List of requirements with Bank of Cyprus

[smbdoff]

Some posters mentioned that Bank of Cyprus requires a vast amount of info to open a business account with them. So I was wondering what exactly do I need to provide?


I will be opening an account in one of their branches myself, but I'd like to have info in advance so that I don't do/say anything stupid.


I plan on setting up a company in Belize and a bank account under that company. What kind of business info will the Bank of Cyprus request? I'm in VPN and hosting industry. I know that hosting is fine, but some may unfairly see VPN as a shady industry.


So do I need to give them a website or just a description is enough? Can I just say that I generate revenue by spreading affiliate links all over the net without a website?


If anyone also has some info whether Cyprus banks audit incoming SWIFT transactions or require some sort of documents explaining those transactions, I would really appreciate some clarification on this too. One of the main reasons I want an offshore company is because that frees me from reporting, invoicing and other nonsense. But I need a reputable jurisdiction for banking because some companies cannot wire me the funds otherwise.

 

[clemens]

When I opened an account with BoC it took me only 4 days after I send them my DD documents which were:


- copy of passport


- copy of utility bill


- business description


- tax number of residential country


- website url


They had a lot of questions to start with but after clarifying all of them (took only 20 min) everything was fine on their side and the account was opened.


If I were you I would provide them with as much and all of the information they request from the beginning otherwise they start asking questions which you don't want.

 

[smbdoff]

Clemens, thanks for letting me know. I don't really want to give them website URL, especially since my website is irrelevant really (it's not e-commerce). I will be receiving payments from legit companies half of which are US/Europe based. Some of them are based in offshore (like BVI, Hong Kong, Malaysia), but they are all legit. All of them receive payments through PayPal.

 

[adultmaster]

When you have nothing to hide and your website + business model is legit why not show it to the bank?


For less than one month ago I opened an account with Piraeus lots of questions and requirements, they seem to be endless, so I quitted the process and started a new application with Hellenic Bank.


I will have to see what will happen if they have as many questions as Piraeus I will try BoC to see how they work.

 

[smbdoff]

see, those endless requirements is what I would like to know. I'd prefer to avoid wasting time on banks that will just drag the process. I would rather know what they want in advance and pick a bank based on that. The requirements that clemens mentioned are what I'd expect a bank to request.


I also wonder if BoC requires invoices for transactions. For instance, Rietumu is crazy and just randomly (or maybe not randomly in their eyes) blocks accounts until you provide documentation for transactions. I know business owners (multi million dollar companies) who constantly have issues with this kind of stuff at Rietumu.

 

[adultmaster]

I agree with you smbdoff - from the information I have received I can add the following to the above list:

1. personal tax number / tax identifier number
   
2. CV for each of the owners
   
3. business experience detailed description if your business requires a license
   
4. the short application / word doc I got from the agent
   

Seems above is all for not! They don't seem to ask for invoices at any time. My friend that referred me to all of this didn't provide this at any time.

 

[smbdoff]

CV is a very strange requirement. I mean I can give them a CV and outline whatever they want to hear about my business experience, but I don't even see how this is relevant to banking. I could understand why lack of business experience makes a difference when you try to get a loan, but when you're looking just for banking.... who cares.


And a personal tax number? This is what Piraeus requested? :wow:

 

[adultmaster]

They have lot's of requirements that don't even has relevance in matters of banking with them. my guess is they want the information because they need to know who you are.

 

[smbdoff]

you're right. So now I have to choose between BoC and Hellenic bank :nut:, I'll probably just go with the one that has a lower pricing lol

 

[JohnLocke]

They are asking for all this because they want to know all details about your business! Banks have been fraudet in the past, people providing fake ID's, websites, business descriptions and what else they could fake to stay anonymous! Now they try to fight back!


Personal tax number is part of the International money laundering regulations all European banks are required to ask for it. If you live an country where they don't have such you are fine with not providing it.

 

[adultmaster]

you're right. So now I have to choose between BoC and Hellenic bank :nut:' date=' I'll probably just go with the one that has a lower pricing lol[/quote']
I would avoid Hellenic Bank.


Also today I received a request to provide the following to the bank:

• Analytical professional background.
  
• Analytical business plan.
  

So I was wondering where I can get that???

 

[alain]

you're right. So now I have to choose between BoC and Hellenic bank :nut:, I'll probably just go with the one that has a lower pricing lol

Forget Hellenic Bank you will not get an account with them! Just so you know they have even more restriction than BoC!

 

[arturos]

Not only Piraeus bank requires personal tax identification number. Even an offshore bank in the Caribbean started to ask for it so they want a long detailed description of your business activity.

The banks are going insane now!

 

[Ardillon]

You can open an BoC account yourself by visiting them? how can you do that without introducer?

 

[Jack Dui]

When I opened an account with BoC it took me only 4 days after I send them my DD documents which were:


- copy of passport


- copy of utility bill


- business description


- tax number of residential country


- website url


They had a lot of questions to start with but after clarifying all of them (took only 20 min) everything was fine on their side and the account was opened.


If I were you I would provide them with as much and all of the information they request from the beginning otherwise they start asking questions which you don't want.

clemens already give you full information. I'll also recommend you to get a bank account with B0C. Don't scare to provide them with all details, as they are offering offshore banking, they will give you full secrecy.

 

[Rahul shetty]

I think they have some strict regulations to open a bank account with them. I will rather try to find somone who know in and out to open a bank account