Banks in Cyprus to require audited accounts

In regard to certain structural changes that are currently taking place on the Cyprus Banking sector, that also affect the status of your company/ies that hold bank accounts in Cyprus.

Amongst other structural reforms, Cyprus banks have amended their requirements in regard to the submission of the Audited Financial Statements for all companies that maintain banking accounts, irrespective to of their residency status.

As a result, it is now required to provide the Audited Financial Statements of all outstanding years, including the 2018.

The Audited Financial Statements should be submitted to the banks by the end of November 2019, unless the banks instructs otherwise.

In the event above mentioned required actions are overlooked, the Company will run the risk of blocking their transactions and eventually the account will be permanently suspended.