:

1. Provide in full detail the company’s main business activities
2. The location of business activities
3. Countries to which payments are to be effected
4. Source and origin of funds to be deposited
5. Estimated annual turnover

** If the bank ask further details and clarification client has to cooperate and send all documents and details required.

As face to face meeting is required between banks representatives and potential clients, in case the client is unable to travel to Cyprus they are satisfied to arrange a SKYPE or ZOOM meeting through Panelium Agency & Services Ltd

All information, certificates and other documents and details submitted to the bank are strictly confidential and sharing them to any foreign party or foreign government is strictly prohibited. Panelium acts under strictly confidentiality rules, GDPR policies and protection technologies for its client’s safety.