Via our banking partners, we also provide a full range of banking services, including assistance with opening bank accounts, arranging online banking and a debit card for your company.
As an approved intermediary, we can introduce new clients to our banking partners, in cases where the client’s company has been incorporated and is being administered by Excellenzia Corporate Services Ltd.
We are also able to provide this bank introduction service to clients who have not registered their company with us for a one-off fee of €500.00 plus VAT.
Our banking partners usually prefer to see their potential client during a face-to-face meeting with them here in Cyprus but in some cases where the client is unable to travel to Cyprus, they are satisfied with just holding a Skype meeting with them.
When opening a corporate account, all reputable banks will require detailed personal and business information from the owners and controllers of the bank account.
In particular, the bank will need to know and identify the actual beneficial owner(s) of the company. All owners and controllers of the IBC, as well as everyone who will be granted account signatory rights, need to be properly identified and have to provide a number of documents - such as an apostilled passport copy, a bank reference, a recent utility bill (no more than 3 months old) showing their residential address, a CV, a detailed business description, etc.. These documentary requirements may vary in details, but their general scope remains fairly similar in all banks around the world.
There is no such thing as "anonymous accounts"! All banks are required by law to know their clients and their business dealings in very comprehensive detail. This is simply required by the laws that regulate the banking industry and there are no exceptions.
While the banks are required to know their clients in detail, banking secrecy remains a fundamental cornerstone in all financial centres. The banking secrecy regulations stipulate that such information must remain strictly confidential.
Information-sharing, reporting or any kind of release of confidential banking information to any foreign party or foreign government is strictly prohibited (unless, of course, this is within the context of a criminal investigation). Severe financial and criminal penalties await anyone who divulges client information - this concerns both the bankers and the registered agents.
Bank introduction service
As the name suggests, the account introduction fee is payable for a professional service rendered by us, whereby we introduce the client to a particular bank. Please note that the bank account introduction fee, as quoted in our schedule of fees, is not a "success fee" payable for a bank account opening. Payment of this fee does not guarantee the opening of the account.
Many banks feel more comfortable accepting new clients through professional intermediaries (like us). We will complete all of the necessary documentation for you. We will also formally introduce you to a competent customer services manager at the bank directly.
However, we cannot and we do not guarantee that the account will be opened. The success of a bank account opening for a company mostly depends on the background information of the beneficial owner of the company, his personal profile and the pattern of his business. This is something that we cannot influence. Every bank has its internal client acceptance guidelines, and banks routinely reject new clients based on a multitude of subjective considerations.
The bank introduction service will be completed when:
1) the bank issues a formal letter (on the bank’s letterheaded paper), addressed to the new applicant, advising that the account has been opened and indicating the account number(s);
2) the bank issues a similar formal letter, advising that it has reviewed the application and has refused to open an account.
Any further work and actions that we might be asked to perform in relation to the new bank account (such as handling correspondence and payments to and from the bank, arranging for further financial services, obtaining credit and debit cards, opening further accounts, etc.) will be billable separately, either on a time-spent basis or by way of a separate arrangement.