Banking services

Opening a bank account in a foreign jurisdiction can be a hassle, especially today due to international transparency and anti-money laundering initiatives.
 
SIGTAX provides a comprehensive spectrum of customized banking products and services to simplify your banking processes in Cyprus. 
Our clients can benefit from our longstanding relationships with many financial institutions(mainly banks) within Cyprus and around the world. We help our clients with bank introductions to all major Cypriot Banks and a growing list of European and International Banks.  We assist in the account opening procedure—prepare and submit all the necessary documents.
 
SIGTAX can assist you with the following services:

  • Opening of bank account/s in the currency of your preference (Maintenance and Administration)
  • Connecting with the bank and the partner in order to assist the signatories
  • Liaising with your bank in regards to bank transfers
  • Support during closure of all the operations of a bank account

 
Opening a corporate bank account:
 
Required documentation:

  • Company incorporation documents
  • Copies of the beneficial owners’ passports, the directors’ passports and the shareholders’ passports (Proof of ID)
  • A utility bill, which must be no more than 3 months old, from the beneficial owners, the company’s directors and the company’s shareholders (Proof of address)
  • A bank reference letter for the beneficial owners, the company’s directors, and the company’s shareholders

 
Necessary information:

  • Business activities of the company
  • Estimated annual turnover
  • Countries from where funds will be arriving
  • Countries where funds will be going
  • Name of the bank you wish to open an account with
  • Currency of account

 
Opening an individual bank account:
 
Requisite documents:

  • Verified passport copy (Proof of ID)
  • Utility bill — no more than 3 months old (Proof of address)
  • Bank reference letter

 
Necessary information:

  • Name of the bank by which you would want to open your account
  • Currency of account
  • Opening of offshore bank account

 
SIGTAX comprises of world-class finance lawyers with vast experience in Banking Law, not only in Cyprus but on a global scale. Our expert team can also advise on loan and security transactions, render legal advice to banks on issues relating to an organization’s reputation and assist in the refinancing of company debt.
 
Mainly we advise on the legal aspects of banking in Cyprus and take responsibility for preparing and reviewing all the required due diligence documents.