Revolut Business

Forget the hassle of local banks. Revolut Business is the fastest, cheapest, and most practical option for your Cyprus Ltd. We use it ourselves and explain why.

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Get free guidance on opening a Revolut Business account for your Cyprus company. We use it ourselves.

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Our recommendation

Revolut Business

The business account we use for our own Cyprus Ltd. Open in minutes, zero monthly fees on the basic plan, and it works from day one.

Why Revolut Business?

Open in minutes

No branch visits, no interviews, no waiting weeks. You sign up online, verify your company, and have a working business account the same day.

EUR IBAN included

You get a European IBAN that works for SEPA transfers, receiving payments from clients, and paying your accountant, VAT, and taxes.

Multi-currency

If you invoice in USD, GBP, or other currencies, Revolut handles conversions at interbank rates. No need for a separate foreign currency account.

Zero or low fees

The free plan covers most needs. Local SEPA transfers are free, international transfers are cheap, and there are no hidden charges.

Why Not a Local Cyprus Bank?

We tried. Local banks in Cyprus require extensive paperwork, in-person visits, interviews about your business activity, and the process takes 2-6 weeks. Some applications get rejected without clear reasons. For a small Ltd with international clients, it simply is not worth the effort when Revolut does the job better.

Local bank

  • 2-6 weeks to open
  • Branch visit required
  • Business plan needed
  • Monthly fees (15-30 EUR)
  • Basic online banking
  • EUR only

Revolut Business

  • Open same day
  • 100% online
  • No business plan
  • Free plan available
  • Excellent app and dashboard
  • 30+ currencies

How to Set Up Revolut Business for Your Cyprus Ltd

The process is straightforward. Here is what you need and the steps to follow:

1 Sign up on Revolut Business

Go to the Revolut Business website and create an account using your company details. Choose the Free plan to start (you can upgrade later if needed).

2 Upload company documents

You will need your Certificate of Incorporation, Memorandum and Articles of Association, proof of registered address, and passport of each director. All digital, no originals needed.

3 Verify your identity

Revolut will ask for a selfie and a quick identity check. This takes a few minutes. Each director and beneficial owner needs to complete this step.

4 Start using your account

Once verified (usually same day), you get your EUR IBAN and can start receiving payments, making transfers, and issuing invoices. Order a physical card if you want one.

Tip: Have your company documents ready before starting. The whole process takes 15-30 minutes if you have everything prepared. We did it the same day we registered our company.

If you have questions about Revolut Business or your banking setup, get in touch. This guidance is completely free.

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Revolut Business FAQ

Is Revolut Business accepted by accountants and tax authorities in Cyprus?
Yes. Revolut provides bank statements, transaction exports, and a proper EUR IBAN. Our accountant works with Revolut statements without any issues. Tax payments to the Cyprus Tax Department can be made via SEPA transfer from Revolut.
Do I still need a local Cyprus bank account?
For most small Ltd companies, no. Revolut covers everything: receiving client payments, paying salaries, paying taxes, and managing expenses. Some companies open a local account later for specific needs (like large EUR deposits), but it is not required to operate.
Which Revolut Business plan do you recommend?
Start with the Free plan. It includes a EUR IBAN, free local SEPA transfers, and basic features. If you need more than 5 free international transfers per month or want team cards, you can upgrade to the Grow plan later.
Can I receive payments in USD or GBP?
Yes. Revolut Business supports 30+ currencies. You can hold balances in different currencies and convert at interbank rates when you need to. This is particularly useful if your clients pay in USD.
How long does it take to open a Revolut Business account?
If you have your company documents ready, you can open the account in the same day. Verification usually takes a few hours. We completed the entire process in one afternoon.
Is there a minimum deposit or balance required?
No. There is no minimum deposit, no minimum balance, and no monthly fees on the Free plan. You can start using the account immediately with zero balance.

Need Help Setting Up Your Business Account?

Get free guidance on opening a Revolut Business account for your Cyprus company. We use it ourselves.

Get GuidanceSee All Services

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