Hi, folks - hope you're well.
I have registered a company in Cyprus and now need to open a Cyprus corporate bank account.
I don't have someone to introduce me. As a result of this, the banks prefer I actually live in Cyprus, to prove all strategic decisions are made in Cyprus - especially since the latest changes in regulations regarding "shell companies". Living in Cyprus is good for overall "substance" reasons as well, in case our company as a whole gets audited at some point.
I'm currently weighing my options, and have a few questions...
1) How can I show to banks (or other Cyprus authorities) I live in Cyprus? Do I just rent an office in Cyprus in the name of the company, and show the first utility bill to the banks? Or do I need to prove I have ALREADY lived in Cyprus for at least 6 months of the last calendar year?
2) How do they determine my physical presence in Cyprus or in the office? Do they check my passport? Do they physically visit the office? Do they often check the utility bills to make sure electricity etc is being used?
Thanks in advance for your help!
I have registered a company in Cyprus and now need to open a Cyprus corporate bank account.
I don't have someone to introduce me. As a result of this, the banks prefer I actually live in Cyprus, to prove all strategic decisions are made in Cyprus - especially since the latest changes in regulations regarding "shell companies". Living in Cyprus is good for overall "substance" reasons as well, in case our company as a whole gets audited at some point.
I'm currently weighing my options, and have a few questions...
1) How can I show to banks (or other Cyprus authorities) I live in Cyprus? Do I just rent an office in Cyprus in the name of the company, and show the first utility bill to the banks? Or do I need to prove I have ALREADY lived in Cyprus for at least 6 months of the last calendar year?
2) How do they determine my physical presence in Cyprus or in the office? Do they check my passport? Do they physically visit the office? Do they often check the utility bills to make sure electricity etc is being used?
Thanks in advance for your help!