Opening Bank Accounts

Bank Accounts

Eltoma Corporate Services can open bank accounts in a number of jurisdictions however we specialize in the opening of bank accounts in Cyprus and Singapore.

Opening a Bank Account in Cyprus:

One of the major advantages of opening an account in Cyprus is that accounts can be opened without the need to physically go to the bank and sign documents. Eltoma Corporate Services can manage the process of opening either a Corporate of Personal bank account on your behalf ensuring the account is opened quickly and efficiently.

Eltoma Corporate Services can open bank accounts in Cyprus for any company regardless of its jurisdiction. Cyprus banks offer multi-currency accounts can be opened with internet access and also managed by telephone / fax.

Eltoma Corporate Services work with the following Cyprus banks:

• Marfin Laiki Bank
• Hellenic Bank
• Alpha Bank
• FBME BANK LTD
• Cyprus Development Bank

One of the major advantages of opening a bank account in Cyprus is that it can be opened without the need to travel to Cyprus. Eltoma Corporate Services can manage the process on your behalf.

Documentation Required:

In order to open a Corporate Bank Account the following documentation is required:

• A completed Bank Account Application Form
• A completed Beneficial Owners Declaration Form
• All Corporate Documents – These are required to be verified by Notary and Apostille
• A Reference Letter – from an existing bank

Company Director Documentation:

For a physical person we require:

• Passport Copy – Notarized and Apostille
• Proof of Address (normally a utility bill under 3 months)
• Specimen Signature on the Company Resolution Bank Form – this is required to be verified by Notary and Apostille

For a Corporate Director we require:

• All Corporate Documents – these are required to be verified by Notary and Apostille. They also need to show the beneficial owner of the company

Company Secretary Documentation:

• The passport of the company secretary is required to be verified by Notary and Apostille
• Proof of address is required
• The specimen signature on the Company Resolution Bank Form is required to be verified by Notary & Apostille

Authorized Signatories:

• The passport(s) of the authorized signatories are required to be verified by Notary and Apostille
• Proof of address is required
• The specimen signature(s) on the Company Resolution Bank Form are required to be verified by Notary & Apostille

Additional Documentation:

If the company’s shareholders are represented by nominees then we require:

• A copy of the Trust Deed appointing the Nominee Shareholders / Original Declaration of Trust or a copy certified as a “True Copy” the introducer (Eltoma Corporate Services)

Personal Bank Account:

Eltoma Corporate Services can open Personal Bank Accounts. For a Personal Bank Account we require the following documentation:

• Copy of Passport – this must be verified by Notary and Apostille
• Proof of Residence – in the form of a Utility Bill / mobile phone bill not more than 3 months old
• A Reference Letter – from an existing bank
• The specimen signature on the Company Resolution Bank Form is required to be verified by Notary & Apostille.

Please note that the bank reserves the right to ask for additional information in line with the international practice of meeting the required compliance regulations and adequately establishing the “Know Your Customer” principle.

Process:

• Eltoma Corporate Services send the client the Bank Application Forms and Beneficial Owners Declaration plus a list of all required documentation.
• The client is to complete the Application Forms and e-mail these Forms plus additional documentation to Eltoma Corporate Services.
• Eltoma Corporate Services check all documentation and if correct forward the required documentation to the bank.
• Upon approval of the documentation the bank sends a Welcome Letter with the account details plus all relevant Bank Forms to Eltoma Corporate Services and this is forwarded to the client.
• The client is required to sign all the relevant bank forms, complete the specimen signature on the signature card and obtain the appropriate verification for all documents. Certification can be obtained in one of 3 ways; at a Bank Representative Office in the country of residence (providing there is one, Eltoma Corporate Services will advise on a case by case basis), or alternatively can be verified by Notary & Apostille or finally at the Cyprus, Greek or UK Consulate. Eltoma Corporate Services will confirm which method is best on an individual basis dependent on the client’s circumstances.
• Upon receipt of all correct documentation the bank will send the Personal Identification Number (PIN’s) to the client.
• The client will confirm receipt of the PIN’s at which point the bank will then duly activate the account and the account will become fully operational.

Timescale:

The account is normally fully operational within 7-10 days after Eltoma Corporate Services initially receive all correct documentation.

Opening a Bank Account in Singapore

Singapore has an excellent choice of international and reputable local banks from which offer multi-currency accounts, internet banking and freedom to move funds in and out of Singapore for legitimate business purposes.

Eltoma Coporate Services work with the following Singapore Banks:

• Standard Chartered
• DBS

A bank account in Singapore can be opened as soon as a company has been incorporated.

The following documents are required in order to open a bank account in Singapore:

• Certified Copy of Passport
• Proof of Residential Address in the form of a utility bill. This is needed for Directors, Signatories and Beneficial Owners.
• Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (most banks will provide their own form to complete and sign)
• Certified True Copy of Certificate of Incorporation
• Certified True Copy of Company’s Business Proposal from the Company Registrar
• Certified True Copy of Company’s Memorandum and Articles of Association (MAA)

The banks may require additional documents on a case by case basis. Eltoma will advise you on an individual basis if required.

Process:

The process is very similar to that of opening a Cyprus Bank Account however the certification of the documents does differ. The documents required in order to open a bank account in Singapore are required to be signed in a Singapore Consulate therefore you will need to visit the Singapore Consulate in the country of your residence in order to get the documents signed. This will expedite matters and ensure the bank account is opened efficiently and quickly.

Please note that the above is only a guide to the process of opening bank accounts. Once Eltoma have established your requirements and provided options to meet your needs then the exact account features will be confirmed. Banks work in a highly competitive environment and periodically make adjustments in order to remain competitive. Eltoma can help you choose the best bank and best bank account to fulfill your needs.

Please contact us if you require any additional information regarding bank accounts.