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Why you should open a bank account for your company in Cyprus?
We are delighted to announce that Mundo and NTL have
partnered with the most recognized experts in corporate solutions and banking
services in Cyprus to offer our distinguished readers a unique possibility.
Our Cyprus business package consists of a preferential rate for the establishment of any kind of business structure on the island plus the management of opening a business bank account to start enjoying the benefits of the Cypriot banking system from the very beginning!
The jewel of the Mediterranean Sea
In the middle of the sea, with one of the most
fascinating stories in the world, there is an island that has lived longer than
the greatest civilizations that have witnessed conquests and reconquests that
have impregnated it with a cultural variety that cannot be found in many other
places. We are talking about Cyprus, an island so magnificent and beautiful
that it is said that Aphrodite (the Greek goddess of love) was born there.
Cyprus is an island where contrasts and dualities are
everywhere. The dichotomous landscapes are either harmoniously brought together
or rejected by natural imposition, and either way, the result is a spectacle
like no other in the world.
Cyprus has a history that is the product of the
innumerable conquests that the island has experienced, and which is blended
into a cocktail of ancient legends. Orthodox Church and Greek mythology come
together in the lives of the inhabitants of villages frozen in time and modern
metropolises alike. This is the charm of Cyprus, to feel at the center of the
whirlwind of history.
Cyprus is today the lighthouse with the brightest
light in the entire Mediterranean Sea due to its mega optimized tax scheme that
guarantees low taxes for tax residents and a wide range of possibilities when
it comes to encouraging investment in the island for both locals and
foreigners.
The advantages that make Cyprus the destination of so many foreign investors are not small but we list the best ones to give you an idea of the economic potential of this charming island:
- One of the
lowest tax rates in the EU
- Access to
numerous double taxation treaties
- Wonderful
banking products
- Full compliance
with OECD substance requirements
- Full access to
the European market
- Excellent opportunities
in tourism, real estate, gas, and agriculture.
- Favorable
financial environment
- Reliable Limited Liability Company (LLC)
Legislation
- A major
destination for holding companies
Cyprus is a fascinating place, but also one of the
best options when it comes to accessing first-class banking services and
registering companies to invest or protect your assets.
Corporate structures in Cyprus
Starting a company in Cyprus is the best way to do
business in the EU. If you are looking for compliance with EU and international
standards, tax efficiency, and stable tax planning, Cyprus is your best option.
The country offers many opportunities to reduce your tax exposure and optimize
your taxes.
Cyprus has become an essential destination for companies seeking a legal way to optimize their taxes, and the fact that the laws and regulations for foreign investors are the same as those for local investors makes it even better. Cyprus has four main types of corporate structures:
- Cypriot company
- Branch of a foreign company
- Association
- Sole proprietorship
If you want to know more about Cypriot corporate structures, check out our Country Focus right here.
First-class banking services
When it comes to banking services, Cyprus shines
brightly. People who want to open a bank account on the island for themselves
or companies will not compromise on the advantages of this place.
Many multinationals and family offices make Cyprus
their base of operations mainly because of its highly developed banking
infrastructure.
The banks offer multi-currency accounts with the most
varied characteristics. Some even allow the opening of accounts without the
applicant having to visit their offices in person! So, if you are thinking of
diversifying and protecting your assets, Cyprus should definitely be one of
your main options.
Banking services in Cyprus
Cyprus has one of the most developed financial systems in the whole of Europe, the main objective of the Cypriot government's financial policy has been to create a sound banking system, with the lowest tax rates in the whole of the European Union. The banks in Cyprus can be divided into three categories:
- Cypriot registered banks
- Foreign banks with branches in Cyprus
- Representative offices of foreign banks
Cyprus is a perfect jurisdiction to have bank accounts
for individuals and companies because they offer first-level transparency in a
low tax environment and guaranteed funds of deposits. Cypriot banks are used to
opening multi-currency accounts, as it considerably increases customer security
in the ups and downs of the foreign exchange market.
In addition to being reliable, Cypriot banking is
characterized by the lower cost of maintaining current accounts, compared to
other jurisdictions such as Switzerland, the United Kingdom, and
Liechtenstein. The requirements for
opening an account in Cyprus are not demanding, compared to other
jurisdictions. If you are looking for a bank account in the European Union,
both for you and your company, which guarantees security, low maintenance
costs, and specialization in e-commerce, Cyprus is your ideal jurisdiction.
The main advantages of opening a bank account in
Cyprus are the following:
- Open a bank account in Cyprus for companies and individuals without physical presence.
- Affordable bank account maintenance.
- Professional banks with online banking to perform any transaction and possibility to apply for any type of banking service: Foreign exchange accounts, credit cards, letters of credit, accounts for investment in the stock market, payment gateways, credits.
- Banks in Cyprus are highly regulated and maintain laws protecting deposits made by clients.
- Professional banks with online banking to perform
any transaction and possibility to apply for any type of banking service:
Foreign exchange accounts, credit cards, letters of credit, accounts for
investment in the stock market, payment gateways, credits.
- Opening a bank account takes somewhere between 10
to 20 days maximum (depending on the bank), as long as the applicant correctly
provides the required requirements.
Requirements for opening a bank account in Cyprus
Each bank in Cyprus has particularities, but in
general, the requirements for opening bank accounts maintain a standard that
does not differ much for corporate and personal banking. Generally, banks on
the island require the following information to open accounts:
For individuals, there are three types of accounts:
deposit accounts, checking accounts, and savings accounts. The requirements
are:
- Copy of
passport or identity card
- Utility bill
(not older than three months).
- CV
- Source of wealth
- Bank reference
letter
There is no minimum deposit to open the account, and
no minimum balance is required on the account. Some banks may require more
information if they deem it necessary.
For a legal entity to open a bank account in Cyprus,
the main requirement is that the entity has a "substantive" presence
in the country. This means that the entity must demonstrate a real presence in
Cyprus through, for example, a small office. This is not a disadvantage for our
readers, because this is one of the services we have available in Cyprus.
For companies, there are four types of bank accounts: fixed deposit accounts, checking accounts, commercial accounts, and savings accounts. The requirements are:
From the shareholders:
- Notarized copy of the identity card or passport.
From the directors:
- Notarized copy
of the identity card or passport.
- Bank reference
letter (cannot be more than six months old).
From the beneficiary owners and authorized
signatories:
- Notarized copy
and of the identity card or passport.
- Proof of place
of residence.
- CV
- Bank reference letter (cannot be more than six months old)
- Business card
of the final beneficiaries.
Corporate
documents
- Notarized copy
of the certificate of incorporation.
- Notarized copy
of the memorandum, bylaws, and operating agreement.
- Notarized copy
of the certificate of good standing (if the company is more than one year old)
- Notarized copy
of the certificate of good standing (if the company is more than one year old).
- Notarized copy
of the certificate of directors, shareholders, registered office and secretary,
or certificate issued by the registration body of the country of origin, or in
some cases by the Ministry of Finance, showing the tax-exempt status of the
company.
- An authorized
copy of the minutes assigning the official directors.
- An authorized
copy of all minutes of the Board.
- Power of
attorney (if any)
- Copy of the
trust deed (in case there is a nominee shareholder).
- Brief
description of the business plan, the websites (if any).
- Contracts,
agreements, invoices, brochures, presentations (if available).
- Presentation of
the structure that will guide to the final beneficiary.
- Checking the
address of the main traders.
- Recent financial statements/account management
- Bank statements
for the last six months.
Setting up a company in Cyprus to optimize taxes
The company in Cyprus pays 12.5% corporate tax.
However, Cypriot companies can reduce their taxes enormously.
The effective tax rate of a Cyprus company can be
lower than 5% as with an appropriate corporate structure setup profits of a
Cyprus company could be diverted to offshore entities. The offshore companies
receive the pre-tax money and distributes it in the form of dividends to its
partners on which no tax is paid in Cyprus.
For companies having certain types of IP income, the
Cyprus corporate tax rate is only 2.5% while the effective tax rate can be less
than 1%, not bad, right?
Cypriot companies have no problems obtaining business
bank accounts in other countries, nor do they have any problems using payment
services such as PayPal and Stripe or registering on platforms such as eBay and
Amazon.
For a company in Cyprus to do business in the EU, it needs an establishment. However, the office can be located in any private apartment and, of course, you can deduct your rental costs from tax purposes, even if it is in a luxury villa.
In short, with the right tax advice, your company in
Cyprus will pay hardly any taxes. Luckily, we have the best experts in the
field.
Check out our articles about tax residency and
companies in Cyprus.
Establishing a holding company in Cyprus
Of course, a Cypriot legal entity can also be useful
as a holding company. This is one of the most extraordinary opportunities the
island offers.
In Cyprus, transfers by holding companies to their
subsidiaries have the privilege of being tax-free. Moreover, Cyprus is the only
EU country that does not subject the transfer of profits to offshore
jurisdictions to withholding taxes.
On the other hand, the multiple double taxation
agreements signed between Cyprus and other countries, reduce the withholding
taxes in case of transfer of profits to the Cypriot parent company.
Of course, as an EU country, Cypriot holding companies
also enjoy the benefits of the common system applicable to parent companies and
their subsidiaries, whereby profits distributed by a subsidiary to its parent
company are exempt from withholding tax.
Cyprus Holding companies provides you with:
- A tax exemption
on the disposal and trading of securities
- A tax exemption
on dividends received from Cypriot companies or the foreign permanent company
of your holding company (with certain exemptions, such as income arising from
jurisdictions with lower tax rates or foreign companies with mostly passive income)
- Dividends,
royalties (except for intellectual property), or interests paid by the holding
to non-residents are not subject to withholding tax
- Re-organization
is tax-exempt
- Losses can be
carried forward for five years
- No Controlled
Foreign Company laws
In short, whether you need a holding company or prefer to do it as an active company, setting up a company in Cyprus can offer you many advantages and allow you to create fascinating structures to diversify and protect your assets.
Business package in Cyprus: bank account and company
registration. An unmissable opportunity on an unforgettable island
At Mundo, we’ve partnered with the best experts in
business registration and banking services in Cyprus to bring our readers the
most robust package for registering a business and opening a bank account in
record time in one of the most prosperous places in the entire European Union.
Starting a business and enjoying one of the most reliable
banking systems in the whole Mediterranean Sea has never been a more attainable
possibility than it is now
Our alliance with the best experts in banking products
and corporate solutions in Cyprus allows us to bring our readers today a unique
package consisting of establishing a company (whatever its corporate structure)
plus opening a bank account at an incredible price.
If you want to know more details about this promotional
package or our services on the island of Cyprus, do not wait to contact us and
meet our experts! Enquire now
Who are we, and what can we do for you?
At Mundo, we have dedicated more than 25 years to
working for the freedom of people seeking access to better financial services
and the protection of their wealth. Our experience in providing investors and
high net worth individuals to safeguard their legacy and maximize the fruit of
their work has solidified our commitment to contribute to a freer world.
Throughout this time, our work has enabled us to
connect a vast network of experts with whom we can provide the best advice for
banking and investing in Cyprus. Our experts on the island handle the most
diverse areas and allow us to offer full support to our clients so that they
get only the best from Cyprus.
Opening a bank account in Cyprus can take between 10
and 20 days, depending on the bank. Still, our experts can make the process as
easy as possible. And in parallel, they can also help you register your company
on the island so you can start enjoying a super competitive tax system within
Europe.
Our range of services in Cyprus includes:
Corporate and Commercial Law
- Company
formation, acquisition, and sale of companies;
- Corporate
re-organizations;
- Advice on
corporate governance issues;
- Company winding
up petitions;
- Contract
claims;
- Bankruptcy and insolvency services;
- Re-domiciliation
of companies in and out of Cyprus;
- Various ancillary
services.
Banking and Finance
- Domestic and
cross-border loan and security transactions;
- Refinancing of
existing debts;
- Guarantees and indemnities.
- Open bank accounts for individuals and businesses;
Want to know more details of what you can start doing with our services in Cyprus? Remember that we have a promotional price to establish any type of company in Cyprus and open a bank account from the first moment. Contact us now and meet our experts!
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