Do you have a business in Cyprus and would like to expand your reach into the UK without incurring international transaction fees? Or perhaps you live outside of the EU and UK and would like to expand your business into both these markets without the extra cost and hassle. In other words would you like to be able to transact like a local in the UK and the EU without being a national of any EU country or of the UK? Having a business account that gives you the options of EU and GB (Great Britain) IBANs makes this possible. Sound good? This article will explain why having accounts with EU and GB IBANs is a great idea for expanding your business. We’ll also show you how you can easily open a wamo business account and create multiple sub-accounts with GB and EU IBANs easily. Read on…
How do I get a GB and EU IBAN in Cyprus?
By opening a wamo business account! Whether you are a foreigner living in Cyprus and wanting to take the first step in opening a business account for your business, are living outside of the UK wanting a GB IBAN to do business easily there, or are a local Cyprus business or European business owner – opening a wamo business account gives you instant access to a GB IBAN. This means instant access to being able to do business in the UK like a local without ever having to go there! This is especially useful for e-commerce and other digital businesses – from Etsy sellers to large-scale online businesses where all business is conducted online and at a distance.
As Cyprus is part of the EU, you will of course have the option of an EU IBAN when you open your wamo account. Again, if you live outside the EU and the UK a wamo account is an easy way of opening a business account ‘in’ Cyprus and doing business in either zone without any hassle. Your wamo business account comes with the option of creating multiple sub-accounts – up to 50, and more upon request – and with each sub-account you open comes the option of choosing either a UGB or EU IBAN for it. This means that you are able to separate income streams and outgoing payments to specific sub-accounts with the IBAN of your choice. The fact that you can have a wamo business account open in 10 minutes and start to create sub-accounts the moment your account has been approved, makes it a great choice for getting an EU and GB IBAN in Cyprus.
How to open business account with wamo
Opening a business account in Cyprus with wamo is easy for anyone with a legitimate business. If you have your personal details and a few standard business documents to hand (although you will only need one initially), you can have a full business account up and running very quickly. Follow these easy steps to opening an account and getting the EU and GB IBANs that you’re after.
Download wamo from the App Store or Google Play. Go through the registration process, providing your name, country of residence and address, details of your shareholders and UBO where relevant, company details and one of the following documents:
- Memorandum and Articles of Association (M&A)
- Proof of company address
- Proof of shareholder structure
You’ll be asked to take a short video of yourself using your smartphone and the app so that we can check it's really you. Choose your subscription plan… and that’s it. Your application will be reviewed and you’ll be notified as soon as your account is ready to use. If everything is in order the turnaround time is a few hours and you will usually have your account ready to use the same day. Now you’re ready to give yourself access to EU and GB IBANs all from one account.
How to create EU and GB IBAN in Cyprus with wamo
When you open your new wamo account for your business in Cyprus (whether you are a resident or national of Cyprus or not), you will have the opportunity to choose whether you want your main account to have a GB or EU IBAN. Assuming you will open your account with an EU IBAN, in order to get a GB IBAN you will create a sub-account or multiple sub-accounts and with each sub-account you will choose whether you want that account to have an EU or a GB IBAN.
Creating a sub-account from the wamo app is easy. In a few taps you can open a wamo sub-account that functions just like a regular account. This means that you can make and receive payments into your sub-account, link physical and virtual debit cards to it, generate reports for it and generally use it in any way you would your main account. When you create your sub-account you will have the option to choose your currency – either Euro or GBP. In order to create an account with a GB IBAN, you will choose GBP, of course. Now transactions to and from the UK from your business in Cyprus will count as local transactions – it’s that simple!
Advantages of having a business account in Cyprus
Aside from the obvious advantage of Cyprus being a relatively easy country in Europe to get a business account as a foreigner (non-resident), there are a number of good reasons to choose Cyprus for your European business account. Cyprus offers a lot in the way of business opportunities to foreign nationals looking to do business there. It has a current, service-based, free-market economy that gives businesses (and international investors) the confidence to invest and the right support to grow, and flourish. Cyprus is known for being an ‘entrepreneurs paradise’ because it has taken positive action to mitigate the 3 biggest challenges that are historically faced by entrepreneurs: access to talent, excessive bureaucracy and scarce early stage capital. The government has recently begun to introduce a number of incentives, development programmes and grants to help both local and foreign entrepreneurs launch their businesses with less obstruction.
It's relatively easy to open a business account in Cyprus, but if you are looking for an account that can provide you with a GB as well as an EU IBAN, check out wamo. We’ve made it easy!