How difficult to get Cyprus bank account for Hong Kong company?

[hungryit]

I want to know how difficult it is to get a Cyprus bank account for a company which is duly registered in Hong Kong?

From some agent I spoke to they say it is not a problem others say it's not possible

 

[GiGoGo]

I heard the Bank of Cyprus have no problems. Why HK company?

 

[AMD]

That's the same I researched, it seems as soon as 'Significant Controllers Register' is in place there is no problem to open an account for any offshore company including HK and Cyprus itself.

 

[Ready to discuss]

Enougj difficult

You need all the HK compamy corporate documents and full KYC of the shareholder /owner (source of funds, where. These funds are taxable etc). Also some banks do not open new accounts to foreigners individuals or companies.

 

[Mark Rucken]

It is possible. If it is a brand new company you have to present them Engagement letter issued by a licensed Hong Kong Auditor. If it is an old company, you need to send them audited accounts for the past 2 years. An audit is a must for all CY banks. If your company comes from jurisdictions with no audit obligation, you should forget Cyprus for banking.

 

[Ready to discuss]

It is possible. If it is a brand new company you have to present them Engagement letter issued by a licensed Hong Kong Auditor. If it is an old company, you need to send them audited accounts for the past 2 years. An audit is a must for all CY banks. If your company comes from jurisdictions with no audit obligation, you should forget Cyprus for banking.

Now they are also requesting source of funds (AML) of the shareholder if the financing was made through equity finance.