The history of the bank began in the late 19th century when a small group of businessmen and financiers established Nicosia Savings Bank. The first office of the bank started its operation in 1899 in the capital of Cyprus – Nicosia. Until then the country had not had a modern financial institution. Upon foundation of Nicosia Savings Bank new possibilities were opened for trading as well as community in general. In 1912 the company became Bank of Cyprus.
Today the Bank of Cyprus Group is the leading banking and financial institution of Cyprus.
The Group currently operates through a total of 130 branches/business offices, of which 125 operate in Cyprus, four in the United Kingdom, (Euro 1.23 Billion in loans), one in Romania (Euro 221 million net exposure).
We are an official introducer of Bank of Cyprus.
Main services of Bank of Cyprus
- Opening corporate accounts in over 30 world’s currencies
- Internet banking
- Issuing corporate cards: Visa
- Opening personal accounts
Required documentation for account opening with Bank of Cyprus:
- Original corporate documents copies apostille
- Bank’s forms (prepared by our company) to be signed in the bank or legalized in Cyprus/Greek embassy
- Apostilled copies of passports, address proof copies and originals of bank reference letters for company controlling persons and authorized signatories or copies legalized by Cyprus/Greek embassy
- Business plan / business forecast or extensive business description
- CV
- Pre-compliance forms (provided from our side on the pre-approval stage)
Remote account opening:
- Personal presence is required. We will arrange Your meeting with representative of the bank along with the originals of all Your documents.
- As an option, certification of forms can be done in Cyprus/Greek consulate, in this case full package of documents including forms should be couriered to the bank for an account opening.
Deposit terms:
- Minimum activation deposit of 1000 EUR or equivalent in other currency
Required time to open an account:
- Account opening in Bank of Cyprus takes at least 2 months (not including company formation period, courier deliveries, document provision delays)
Website:
Fees & rates:
Our assistance services:
Companies under our administration
Other companies
General information
| Government type |
Republic |
| Executive branch |
Cabinet (government) headed by the President |
| Legislative branch |
unicameral National Assembly (34 members) |
| Judicial branch |
Magistrates’ Court, Supreme Court, Court of Appeal |
| GDP per capita rank |
34 (2012) |
Corporate info
| Shelf companies permitted |
Yes |
| Legal system |
based on English common law and French civil law |
| Incorporation timescale for a turnkey company |
above 2 weeks |
| Cyrillic alphabet permitted in company name |
No |
| Local registered office |
Yes |
| Types of entity |
company limited by shares; company limited by guarantee; company limited by shares and guarantee; limited partnership; special license company; protected cell company; international business company |
| Incorporation timescale for a new company |
2 days |
| Company suffix |
Limited, Corporation, Incorporated or the related abbreviation: Ltd., Corp., Inc.. |
| Sensitive words |
“Bank“, “Building Society“, “Chamber of Commerce“, “Chartered“, “Cooperative“, “Credit Union“, “Government”, “Licensing”, “Municipal”, “Parliament”, “Police”, “Royal”, “Tribunal”, “Stock Exchange” or a word or abbreviation conveying a similar meaning. “Airline”, “Assurance”, “Bitcoin”, “Bureau de Change”, “Casino”, “Charity”, “College”, “Council”, “Foundation”, “Fund”, “Gambling”, “Gaming”, “Hospital”, “Insurance”, “Insurer”, “Lottery”, “Military” |
Shares and share capital
| Minimum authorized share capital |
No requirements |
| Minimum issued share capital |
No requirements |
| Minimum paid share capital |
1 |
| Authorized capital payment deadlines |
No requirements |
| Bearer shares permitted |
No |
| Issued capital payment deadlines |
Upon issue |
| Standard currency |
US Dollar |
| Standard authorized share capital |
No |
| Standard par value of shares |
1 |
| Shares with no par value permitted |
Yes |
Taxes
| Min. rate for corporate tax |
0% |
| Capital gains tax |
No |
| VAT |
15% |
| Withholding tax |
15% |
| Exchange control |
No |
| Personal tax |
15% |
| Corporate tax (in detail) |
IBCs are exempt from corporate tax within Seychelles jurisdiction. |
| Capital gains tax. Details |
There is no capital gains tax in Seychelles jurisdiction. |
| VAT. Details |
VAT is a broadly based tax on consumption. It applies to almost all goods and services that are imported, bought and sold for use or consumption in Seychelles jurisdiction. Registration for VAT is required, if company’s turnover exceeds a VAT threshold of SR 5 million. A person whose annual turnover is below the VAT threshold may however decide to voluntarily register. There are two VAT rates: 15% (standard rate) on most supplies of goods and services, and 0% (zero-rate) on a specific list of transactions. |
| Other taxes |
Trades Tax; Excise Tax; Presumptive Tax; Corporate Social Responsibility Tax |
| Government fee |
$100 |
| Stamp duty |
No |
Accounts
| Requirement to file accounts |
No |
| Publicly accessible accounts |
No |
| Audit required |
No |
| Requirement to file Annual Return |
Yes |
| Publicly accessible Annual Return |
No |
| Requirement to prepare accounts |
Yes |
| Double tax treaties network |
36 |
| Tax Exchange Information Agreement network |
13 |
| OECD member |
No |
International law relations
| Party to the Hague Convention (Apostille) |
Yes |
| Legal system |
based on English common law and French civil law |
| Double tax treaties network |
36 |
| OECD member |
No |
| Offshore/onshore status according to the RF laws |
Yes |
List of laws and regulations
Tax treaties entered
| Tax treaties entered |
Bahrain, Barbados, Belgium, Bermuda, Botswana, China, Congo (Democratic Republic of the), Cyprus, Ethiopia, Ghana, Guernsey, Indonesia, Isle of Man, Jersey, Kenya, Kuwait, Lesotho, Luxembourg, Malawi, Malaysia, Mauritius, Mauritius, Monaco, Mozambique, Oman, Qatar, San Marino, Singapore, South Africa, Sri Lanka, Swaziland, Tanzania, Thailand, United Arab Emirates, Viet nam, Zambia, Zimbabwe |
| Tax Exchange Information Agreement (TEIA) |
Cayman Islands, Denmark, Faroe Islands, Finland, Georgia, Greenland, Guernsey, Iceland, India, Netherlands, Norway, Sweden, Switzerland |
List of laws and regulations
