Business Account Setup
for Your Cyprus Company
Traditional Cyprus banking is notoriously difficult for newly incorporated companies. CyPRO One takes the practical route — guiding you through the Revolut Business account application process. Fully online — no branch visits required — and everything you need to start operating.
Online
No branch visits needed
25+
Currencies supported
SEPA
EU payment access
100%
Online — no branch visits
Written by Renato Giurea, founder of CyPRO One · Updated 20 August 2026
Regulated work described on this page is carried out by licensed Cyprus partners.
The Reality of Cyprus Banking
Opening a traditional bank account with a Cyprus bank is, for most newly incorporated companies, extremely slow and frequently unsuccessful. Following the 2013 banking crisis — which included the bail-in of Bank of Cyprus depositors and the collapse of Laiki Bank — Cyprus's banking sector came under sustained regulatory pressure from the European Central Bank and Moneyval.
The result is that the two remaining major banks, Bank of Cyprus and Hellenic Bank (Alpha Bank Cyprus merged into Hellenic Bank in 2023), now apply some of the most stringent KYC and anti-money laundering procedures in the EU. For international clients — particularly those with non-EU directors, complex ownership structures, or newer companies — the process can take 6 to 18 months, require mandatory in-person meetings in Cyprus, and still result in rejection.
For a company that needs to start operating, invoice clients, and pay suppliers, waiting 6 to 18 months for a bank account is simply not viable. This is the practical reality, and we don't pretend otherwise.
Our practical solution: Revolut Business
CyPRO One helps you apply for a Revolut Business account — preparing your file and guiding you through the process. The application is entirely online and requires no travel. Approval timelines are set by Revolut's own compliance team; once a complete file is submitted, applications are often reviewed within a few business days, though this cannot be guaranteed.
What Revolut Business Gives You
Multi-Currency Account
Hold and exchange EUR, USD, GBP, and 25+ other currencies in a single account. Send and receive internationally via SEPA and SWIFT.
Corporate Debit Cards
Physical and virtual Mastercard debit cards for the company and individual team members — with per-card spending limits and instant freezing.
Instant SEPA Transfers
Send euro payments across 36 SEPA countries instantly. No waiting for next-day settlement on most transactions.
Fully App-Based
Manage everything from the Revolut Business app or web dashboard. No branch visits, no paper forms — ever.
Expense Management
Categorise transactions, set team budgets, export statements for accounting, and connect directly to accounting tools like Xero.
Days, Not Months
A properly prepared Revolut Business application is typically reviewed within a few business days — compared to months for traditional Cyprus bank accounts.
What CyPRO One Does
Document Preparation
We help you prepare and review all company documents in the exact format Revolut requires — including apostilled certificates and correctly formatted KYC packages for each director and UBO. Where notarisation or apostille is required, this is handled through our licensed Cyprus partners.
Application Submission
We guide you through completing the Revolut Business online application yourself, including the business description and compliance questions that commonly cause delays if answered poorly. The application is submitted by you (the company representative) — that is how Revolut's onboarding flow works.
Compliance Support
If Revolut's compliance team requests additional documents or clarification, we help you respond quickly and correctly to avoid rejection.
Account Live
Once approved, your account is immediately live. We walk you through the initial setup — adding team members, ordering cards, and configuring payment settings.
What You'll Need
Revolut Business requires a standard set of corporate and personal KYC documents. CyPRO One provides a precise checklist and reviews every document before submission.
- Certificate of Incorporation (apostilled)
- Memorandum and Articles of Association
- Certificate of Directors (confirming current directors)
- Passport copies for all directors and UBOs (individuals owning 25%+ of the company)
- Proof of address for all directors and UBOs (utility bill or bank statement, under 3 months old)
- Description of business activity, expected monthly turnover, and main countries of operation
- Source of funds declaration for the company
Frequently Asked Questions
Why is traditional Cyprus banking so difficult?
The 2013 Cyprus banking crisis — which included the bail-in of Bank of Cyprus depositors and the collapse of Laiki Bank — fundamentally changed the risk appetite of Cyprus's banking sector. In the years since, Cyprus banks have faced intense regulatory pressure from the European Central Bank (ECB) under the Single Supervisory Mechanism and from Moneyval evaluations. The result is that Bank of Cyprus and Hellenic Bank (the two remaining major retail banks after Alpha Bank Cyprus merged into Hellenic Bank in 2023) now apply extremely conservative KYC standards. Many international clients — particularly non-EU shareholders or directors — face timelines of 6 to 18 months, high rejection rates, mandatory in-person meetings in Cyprus, and extensive source-of-funds scrutiny. For most newly incorporated Cyprus companies, a traditional local bank account is simply not a practical short-term option.
Is Revolut Business a real bank account?
Revolut operates two regulated entities. Revolut Payments UAB is an e-money institution (EMI) licensed by the Bank of Lithuania, used for most EU business accounts — this provides an IBAN and full payment functionality but is technically an e-money account, not a bank deposit account. Revolut Bank UAB is a separate entity with a full EU banking licence from the Bank of Lithuania and provides deposit protection under the Lithuanian deposit guarantee scheme (up to €100,000 per depositor). For day-to-day business operations — receiving client payments, paying suppliers, managing expenses — the practical difference is minimal. Revolut accounts support SEPA, SWIFT, multi-currency, and corporate cards.
Does Revolut accept Cyprus companies?
Yes. Revolut Business accepts Cyprus-registered private limited companies. You will need a full set of apostilled corporate documents, KYC documents for all directors and UBOs, and a clear business description. Revolut's onboarding is done entirely online — no travel is required.
What business types does Revolut accept?
Revolut Business accepts a wide range of activities including technology, consulting, professional services, e-commerce, SaaS, holding companies, import/export, and many others. Like all regulated financial institutions, Revolut maintains a list of prohibited and restricted activities — these include unlicensed cryptocurrency exchanges, weapons, gambling in certain jurisdictions, and adult content. CyPRO One reviews your business profile before application to confirm eligibility.
How long does Revolut Business account opening take?
Approval timelines are determined entirely by Revolut's compliance team and cannot be guaranteed. Applications with a complete, correctly prepared file are often reviewed within a few business days — though actual timelines depend on Revolut's current workload and may vary. The most common cause of delay is incomplete documentation or vague business descriptions. CyPRO One helps you prepare the file specifically to reduce those risks.
Can I use a Revolut Business account to pay Cypriot taxes?
Yes. The Cyprus Tax Department accepts payments via bank transfer. Your Revolut Business IBAN can be used to make corporate tax, VAT, and other statutory payments directly to the Cyprus Tax Department's accounts. There is no requirement to use a Cypriot bank for tax payments.
Do I still need a Cyprus bank account at all?
For most newly incorporated Cyprus companies — especially those operated by non-Cypriot residents — a Revolut Business account provides everything needed to operate the company: receive client payments, pay suppliers, manage expenses, and handle tax payments. A traditional Cyprus bank account may become relevant later if the company needs local payroll, specific banking facilities, or letter of credit services, but it is not required from day one.
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This page is for information only
CyPRO One is not affiliated with Revolut Ltd or Revolut Bank UAB. Revolut Business account approval is subject to Revolut's own eligibility criteria and compliance review. CyPRO One assists with document preparation and application support but cannot guarantee account approval. Revolut Payments UAB is an e-money institution licensed by the Bank of Lithuania. Revolut Bank UAB is a bank licensed by the Bank of Lithuania with deposit protection up to €100,000 under the Lithuanian deposit guarantee scheme.