Astrobank Business Account

Opening a Astrobank Business Account in Cyprus

ASTROBANK Cyprus LogoIt is straightforward to open an Astrobank Business Account. AstroBank Limited, previously known as Piraeus Bank, is a financial institution in Cyprus that has undergone significant transformation since 2008. It now focuses on serving both international and local businesses, providing a comprehensive range of services such as insurance, investments, deposits, loans, and business services for small and medium-sized enterprises.

Account Opening Details

  • Price: 1000 EUR
  • Term: From 1 month
  • Category: Operational
  • Opening Date: From 1 month

Bank Features

  • Visa credit and business cards
  • Managers fluent in Russian
  • 24/7 Russian-speaking Internet banking (connection fee: 40 EUR)
  • 24/7 customer service
  • Payments in more than 40 currencies

Target Audience

AstroBank Cyprus caters to both legal entities and individuals, including non-residents. Offshore companies can open accounts except those blacklisted by the bank. Restrictions apply to partnerships (LP/LLP).

Account Types

  • Current accounts
  • Savings accounts

Bank Rates

  • Account Opening Cost:
    • Personal: 100-200 EUR
    • Corporate: 300-400 EUR
  • Initial Deposit: 1500 EUR for all clients
  • Account Service:
    • Personal: 35 EUR/quarter
    • Corporate: 35 EUR/month
  • Account Closing:
    • Personal: 100 EUR
    • Corporate: 150 EUR

Account Opening Costs and Requirements

Cost of Opening an Account:

  • Natural Persons: €100 to €200
  • Legal Entities: €200 to €300

Minimum Required Balance: €1,000 (cannot be used)

Minimum Initial Contribution: €1,500 (includes bank charges and minimum balance)

Restrictions:

  • Offshore companies registered in specific jurisdictions (e.g., Aruba, Barbados, Belize, etc.) are not eligible.
  • Accounts are not opened for partnerships (LP/LLP).

Account Management

  • Access: Via Internet banking.
  • Digi Pass Fee: €40 (one-time fee).

Bank Tariffs

  • Account Maintenance:
    • Natural Persons: €25 per quarter
    • Legal Entities: €75 per quarter
  • Internal Transfers (within Cyprus):
    • Fee: 0.15% of the transfer amount (min €5, max €40)
    • Payment Processing Fee: €12
  • External Transfers (using Internet banking):
    • Within the EU in EUR:
      • Up to €50,000: 0.10% (min €3, max €8)
      • Over €50,000: 0.15% (min €75, max €400)
    • Other Currencies:
      • Fee: 0.15% (min €5, max €400)

For detailed tariffs, please visit the bank’s website.

Terms of Opening an Account

Procedure:

  1. Preliminary Stage: Gather and submit required documents. Duration depends on the client.
  2. Review and Decision: Takes approximately 3 weeks from receipt of signed forms and documents.

Requirements:

  • Follow the “know your client” principle.
  • Additional documents or information may be requested.
  • The bank may refuse account opening without explanation.

Staff

  • Languages: Russian and English

Available Services

  • Credit/Debit Cards: Visa
  • Other Products: Deposits, securities, brokerage services, trust transactions, trade finance, credits.

Required Documents for Account Opening

  1. Company Documents:
    • Originals of all statutory documents.
    • If incorporated over a year ago:
      • Certificate of Good Standing (apostilled)
      • Certificate of Incumbency (apostilled)
      • Audit report
    • Contracts for existing businesses or draft contracts/business plans for new companies.
    • Proof of business substance, office presence, and employees.
  2. Account Holder Documents:
    • National and foreign passports
    • Taxpayer identification code
    • Curriculum vitae
    • Bank reference
    • Recent utility bill (within 3 months)
  3. Beneficiary Documents:
    • Same as account holder documents
    • Additional proof of income may be required
  4. Nominal Director, Shareholder, and Secretary (if applicable):
    • Set of documents with apostille:
      • Copies of passport, utility bill, and bank reference (if natural persons)
      • Statutory documents (if legal entities), including:
        • Certificate of Incorporation, Memorandum, Articles of Association, and Minutes of director designation
        • Certificate of Good Standing and Certificate of Incumbency (if required)

Account Opening Procedure

  1. Submit the requested documents and filled questionnaire via email.
  2. The bank reviews the inquiry and decides on account opening.
  3. If approved, a meeting is scheduled in Kyiv or Cyprus.
  4. At the meeting, documents are verified and signed.
  5. Account details are sent after receiving certified documents and signed forms.
  6. Initial payment of €1,500 is required, covering Digi Pass and maintenance fees.

Astrobank Cyprus

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