Bank Account Opening
We help the directors of international business or free port companies who do not live in Northern Cyprus to open bank accounts in USD, EUR and GBP for their companies without the requirement of residency in international banks operating in Northern Cyprus.
International business company directors who wish to open an official bank account for business purposes must submit additional documents to the bank in their application. However, it is recommended that directors verify with the bank they are applying for what are the required documents as requirements may differ from one bank to another.
- Some of the documents that must be submitted by companies when opening a bank account are as follows: Memorandum of Understanding and Articles of Association,
- Company Certificate,
- Documents confirming the directors,
- Proof of a registered business center in Cyprus.
Banks can also make a preliminary assessment of requests submitted by companies or partnerships in Cyprus. The fees required to open a bank account may vary depending on the services selected and the bank selected. ATMs are widely used in Cyprus.
Central Bank of The Turkish Republic of Northern Cyprus
The Central Bank of the Northern Cyprus is the main supervisory authority of financial institutions in Cyprus. It ensures the stability of the Cyprus financial system, monitors payment and ensures compliance with payment protocols.
It collects data about the banking system according to the regulations of the European System of Central Banks. The Central Bank of the Northern Cyprus should protect the interests of the depositors and minimize the risks of losing their deposits. However, the main purpose of the Central Bank of the Northern Cyprus is to ensure price stability. The Central Bank of the Northern Cyprus also has the authority to enact new laws and impose penalties when the banking system or banking laws are violated.
Advantages of Bank Accounts in Northern Cyprus
A Cyprus bank account offers great benefits to its holder. Be it a natural person or a company, the banking system provides a solution for all types of customers. Some of the biggest advantages of opening a bank account in Cyprus are:
- A fast and smooth startup process
- No minimum initial deposit required
- Bank fees are low
- Reliable online banking solution is provided