Part 3 of 3 of Email / Article Series!
In the first and second part of our email/article series on Corporate Banking, we discussed common mistakes businesses make and the changes to Cyprus’ banking landscape.
If you missed any of our previous emails/articles in this series, you can read them here:👇
In this last email, we’ll discuss some good practices to help avoid such issues:
How Other Businesses Have Streamlined Their Banking Setup:
Successful companies often follow a strategic approach to corporate banking:
- Prepare in Advance:
They gather all required documentation before approaching a bank or finance institution.
- Understand Regulatory Requirements:
Companies that proactively ensure compliance with local and international banking regulations avoid delays and potential legal issues. This includes AML requirements but also tax and corporate compliance requirements.
- Work with Professionals:
Having expert support can help navigate complex paperwork, choose an appropriate institution and anticipate potential obstacles.
- Select the Right Banking Partner:
Carefully select finance partners to match their needs.
- Aim to build a long-term relationship with a bank that aligns with their business objective
Strategic Approach: Banks v EMIs v PIs
Businesses need to take a strategic approach to corporate banking. Even companies with established banking relationships often benefit from maintaining additional accounts or exploring alternative providers.
Today, corporate banking is no longer limited to traditional banks. With the rise of fintech, businesses now have access to Electronic Money Institutions (EMIs) and Payment Institutions (PIs), which offer faster onboarding, flexible digital solutions, and cross-border payment capabilities.
However, it is important to understand the legal and regulatory distinctions.
Read more on EMIs v Traditional Banks in our articles 👇
Read our articles below for further details: 👇
Reach out for guidance to ensure a smooth process and simplify your Corporate Banking journey!
📞 Tel: +357 22 622 262
✉️ Email: info@paraschou.com.cy
🌐 Website: www.paraschou.com.cy