Opening Bank Accounts
Opening a Bank Account in Cyprus
A bank account in Cyprus can be opened by any company regardless of its jurisdiction and is normally fully operational within 7-10 days. Cyprus banks offer multi-currency accounts can be opened with internet access and also managed by telephone / fax. You do not need to be present in Cyprus in order to open a bank account.
In order to open a personal bank account in Cyprus the following documentation is required:
- A signed copy of a passport
- A utility bill not older than 3 months as proof of residence
- Corporate documents with Apostille
- Share certificates
- A reference letter from a lawyer, certified accountant or current bank
- A completed Bank Account Application form which Eltoma will provide
For Corporate / Company / Business Bank Accounts the following documentation is required:
- All Corporate Documents with Apostille. If the documents are not in English an official translated version needs to be provided.
- Power of Attorney for the person opening the account
- Shareholder Certificates
- A completed Banking Application Form
The documents do not need to be notarized and can be sent electronically
As mentioned previously, you do not need to be in Cyprus in order to open a bank account.Eltoma will manage the process and make opening a Cyprus Bank Account simple and trouble-free.
Opening a Bank Account in Singapore:
Singapore has an excellent choice of international and reputable local banks from which to choose. Most banks offer multi-currency accounts, internet banking and freedom to move funds in and out of Singapore for legitimate business purposes. The bank account can only be opened once the company has been incorporated however you are not required to be present in order to open a bank account in Singapore. Eltoma can open the account on your behalf.
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 once the process is underway.
As mentioned previously, when you incorporate an offshore company in Singapore you can open a bank account without being present. Please note however that documents need to be signed in a Singapore Consulate. 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.