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Brief Information on the Opening of Bank Accounts
Brief Information on the Opening of Bank Accounts
| Bank name | Country | Type of account | Time required for opening of accounts | Minimum balance required on the accounts | Personal appearance required | Restrictions on the opening of accounts | Fee charged for the opening of accounts |
|---|---|---|---|---|---|---|---|
| Bank of Cyprus | Cyprus | Current | 2-3 weeks | - | No | - | 750 EUR |
| Barclays Bank | Seychelles | Current | 2 months | 2500 USD | In the LAVECO office | - | 850 EUR |
| BMI Offshore Bank | Seychelles | Current | 2 weeks | 5000 USD | No | - | 850 EUR |
| Csob Bank | Slovakia | Current, Investment | 1 day | - | Yes | - | 600 EUR |
| Deutsche Bank | Austria | Investment | 3-4 weeks | 500 000 EUR | No | The accounts are not suitable for daily transactions. | 950 EUR |
| Erste Bank | Hungary | Current | 1 day | 20 000 EUR | Yes | - | 475 EUR |
| Eurobank | Cyprus | Current | 1 week | - | No | - | 750 EUR |
| FBME Bank | Cyprus | Current | 1 week | - | No | - | 750 EUR |
| Hellenic Bank | Cyprus | Current, deposit | 1 week | - | No | - | 750 EUR |
| Laiki Bank | Cyprus | Current, Investment | 1 week | - | No | - | 750 EUR |
| Neue Bank | Liechtenstein | Investment | 2 weeks | 100 000 USD | Yes | The accounts are not suitable for daily transactions. | 850 EUR |
| Valartis Bank | Austria | Investment | 2 weeks | 100 000 EUR | No | The bank is not willing to open accounts for clients from countries considered as "non-cooperative" by FATF. | 750 EUR |
| Valartis Bank | Liechtenstein | Savings, Current, Investment | 1 week | 5 000 EUR/USD/CHF | In the LAVECO office | - | 850 EUR |
| VP Bank | Liechtenstein | Savings, Current | 2-3 days | 200 000 USD | Yes | - | 850 EUR |
This service includes the signing of related contracts, the issuing and sending of invoices (not including postage costs), the preparation and submission of bank transfers, and forwarding the monthly statement showing the bank account movements and balance to the client.
Additional services provided by the accountant
Bank of Cyprus
Information updated on 12.01.2010
| 1. | Country of registration, main office, number of branches | The main branch is registered in Nicosia, Cyprus; with 600 branches worldwide: Greece, United Kingdom, Australia, Russia, Romania, Ukraine, Channel Islands. Representative Offices in Moscow, St.Petersburg, Johannesburg, Toronto, Kiev. |
| 2. | Year of foundation | 1899 |
| 3. | Credit rating | A2 (Moody's), A- (Fitch) |
| 4. | Main shareholders | Large numbers of small shareholders with no shareholder owning more than 0.5% |
| 5. | SWIFT code | BCYPCY2N010 |
| Information on the opening of accounts, main features of accounts | ||
|---|---|---|
| 6. | Type of account | Current account (corporate and individual) |
| 7. | Documents required for the opening of accounts | Corporate accounts: copies of company documents certified by notary public, passport copies of directors, beneficiaries and persons managing the account certified by notary public, certified signatures and bank reference letters for directors and persons managing the account. For companies more than 1 year old a Certificate of Good Standing is required. Individual accounts: Passport copies and specimen signatures certified by notary public, utility bills, bank reference letters. |
| 8. | Time required for the opening of accounts | 2-3 weeks, provided all the information and documents requested are available. The account will be activated immediately upon receipt of the first incoming payment. |
| 9. | Restrictions on the opening of accounts | No restrictions. |
| 10. | Personal appearance of signatories required | Not required, however the bank would welcome a personal meeting with the client at some stage following the opening of the account. |
| 11. | Minimum balance required in the account | No minimum required |
| 12. | Methods of making payments | Personally, by post, by fax and through internet with digipass device. |
| 14. | Internet banking | Available |
| 15. | Credit / debit card types and possibilities | American Express (Sunmiles blue,silver,gold,platinum,black and pocket money card for children) Visa & Mastercard, Internet card. |
| 16. | Deposit required in card accounts | Electron: no deposit required, Classic: 2.500 USD, Gold: 5.000 USD, Platinum: 10.000 USD, Black American Express: 75.000 USD |
| 17. | Fee charged by the bank for the opening of accounts | Free of charge |
| 18. | Account maintenance fee | 100 USD per year |
| Basic charges imposed by the bank | ||
| 19. | Charge for incoming transfers | 0.1% Min 8.54 EUR Max 25.63 EUR |
| 20. | Charge for outgoing transfers | 0.1% Min 8.54 EUR Max 500 EUR |
| 21. | Charge for cash withdrawals | In Euro: Free of charge In other currencies: 0.05% |
| 22. | Charge for cash deposits | In Euro: Free of charge In other currencies: 0.05% |
The conditions imposed by the banks regarding the opening of accounts may change from time to time. Therefore, we recommend consultation with the staff of LAVECO LTD., who will be able to provide up-to-date information, before making a final decision on the choice of bank
Eurobank
Information updated on 12.01.2010
| 1. | Country of registration, main office, number of branches | The main branch is registered in Nicosia, and business centres operate in Larnaca and Limassol. The bank has 1724 branches and is present in Poland, Ukraine, Romania, Serbia, Bulgaria, Turkey, Greece, Luxemburg and in the United Kingdom. |
| 2. | Year of foundation | EFG Eurobank Ergasias S.A., the owner of Eurobank was registered in 1990. The Bank operates in Cyprus since August 2007. |
| 3. | Credit rating | EFG Eurobank Ergasias S.A., a member of EFG Group, Geneva, Switzerland |
| 4. | Main shareholders | EFGBCY2N |
| Information on the opening of accounts, main features of accounts | ||
|---|---|---|
| 5. | Type of account | Current account (corporate and individual) |
| 6. | Documents required for the opening of accounts | Corporate accounts: copies of the incorporation documents of the company certified by Apostille. For Cyprus registered companies legalization by Apostille is not required. Passport copies certified by Apostille, utility bills and bank reference letters for the directors, beneficial owners and persons managing the account. For companies more than 1 year old a Certificate of Good Standing is required. Individual accounts: : passport copies certified by Apostille, utility bills, and bank reference letters. |
| 7. | Time required for the opening of accounts | One week, provided all the information and documents requested are available. The account will be activated immediately upon receipt of the first incoming payment. |
| 8. | Restrictions on the opening of accounts | No restrictions. |
| 9. | Personal appearance of signatories required | Not obligatory, however the bank would welcome a personal meeting with the client. |
| 10. | Minimum balance required in the account | No minimum required. |
| 11. | Methods of making payments | Through Internet, by fax with security codes. |
| 12. | Internet banking | Available |
| 13. | Credit / debit card types and possibilities | Euroclass Gold Visa credit card. |
| 14. | Deposit required in card accounts | Double of the credit limit. |
| 15. | Fee charged by the bank for the opening of accounts | Free of charge |
| 16. | Account maintenance fee | Free of charge |
| Basic charges imposed by the bank | ||
| 17. | Charge for incoming transfers | Up to 20 000 EUR: 8 EUR Above 20 000 EUR: 16 EUR Within SEPA countries: Up to 50 000 EUR: free of charge Above 50 000 EUR: 16 EUR |
| 18. | Charge for outgoing transfers | Up to 2 000 EUR: 8 EUR + 0,1% max 340 EUR Above 2 000 EUR: 16 EUR + 0,1% max 340 EUR Within SEPA countries: up to 2 000 EUR: 5 EUR From 2 000 EUR to 50 000 EUR: 10 EUR |
| 19. | Charge for cash withdrawals | In EUR: free of charge In other currencies: up to 2 000 EUR equivalent: free of charge Above 2 000 EUR equivalent: 0.4%, min. 3 EUR |
| 20. | Charge for cash deposits | In EUR: free of charge In other currencies: up to 2 000 EUR equivalent: free of charge Above 2 000 EUR equivalent: 0.4%, min. 3 EUR |
The conditions imposed by the banks regarding the opening of accounts may change from time to time. Therefore, we recommend consultation with the staff of LAVECO LTD., who will be able to provide up-to-date information, before making a final decision on the choice of bank
FBME Bank
Information updated on 12.01.2010
| 1. | Country of registration, main office, number of branches | Cyprus and Tanzania. The bank has a representative office in Moscow and a sister bank in Lebanon. |
| 2. | Year of foundation | 1982 |
| 4. | Main shareholders | Private individuals |
| 5. | SWIFT code | FBMECY2N |
| Information on the opening of accounts, main features of accounts | ||
|---|---|---|
| 6. | Type of account | Current account (corporate and individual) |
| 7. | Documents required for the opening of accounts | Corporate accounts: certified copies of the incorporation documents of the company, certified copies of passports of directors, signatories and beneficiaries, bank reference letters and proof of residential address of directors, beneficiaries and signatories. For companies more than 1 year old a Certificate of Good Standing is required. Individual accounts: bank reference letter, certified copy of passport, proof of residential address. |
| 8. | Time required for the opening of accounts | One week, provided all the information and documents requested are available. The account will be activated immediately upon receipt of the first incoming payment. |
| 9. | Restrictions on the opening of accounts | No restrictions. |
| 10. | Personal appearance of signatories required | Not required |
| 11. | Minimum balance required in the account | No minimum required |
| 12. | Methods of making payments | Through Internet, by fax, by post, personally |
| 14. | Internet banking | Available Charges: 5 USD/month |
| 15. | Credit / debit card types and possibilities | VISA (Gold Card), MasterCard (Standard and Gold), Debit/Pre-paid cards: KeyCard (Cirrus),and Global Card (Maestro and Cirrus) |
| 16. | Deposit required in card accounts | For VISA Card and MasterCard the double of the credit limit is required. |
| 17. | Fee charged by the bank for the opening of accounts | Free of charge |
| 18. | Account maintenance fee | 23 USD per quarter |
| Basic charges imposed by the bank | ||
| 19. | Charge for incoming transfers | 10 USD |
| 20. | Charge for outgoing transfers | 0.1%, min. 8 USD – max. 83 USD, plus payment for SWIFT : min. 13 USD. |
| 21. | Charge for cash withdrawals | 0.8%, min. 13 USD |
| 22. | Charge for cash deposits | 0.5%, min. 13 USD |
The conditions imposed by the banks regarding the opening of accounts may change from time to time. Therefore, we recommend consultation with the staff of LAVECO LTD., who will be able to provide up-to-date information, before making a final decision on the choice of bank.
Hellenic Bank
Information updated on 12.01.2010
| 1. | Country of registration, main office, number of branches | The bank is domiciled in Cyprus, with 80 branches in Cyprus and 29 branches in Greece. The bank has representative offices in Moscow, Saint Petersburg, South Africa and Ukraine. |
| 2. | Year of foundation | 1976 |
| 3. | Credit rating | Moody's: Long term: Baa2, Short term: P-2 |
| 4. | Main shareholders | Public Company, 14% is owned by Archbishopric of Cyprus |
| 5. | SWIFT code | HEBACY2N |
| Information on the opening of accounts, main features of accounts | ||
|---|---|---|
| 6. | Type of account | Current account (corporate and individual) |
| 7. | Documents required for the opening of accounts | Corporate accounts: certified copies of the incorporation documents, passport copies of the directors, signatories and beneficiaries certified by notary public. Bank reference for directors and signatories. Certified signatures of directors and persons managing the account. For companies more than 1 year old a Certificate of Good Standing is required. Individual accounts: bank references, passport copies and certified signatures of the persons managing the account. Proof of residential address. |
| 8. | Time required for the opening of accounts | One week, provided all the information and documents requested are available. The account will be activated immediately upon receipt of the first incoming payment. |
| 9. | Restrictions on the opening of accounts | No restrictions. |
| 10. | Personal appearance of signatories required | Not required |
| 11. | Minimum balance required in the account | No minimum required |
| 12. | Methods of making payments | Internet Banking, telefax, by fax bearing Test Codes (Use of Test Keys), by mail, personally at the bank |
| 14. | Internet banking | Available. Free of charge. A Digipass device is mandatory as a means to additional security. Charge for Digipass: 20 EUR |
| 15. | Credit / debit card types and possibilities | VISA and Mastercard (WorldSignia, Platinum, Gold, Classic, Electron and Prepaid P-card) |
| 16. | Deposit required in card accounts | Yes, to the amount of the allocated limit. Debit cards: deposit equal to the limit. Credit cards: deposit is double the amount of the limit. |
| 17. | Fee charged by the bank for the opening of accounts | Free of charge |
| 18. | Account maintenance fee | Yes, Corporate Customers: 40 USD per quarter Individual Customers: 20 USD 80 per quarter |
| Basic charges imposed by the bank | ||
| 19. | Charge for incoming transfers | EUR: Within EU: up to 1000€ - free of charge; from 1001 to 50 000€ - min 2€, max 15€; over 50 001€ - flat 30€ Outside EU: up to 1000€ - flat 20€; from 1001 to 50 000€ - flat 20€; over 50 001€ - flat 30€ |
| 20. | Charge for outgoing transfers | EUR: Within EU up to 50,000€ - SEPA: 0.15%, min. 5€ - max. 12€; SWIFT: 0.15%, min. 5€ - max. 12€; if the sender of SWIFT bears all charges: +0.07%, min €7 – max. 70€; If same day value: +10€ Outside EU or within EU over 50,000€: Creation charge - 17€. Handling fee – 0.1%, min 6€ - max. 250€, If the sender bears all charges: +0.07%, min. 7€ - max. 70€; If same day value: +10€ |
| 21. | Charge for cash withdrawals | EUR – free of charge |
| 22. | Charge for cash deposits | EUR – free of charge |
The conditions imposed by the banks regarding the opening of accounts may change from time to time. Therefore, we recommend consultation with the staff of LAVECO LTD., who will be able to provide up-to-date information, before making a final decision on the choice of bank.
Laiki Bank
Information updated on 12.01.2010
| 1. | Country of registration, main office, number of branches | The main branch is registered in Nicosia, Cyprus; 451 branches in the following countries: Cyprus, Greece, United Kingdom, Australia, Romania, Serbia, Estonia, Guernsey, Ukraine, Malta and Russia. |
| 2. | Year of foundation | 1901 |
| 3. | Credit rating | A2 (Moody's), A - (Capital Intelligence) |
| 4. | Main shareholders | Public company |
| 5. | SWIFT code | LIKICY2N |
| Information on the opening of accounts, main features of accounts | ||
|---|---|---|
| 6. | Type of account | Current account and different types of investment account (corporate and individual) |
| 7. | Documents required for the opening of accounts | Corporate account: certified copies of the incorporation documents of the company, bank references and utility bills for directors, attorneys, beneficiaries and the persons managing the account, passport copies of the directors, attorneys, persons managing the account and beneficiaries certified by notary public and signatures of directors and the persons managing the account certified by notary public. For companies more than 1 year old a Certificate of Good Standing is required. Individual account: bank references, two utility bills, passport copies and signatures of the persons managing the account certified by notary public. |
| 8. | Time required for the opening of accounts | One week, provided all the information and documents requested are available. The account will be activated immediately upon receipt of the first incoming payment. |
| 9. | Restrictions on the opening of accounts | No restrictions |
| 10. | Personal appearance of signatories required | Not required |
| 11. | Minimum balance required in the account | No minimum required |
| 12. | Methods of making payments | Telefax with test key codes, Internet |
| 13. | Internet banking | Available. Free of charge |
| 14. | Credit / debit card types and possibilities | VISA (Business, Business Debit, Platinum, Gold, Gold Debit, Classic, Classic Debit, Card&Fly Business, Card&Fly Platinum, Card&Fly Gold, Card&Fly Classic, Electron, Prepaid) |
| 15. | Deposit required in card accounts | 3000 EUR or equivalent in USD(except for prepaid card) |
| 16. | Fee charged by the bank for the opening of accounts | Free of charge |
| 17. | Account maintenance fee | 30 EUR/quarter |
| Basic charges imposed by the bank | ||
| 18. | Charge for incoming transfers | 0.1% min. 1.71 EUR, max. 17.09 EUR |
| 19. | Charge for outgoing transfers | up to 854.30 EUR: 8.54 EUR; over 854.30 EUR: 17.09 EUR. Extra charges for using the SWIFT system: 0.1-0.15% depending on the country, max. 341.72 EUR |
| 20. | Charge for cash withdrawals | 0.15% (min. 0.43 EUR) excluding first 10 transactions per month, per account. No upper limit. |
| 21. | Charge for cash deposits | 0.15% (min. 0.43 EUR) excluding first 10 transactions per month, per account. No upper limit. |
The conditions imposed by the banks regarding the opening of accounts may change from time to time. Therefore, we recommend consultation with the staff of LAVECO LTD., who will be able to provide up-to-date information, before making a final decision on the choice of bank.