Admin & ASP
Bank Account Opening
A working account for the company, through a regulated electronic money institution or a Cyprus bank.
What we do
We prepare the company's account application and manage it through to a decision. For most companies that means a regulated electronic money institution, which is the fastest route to receiving money and, for a business paid by customers and paying suppliers inside the single market, frequently the only account it ever needs. Where a traditional bank is wanted as well, that application runs alongside rather than after it.
The institution decides. What we control is the file it receives, and in practice that is what decides the timetable. An application that answers the reviewer's questions before they are asked moves in days. One that does not moves in rounds.
What you get
- A written recommendation on which institutions suit the business, given its activity, jurisdictions and expected flows
- The corporate file: constitutional documents, registers, ownership chain and structure chart
- The beneficial owner file, assembled here from what you already have rather than sent to you as a list
- A business description consistent with the company's own contracts and expected transactions
- Evidence of expected counterparties, revenue sources and transaction volumes
- Mandate and signatory arrangements, with authority limits agreed
- Submission, and every follow-up question answered through to a decision
- A named contact afterwards, for the periodic reviews and for changes to signatories and mandates
How it works
Timing depends on the route, and for a bank on where the beneficial owner lives. An electronic money institution account is commonly open three to five working days after a complete file goes in. A Cyprus bank runs to a different clock: four to five weeks where the beneficial owner is resident in the EU, seven to ten weeks where they are not. That gap is the volume of verification a bank carries out on a third country file rather than any view of the business, which is why we start a bank application early when one is wanted.
Which institution fits is the first piece of work rather than the last. A profile one institution is uneasy with another is entirely comfortable with, and matching the two before anything is submitted is most of what makes an application straightforward. Those we work with include:
Electronic money institutions: Revolut, Wise, Payoneer, ecommBX and Bankera.
Cyprus banks: Bank of Cyprus, Hellenic Bank, Eurobank Cyprus and First Investment Bank.
Neither list is exhaustive, and where a business is better served somewhere not named here we say so.
Working with us
Four steps, and the first one is a conversation
A call
What the business does, where its revenue comes from, and which countries its payments touch. No charge for it.
A proposal in writing
Fixed fees, not estimates, with the institutions we recommend for this business and the reason for each.
You accept
Engagement letter signed, then onboarding, and we build the file from there.
Money moving
Payments running through the electronic money institution first, so the company can trade while any bank application is still open.
Common questions
How quickly can the company start receiving payments?
Through a regulated electronic money institution, commonly three to five working days from a complete file, and that is the usual route to trading. A traditional bank takes four to five weeks where the beneficial owner is resident in the EU and seven to ten weeks where they are not.
Do we need a traditional bank as well?
Often not. For a business receiving payments from customers and paying suppliers within the single market, an electronic money institution account does the work. A bank becomes necessary for credit facilities, for merchant acquiring at scale, and where a counterparty or a tender requires settlement through a credit institution. Where it is needed we prepare that application alongside, so nothing waits on it.
What do you need from us to start?
The corporate documents, identification for the beneficial owners and signatories, and a description of what the business does and who it will be paid by. Most of it exists already and we assemble it. The part worth your time is the description and the expected flows, because that is what a reviewer actually reads.
Can you guarantee the account will be opened?
No. The institution applies its own criteria and reaches its own decision, independently of the provider that formed the company. What we commit to is a file prepared to the standard that institution expects and an application managed through to an answer. Where we think a profile will struggle somewhere, we say so before it is submitted and go elsewhere.
What happens if an application is declined?
Usually it reflects a mismatch between the profile and that institution's appetite rather than a verdict on the business, which is why the matching comes first and why a decline is not the end of it. We take what the review raised, adjust the file where it can be adjusted, and go to an institution better suited to it.
What follows
An account is not a one-off. Institutions come back periodically for updated information, signatories change and mandates need amending, and that work stays with the people who prepared the original file.
Where you want payments to run without waiting on your own availability, we can act as a signatory on instructions you approve in writing. The company's statutory side sits with corporate administration.
| Routes | A regulated electronic money institution, a traditional bank, or both |
|---|---|
| EMIs we apply to | Revolut, Wise, Payoneer, ecommBX, Bankera |
| Banks we apply to | Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, First Investment Bank |
| Is a traditional bank required | No. For many companies an EMI account is the whole answer |
| Typical EMI timing | Three to five working days from a complete file |
| Typical bank timing | Four to five weeks where the beneficial owner is EU resident, seven to ten where they are not |
| What the institution reviews | The company, the beneficial owner, the source of funds and the business model |
| Who decides | The institution, on its own criteria |
| Typical cause of delay | An incomplete or inconsistent file rather than the business itself |
| What we do about that | Prepare the file in full before it is submitted anywhere |
Also in Admin & ASP
- Corporate AdministrationRegistered office, secretarial duties, statutory registers and annual filings.
- Nominee & Fiduciary ServicesResident directors and nominee shareholders acting under a documented mandate.
- Accounting & Tax ComplianceBookkeeping, VAT, VIES, payroll, audit coordination and corporate tax returns.
Find out whether Cyprus fits your plans
It starts with three questions: where your revenue comes from, what you own, and where you are tax resident. From there, the conversation is about what you are building and where you want to take it. After the call, you receive a written proposal covering the recommended structure, the implementation roadmap, and a fixed fee quote.