Opening Accounts for Foreign Companies in Russian Banks

Advantages and Specifics of Opening Corporate Accounts in Russian Banks

Key Benefits:

• Convenience and speed when making payments to partners within Russia.

• A friendly approach from most Russian banks towards foreign companies (except organizations from countries considered unfriendly to Russia).

• The ability to acquire assets in Russia and freely conduct transactions with them.

• Simplified payment of taxes and state fees within the country.

• A wide range of service plans at relatively low costs.

• No requirement for a mandatory deposit when starting a relationship with the bank.

• Reasonable and achievable requirements for banking compliance.

In certain situations, such as when registering offshore structures or engaging in high-risk activities, financial institutions in Russia may require an extended set of documents and additional information to pass compliance procedures.

Corporate Accounts for Foreign Companies in Russian Banks: Key Information

Foreign companies can freely transfer funds between their foreign and Russian accounts in both foreign currencies and rubles. However, it is important to note that certain operations by non-residents may be subject to restrictions established to protect the financial stability of the Russian Federation.

Before opening a corporate account, each foreign entity must register with Russian tax authorities. We support this process and provide comprehensive assistance at every stage.

To register an account for a foreign company with the chosen bank, a specific set of documents must be prepared. This list is not exhaustive and may be expanded depending on the requirements of the particular financial institution.

The key documents include:

• Licenses or permits issued to the legal entity if they are directly related to its legal capacity to enter into contracts based on which the account is opened;

• A signature specimen card;

• Documents confirming the authority of individuals listed on the card to manage the account’s funds;

• Documents certifying the authority of the sole executive body of the company;

• Documents confirming the legal status of the legal entity in its country of registration, including the certificate of state registration;

• The certificate of registration with Russian tax authorities.

Procedure for Opening Corporate Accounts in Russian Banks for Foreign Companies

Registration with Russian Tax Authorities

All companies planning to open an account in a Russian bank must have a taxpayer identification number (TIN). This can be obtained directly through the tax authorities or via the bank where the account will be opened. We provide full support throughout the TIN acquisition process to ensure this step does not become an obstacle to account opening.

Document Collection and Preparation

Filling out the bank’s application form and providing a complete set of necessary documents.

Compliance Procedure

Undergoing the bank’s internal compliance check, responding to additional questions, and submitting any requested documents.

Meeting with Bank Representatives

An in-person meeting with a bank representative to verify information and clarify details.

Account Opening

Account registration with the bank and transfer of management information to authorized individuals within the company.