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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 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



Bank of Cyprus

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%

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 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

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 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.

Laiki 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.

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.


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