Is it better to open the business bank account in Cyprus through an introducer?

[zeeoffshore]

Is it better to open a business bank account in cyprus through an introducer or directly with the bank? do you recommend any good introducers? how much do they usually charge for this service?

 

[JohnLocke]

You will always need an introducer to open an account with the banks in Cyprus, they don't take on people from the street.

Usually the charge is between 150 and up to 500 euro for this, depends on what work they do for you that is included in this fee.

 

[Mark Rucken]

You will always need an introducer to open an account with the banks in Cyprus, they don't take on people from the street.

Usually the charge is between 150 and up to 500 euro for this, depends on what work they do for you that is included in this fee.

Exactly, account opening in Cyprus without an introducer is very hard to get. I would just say that account opening in Cyprus now goes from EUR 350 to EUR 1000 or even more. Days of cheap accounts in EU are gone.

 

[Loizos]

The cost of opening of a bank account in a Cyprus bank depends on the below factors:
1. Is the company/individual that will need the account tax resident in Cyprus?
2. Activities of the company (i.e. gambling related companies is very difficult to open a bank account.

If more information is needed ask.

 

[Sols]

The only way to open an account in Cyprus without an introducer is if you're a resident and want to open a personal account, or if you already have a personal relationship with a bank.

Banks expect introducers to be licensed as ASPs - Administrative Service Providers. You can find a list of ASPs here: Cyprus Securities and Exchange Commission | APPROVED ASP

 

[JohnLocke]

In the past, say 10 years ago it was possible for any certified accountant to become an introducer for the Cyprus banks. Even non certified companies were able to be an introducer.

This has changed like everything else has changed in Cyprus. Finding the right introducer will still be important, some of them complete everything for you and put an X where you have to sign as the only thing you will have to do!