Home About us Services and Practice Areas Jurisdictions Terms and Conditions News Contact us Letters of Credit This section is to provide you with some important information regarding our assistance in issuing and handling Letters of Credit, Documentary Collections, Bank Guarantees: To issue a Letter Of Credit most banks requires a deposit equal to the 105% of the L/C amount. The amount is deposited in a guarantee account and remains blocked as security, until the payment of the L/C. The issuing charges will be the opening commission which is approximately 0.2% per month with a minimum of three months, plus some additional charges for correspondent, amendments etc. The documents required: company resolution authorizing the Bank to issue the letter of credit and a person to sign on behalf of the company the related documents block/transfer instructions guarantee account opening form Most banks require verification from a lawyer, practicing in the country of registration, confirming company’s powers to issue letters of credit, to bind its assets for that purpose and the persons that bind the company with their signature (directors and secretary). BANKING SERVICES Account Management Account opening and Due Diligence Types of Accounts Bank Holidays in Cyprus Bank Secrecy Card Facilities Internet Banking Letters of Credit Loans and Credit Facilities FEATURED JURISDICTIONS Anguilla BVI Cyprus Delaware Hong Kong Jersey Seychelles UK OUR NEW OFFICES LATEST NEWS Tax Alert The House of Representatives voted on April 18th, 2013 a number of changes in the […] Amendments to Tax Laws On 14 December 2011 the House of Representatives voted a number of amendments to the […] Advance pricing agreements for back to back group financing activities introduced in Cyprus Introduction According to Section 33 of the Cyprus Income Tax laws of 2002 (ITL), the conditions […] Home About us Services and Practice Areas Jurisdictions Terms and Conditions Contact us Copyright © 2006 - 2021 Worldwide Corporate Services. Designed and maintained by mmVirtual.