How to correctly open an account with a Russian bank ?
Channel: RosCo | Consulting & audit
Date: 20/05/2020

In the last video, we talked about how to register with the tax office if you decided to open an current account in Russia. Today we will discuss what should a foreign company do next and how to correctly open an account with a Russian bank.

What is the Package of documents for opening an account to a foreign legal entity?
In order to open a bank account, you shall submit the following documents: 
- licenses (permits) issued to a legal entity, if these licenses (permits) have direct relationship with the legal capacity of a customer to conclude an agreement on the basis of which an account is opened;
- signature sample card;
- documents confirming the authority of the persons indicated in the card to dispose of funds in the account;
- documents confirming the authority of the sole executive body of a legal entity;
- documents confirming the legal status of a legal entity, in particular, documents confirming its state registration;
- certificate of registration with tax authorities.
-Memorandum.

Pay attention, that Documents drawn up in a foreign language must be accompanied by a notarized translation into Russian.
Documents submitted when opening a bank account must be legalized. An apostille is put onto the document itself or onto a separate sheet attached to the document.

A document of a foreign state legalized in the prescribed manner is subject to translation into Russian. Both the foreign document itself and the apostille put onto it are translated into Russian.
A specimen signature card of authorized persons shall be certified by a notary or a bank.

Keep in mind
Opening a bank account may be refused if documents are not provided confirming the information necessary for identifying a customer, or false information is provided, and in other cases provided for by the Russian legislation.
Opening of a bank account is completed, and the bank account is considered to be open with the appropriate entry in the Book for registration of open accounts. An entry must be made to this Book no later than the business day following the day the relevant contract is concluded. 

It should be noted that foreigners who violate the provisions of the Russian exchange regulation bear the following types of responsibility in accordance with the legislation of the Russian Federation:
- administrative liability for illegal exchange transactions;
- criminal liability for refusing to repatriate funds.
That is why it is so important to apply to professionals who will help you correctly open a current account with a Russian bank.

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