Revolut Business for a Cyprus Ltd 2026 — Setup, Plan Selection, Integration with Cyprus Accounting
Step-by-step guide to opening Revolut Business for a Cyprus Ltd in 2026: KYC pack, plan selection, multi-currency IBANs, integration with Cyprus VAT / IR4 accounting, and how it stacks against a traditional Cyprus bank.10 min read · By Nexora Cyprus editorial team · Reviewed by an ICPAC-registered Cyprus tax adviser engaged by Nexora
Why this matters
Revolut Business is the EMI of choice for fast-launching Cyprus Ltds. Onboarding in days (not weeks), free or low-cost monthly maintenance, multi-currency native, fully remote. The trade-off: a Lithuanian IBAN, not a Cyprus SEPA IBAN — works for most operations but occasionally rejected by stricter procurement systems and some Cyprus VAT-refund routings.
1. Eligibility for a Cyprus Ltd
Revolut Business onboards EU-incorporated companies including Cyprus Ltds. Required documents:
Certificate of Incorporation (Cyprus Registrar HE forms).
Memorandum & Articles of Association.
Most recent annual return (HE32) — if past Year 1.
Beneficial Ownership declaration matching the UBO Register filing.
Director's passport + proof of address.
Business description — nature of activity, expected counterparties, expected transaction volume.
Same documents that satisfy Cyprus AML obligations under Law 188(I)/2007 satisfy Revolut's KYC.
2. The five plans (current public pricing)
Revolut Business currently publishes five plans (Free, Basic, Grow, Scale, Enterprise). Pricing tiers in EUR/GBP, FX-allowance and feature differences are published on business.revolut.com and updated periodically — always verify the live page before applying. The 2026 sweet spot for most Cyprus Ltds in their first 2 years: Free or Basic, upgrading to Grow once monthly FX volume justifies it.
Key plan differentiators: number of free local + international transfers per month, included FX allowance before margin kicks in, number of physical / virtual cards, expense-management features, API access, dedicated relationship manager (Enterprise only).
3. Onboarding sequence
1Apply online at business.revolut.com — select Cyprus as the country of incorporation, paste in your CY registrar number.
2Upload incorporation pack + KYC docs — usually accepted within 1-3 working days.
3Activate account — IBAN issued (Lithuanian prefix LT…). Multi-currency accounts (EUR, USD, GBP, CHF, RON, +25 more) all live under the same business profile.
4Order cards — virtual cards issued instantly; physical cards posted to your Cyprus registered office or wherever you specify.
5Connect to your Cyprus accounting tool — Xero, QuickBooks, FreshBooks, Wave all integrate; or download CSV/MT940 for manual reconciliation.
4. Integration with Cyprus VAT + IR4 accounting
From a Cyprus accounting standpoint, Revolut Business is treated identically to any other EU corporate bank. Outbound payments, inbound receipts, FX trades all reconcile cleanly. Practical checklist:
Multi-currency: maintain a separate sub-account per major currency (EUR, USD, GBP). The accountant treats each as a separate ledger; FX gains/losses are recognised on each conversion under IFRS / Cyprus GAAP.
VAT: Revolut Business is accepted by the Cyprus Tax Department as a valid payment source for VAT submissions via TaxisNet. VAT refunds CAN route to a Revolut IBAN, but some refund routings have historically rejected non-CY IBANs — keep a parallel Cyprus bank account if VAT refunds are material.
VIES (intra-EU B2B): zero-rated supplies are reported via the regular Cyprus VAT return regardless of which bank received the payment.
Statement export for audit: ICPAC-registered audit firms accept Revolut's official statement export (PDF + CSV with cryptographic signature available on Scale+).
5. Practical limits — when to also hold a traditional Cyprus bank
If a major customer / supplier requires payments to / from a Cyprus-resident SEPA IBAN, hold a Cyprus bank in parallel.
If VAT refunds will be material (B2B exporter pattern), Cyprus IBAN avoids refund-routing friction.
If your business model involves cash deposits, large structured-finance flows, or trade-finance instruments, a traditional bank is necessary.
For 90%+ of typical SaaS / consulting / e-commerce Cyprus Ltds in their first 2 years, Revolut Business alone (or Revolut + Wise) covers all operational use cases.
AuthorNexora Cyprus editorial teamReviewed byAn ICPAC-member accountant or Cyprus Bar Association lawyer engaged by NexoraLast updatedMay 2026
Disclaimer: This article is for informational purposes only and does not constitute legal, tax, or financial advice. Tax laws change frequently. Consult a qualified Cyprus adviser for guidance specific to your situation. The information on this page is general guidance only and does not constitute legal, tax, accounting, immigration or financial advice. Specific advice should be obtained based on the facts of each case.