Cyprus: Managing And Controlling Your Bank Accounts Worldwide

Last Updated: 29 June 2017
Article by Kinanis LLC

A. INTRODUCTION

When servicing international investors doing business through Cyprus it is of utmost importance to have in place the right banking network that will able to serve and support the business needs of these investors. Banks should be able to understand the general principles of tax planning and international tax structuring so that they will perform their services in an efficient and effective manner.

In this brochure we analyse the banking services offered by our firm that enable the management and control of our clients' banking activities in Cyprus and abroad and we include an indicative list of the banks with whom we cooperate.

B. BANKING SERVICES OFFERED BY OUR FIRM

The banking services offered by Kinanis LLC are generally broken down into two main functions:

I. Opening of bank accounts

II. Management and administration of bank accounts

Each function is administered by different group of people so that experience and expertise is accumulated therefore offering the best possible service to our clients.

I. Opening of bank accounts

Throughout the 33 years of operation we have built up a solid relationship with banks operating both in Cyprus but also in other reputable banking jurisdictions.

We can assist our clients with the opening of corporate and personal bank accounts both in Cyprus and overseas, as well as assisting with any other banking related function such as obtaining internet access to the accounts and arranging the issuance of credit cards.

In sections C and D below we list the names of the banks with whom we have a good cooperation and can assist our clients in opening banks accounts.

II. Management and Administration of bank accounts

Our firm can manage the bank accounts on behalf of the clients – irrespective of whether we have assisted in opening the specific bank account or not- by providing day to day assistance with regards to the day to day operations of the bank account.

Managing the bank account of a Cyprus company from Cyprus is of an imperative importance, as it significantly enhances the establishment of substance in Cyprus and is a very good indication that the management and control of the company is exercised in Cyprus.

  • Bank signatory services

We also provide bank signatory services where we allocate six persons from our office to be the signatories of the bank account. For security reasons and for the prompt execution of payments, any two of the six signatories will have authority to sign. In such cases, the preparation of relevant Banking indemnity letter along with sample of payment instruction and code table list between our office and the client authorizing the bank signatories to act on behalf of the beneficial owner of the company is necessary. The name of the authorised person who will be giving relevant payment instructions for execution is required in order to prepare the relevant documentation. Each time a request is received for the execution of a payment, the authorized person must complete and sign the sample of fax instructions and also indicate a code from the list in numerical order.

All payment instructions must be faxed or emailed to our Banking Department. Kindly note, that all payment instructions received by e-mail must be password protected for security reasons. Once received, transactions will be verbally confirmed by KINANIS LLC authorized persons.

The above is our office policy in situations when we are appointed signatories of bank accounts in order to protect the best interest of the company.

  • Mailing address services

Banking correspondence received from the Bank for the company can be kept in our files. We can assist in mail forwarding of the banking correspondence according to each client's requirements

C. BANKS WITH WHOM WE COOPERATE IN CYPRUS

Banking in Cyprus is regulated by the Central Bank of Cyprus and is fully harmonized with EU legislation and directives.

The local banking sector has faced major challenges over the last few years, especially following the write-down of Greek debt, which resulted in heavy economic losses and severely damaged confidence in the banks. However, the majority of banks on the island have been relatively unaffected by the economic storm as out of nearly 40 banks operating in Cyprus only two local banks were forced to undergo severe restructuring.

Recent credit rating upgrades and positive bank results have marked an end to prolonged uncertainty in Cyprus' banking sector. Today, the situation is more stable and trust in the country's banks has been further boosted thanks to a successful result on the European Central Bank's stress tests and the relaxation of all domestic capital controls.

The banks mentioned in this section are those with whom our office has a long standing cooperation. Usually, these banks for the opening of bank accounts accept certified copies of the original documents by our office as an Approved Introducer. According to the latest Central Bank of Cyprus directive, Cyprus Banks require first, within the period fo three months, of the activation of the bank account a personal or teleconference meeting, to be arranged with the Beneficial Owner always depending from the bank. Secondly the submission Audited or Management Accounts for the last two years is required too.

Download - Managing And Controlling Your Bank Accounts Worldwide

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Similar Articles
Relevancy Powered by MondaqAI
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions