An account with a Cypriot payment system for IT and Internet companies – from 2,999 EUR

If your company works in the IT and Internet spheres developing software or online games, building mobile applications, doing online marketing, providing network services, and so on, you may be interested in setting up a corporate account with a Cypriot PSP (Payment Service Provider) that welcomes such companies. The PSP is also open to E-commerce companies and those dealing in medical technologies and innovations. The account can be opened remotely.

The Cypriot PSP does not have any minimum balance requirement, which is good news for startups in particular.

Remote account opening for IT companies

The IT sphere today offers vast opportunities and promises substantial profits. Naturally, in order to do business any company needs an account with a bank or, alternatively, with a payment system.

The problem with the banks is that their requirements are rather tough. They consider any startup business as potentially risky even if the founders have extensive experience in the digital technologies. If such a company applies to a traditional bank, the chances of service denial will be much greater than those of obtaining an account.

There is an alternative to banks, however, namely, the numerous payment systems or PSP’s that exist today. They provide financial services under better conditions: the cost of account opening is lower, the decision to provide services is made faster, and often the operating environment is more convenient. 

A properly selected payment system, such as the one that we are describing here, will also understand its clients’ needs very well. This particular Cypriot PSP specializes in providing services to IT companies and it speaks with them in their language.

Specifics of the Cypriot PSP for IT and Internet businesses

The payment system is registered in Cyprus; it has a license from the Central Bank and thus the legal right to provide financial services. Its clients can make payment via various bank channels: SEPA, SWIFT, TARGET, and others.

Only corporate clients can establish accounts with this payment system.

Every company acquires its own IBAN as if the account were opened in a traditional bank.

As we have said above, the PSP works with companies involved with IT, Internet, E-commerce, technological innovations, and the like.

There is a possibility to open an account for licensed FOREX brokers, gambling, crypto, and dating companies. However, some special conditions will have to be met. You can learn more about them by consulting our specialists at [email protected].

As soon as you set up a corporate account with the Cypriot PSP, you will gain access to the following features:

• A multicurrency account with your own IBAN;
• The possibility to make and receive payments in the following world currencies: EUR, USD, GBP, CZK, HUF, RUB, PLN, JPY, and CNY;
• A personal account manager;
• The possibility to activate pay card processing to receive payments via your website;
• A support team that understands IT business and that speaks your language;
• No requirements to the minimum balance on the account.

The account can be opened within ten business days. You can also open the account within only two days but that comes at an additional pay.

PSP restrictions

The payment system accepts clients whose companies are registered in Europe and OECD countries (excluding partnerships) and those registered in Hong Kong and Singapore.

IMPORTANT: The PSP will not service offshore companies.  

There are also some limitations on US dollar transactions.

If your business qualifies as high-risk, only SEPA transactions will be available to you.

In order to enjoy the entire set of opportunities that the Cypriot PSP offers you will have to undergo the client identification procedure and meet with a PSP administrator in person. This is going to be a virtual meeting via Skype that is to be held within five months since the account is opened.  

Documents required for opening an account for an IT or Internet company with the Cypriot PSP

Company beneficiaries will have to supply the following documents:

• Scan copies of their passports;
• CV’s that reflect their IT experience;
• Proofs of addresses less than six months old;
• The sources of investment capital;
• Other documents that the PSP administration may request.

Company directors will have to supply the following documents:

• Scan copies of their passports;
• CV’s that reflect their IT experience;
• Proofs of addresses less than six months old;

If a legal entity acts as the company director, its apostilled corporate documents have to be supplied.

The following corporate documents are required:

• Constitutive documents that carry the official company name;
• Corporate tax number;
• Account numbers in other financial institutions, if any;
• Company website;
• A description of the company business activities;
• The license if one is required for performing the specified business activities.

European-registered companies do not have to have the application documents apostilled.

Account opening and maintenance costs

We will be happy to assist you in setting up a corporate bank account for your IT company with the payment system on Cyprus. The cost of this service is 2,999 EUR.

The following payments to the Cypriot PSP are also due:

The Internet access to the account is free of charge. Balance check over the Internet is free of charge.

Acquisition of a DigiPass – 75 EUR.

Paper-based account statement for the current year – 5 EUR per page. For the previous years – 7 EUR per page.

Transaction commissions:

 The procedure of opening an account with the Cypriot PSP for your IT or Internet company

1. Please apply for this service by writing to [email protected].
2. Supply the information about your company to our specialists so that we can estimate your chances to establish a corporate account with the Cypriot payment system.
3. If you chance are high, cover the cost of this service that starts at 2,999 EUR.
4. Supply the full package of application documents both corporate and personal ones for the company beneficiaries and directors.
5. On receipt of the documents and the payment, we will start the procedure of establishing a corporate account for you. The process is going to take up to ten working days.

If you would like to open an account for your IT company immediately, please place a service request at [email protected]. If some questions remain, please use the same address to ask them. We promise to give prompt replies.