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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 | If present in person 1 day | - | No | In cases where the Articles of the company allow the issuance of bearer shares, the share certificates of the company have to be held in the bank. | 825 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, Investment | 1 week | - | No | In cases where the Articles of the company allow the issuance of bearer shares, the share certificates of the company have to be held in the bank. |
825 EUR
|
| Hellenic Bank | Cyprus | Current | If present in person 1 day | - | No | In cases where the Articles of the company allow the issuance of bearer shares, the share certificates of the company have to be held in the bank. | 825 EUR |
| Hypo Bank | Liechtenstein | Savings, Current, Investment | 1 week | 5 000 EUR/ USD/CHF | In the Laveco office | - | 850 EUR |
| Laiki Bank | Cyprus | Current | If present in person 1 day | - | No | In cases where the Articles of the company allow the issuance of bearer shares, the share certificates of the company have to be held in the bank. | 825 EUR |
| Loyal Bank | St. Vincent and the Grenadines | Current | 1 week | 350-700 USD | No | Business activities of on-line gaming, adult entertainment, drugs, etc.s | 650 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 |
| VP Bank | Liechtenstein | Current | 2-3 days | 200 000 USD | Yes | Bank requires detailed information on the company's business activity (business plan or letter of introduction) | 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
Information updated on 27.03.2009
| 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. Individual accounts: Passport copies and specimen signatures certified by notary public, utility bills, bank reference letters. |
| 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 | In cases where the Articles of the company allow the issuance of bearer shares, the share certificates of the company have to be held in the bank. |
| 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. |
| 13. | Swift Interface System. | Possibility of creation of swift Payment Order by the customer through Direct Banking (Internet). The bank will effect release as soon as delivered via Internet Banking. |
| 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% |
Information updated on 27.03.2009
| 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. 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 | In cases where the Articles of the company allow the issuance of bearer shares, the share certificates of the company have to be held in the bank. |
| 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 |
Information updated on 27.03.2009
| 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, 13% 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. 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 |
Same day subject to:
1. Physical presence of client 2. Proper Incorporation Documents 3. Due Diligence measures satisfied |
| 9. | Restrictions on the opening of accounts | Account opening is at the absolute discretion of the bank. If bearer shares are issued, then the original certificate(s) must be deposited with the bank. |
| 10. | Personal appearance of signatories required | Not required |
| 11. | Minimum balance required in the account | No minimum |
| 12. | Methods of making payments | Telefax, e-mail, instructions through fax bearing Test Codes (Use of Test Keys), Internet Banking |
| 13. | Home banking through fax modem | Not available |
| 14. | Internet banking | Available in the form of Electronic Banking through Internet.Service provided free of charge. A digipass device is obligatory as a means to additional security. |
| 15. | Credit / debit card types and possibilities | VISA and Mastercard, normal and Privileged Issues |
| 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 |
USD:Any amount up to USD 1000 flat USD 10; Over USD 1000 flat USD 20
EUR: Up to EUR 12500 flat EUR 10, From EUR 12501 to 50000 flat 20, Over EUR 50000 flat EUR 30 |
| 20. | Charge for outgoing transfers | 0.17% Min.USD 6, Max. USD 250 |
| 21. | Charge for cash withdrawals |
Base Currency (EUR) free of Charges
For all other currencies 0.5% Minimum EUR 5 |
| 22. | Charge for cash deposits | 0.5% |
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.
Information updated on 27.03.2009
| 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. 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 | Same day provided that the client is personally present in the bank and all documentation is full. |
| 9. | Restrictions on the opening of accounts | In cases where the Articles of the company allow the issuance of bearer shares, the share certificates of the company have to be held in the bank. |
| 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 | Free of charge |
| 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. |