Opening Bank Account with Bank of Cyprus

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

  • 500 USD

Other companies

  • 1000 USD

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

Act name Scope of law
Companies Ordinance 1972 Seychelles companies
Companies (Special Licence) Act 2003 special license companies
Limited Partnership Act 2003 limited partnerships
International Business Companies Act 2016 international companies
International Trade Zone Act 1995 International Trade Zone
International Trade Zone Regulations 1995 International Trade Zone
International Trusts Act 1994 international trusts
Mutual Fund & Hedge Fund Act 2008 mutual funds and hedge funds
Protected Cell Companies Act 2003 protected cell companies
Securities Act 2007 securities
Financial Services Authority Act 2013 FSA
Merchant Shipping Act 1992 shipping in Seychelles
Financial Institutions Act 1984 financial institutions
Insurance Act 2008 insurance business
Business Tax Act 2010 business tax
Value Added Tax Act 2009 VAT

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

   
Seychelles Government http://www.egov.sc/
Financial Services Authority http://www.fsaseychelles.sc
Seychelles Invetsment Board http://sib.gov.sc
Ministry of Finance http://www.finance.gov.sc
Seychelles Revenue Commission http://www.src.gov.sc/
Central Bank of Seychelles http://www.cbs.sc
Seychelles Licensing Authority http://www.sla.gov.sc
Seychelles Tourism Board http://www.seychelles.travel/
SAOPRA http://www.intershore.com/saopra/