Cyprus: registering a company and translating corporate documents for the bank

An entrepreneur from Russia was registering a company in Cyprus for an IT business. A local corporate service provider handled registration in a couple of weeks. Opening a bank account, however, dragged on for months: the bank requested documents one after another, and each new one needed a translation.

What the registrar needs

To register a Cypriot company, the provider collects the passports of the founder and director, proof of address and customer due diligence (KYC) documents. Russian documents are translated into English or Greek. English is more convenient: providers and banks both understand it.

What the bank needs

The bank checks more deeply: the founder's source of funds, business reputation and business history. A typical list: an extract from the Russian company register or the articles of the Russian company through which the funds were earned, financial statements, contracts with key clients, income certificates, reference letters. State documents such as register extracts are apostilled. English translations are usually required with certification — notarial or by a translator recognised in Cyprus, depending on the bank.

What slowed the case

The bank requested documents in batches: first statements, then contracts, then accounts. Each time the client ordered a new translation. When we got involved, we compiled a full list of typical requests and translated everything as one package, including the articles and latest accounts. The bank's next request was already covered by ready translations, and the account was opened in three weeks.

Tip: ask the bank for the full list of documents for opening an account and translate everything at once. For Cypriot banks working with clients from Russia, checks are usually stricter, and partial submissions only lengthen the process.