Organizations and individuals can open bank accounts in any banks of the Republic of Belarus in Belarusian rubles and in foreign currency. To do this, you need to choose a bank with suitable service conditions, collect the necessary documents and conclude a contract with the bank. The Banking Code provides for what types of bank accounts can be opened.
Bank account in Belarus
This is the main account from which an organization or individual entrepreneur pays expenses and where he receives revenue. The account holder’s funds are stored in such an account. To open a current (settlement) account agreement with the bank. According to the agreement, the account holder grants the bank the right to use temporarily available funds that are on the account, with the payment of interest to the account holder. The account holder pays the bank service fees for services. Any organization and individual can open several current accounts.
The bank notifies the tax office and the local department of the Social Security Fund of the Ministry of Labor and Social Protection of the current account opening within one working day.
Charity account
Under a charity account agreement for an individual or an organization, the bank opens an account for collecting, storing and using funds received in the form of gratuitous (sponsorship) assistance or donations.
Foreign gratuitous aid is (clause 5 of the appendix to the Decree of the President of the Republic of Belarus of 25.05.2023):
- Funds and goods (property) that are donated by senders to recipients for ownership, use, possession and (or) disposal;
- Goods (works, services) purchased (paid for, performed, rendered) on the territory of the Republic of Belarus by recipients at the expense of senders’ funds and donated (performed, rendered) to recipients (secondary (subsequent) recipients) in accordance with the procedure provided for by the plan for the targeted use of assistance;
- Funds received by organizations and individual entrepreneurs as foreign gratuitous aid are credited to the charitable accounts of these persons within 3 banking days from the date of receipt of these funds or their import into the Republic of Belarus.
Special accounts opened in accordance with the law
Under the special account agreement, the bank opens a current (settlement) bank account with a special mode of operation to the account holder. Such a regime is established in the special account agreement, on the basis of an act of the legislation of the Republic of Belarus, in accordance with which a special account is opened.
Such accounts include:
- Special accounts for the funds of shareholders, which are attracted by the developer within the framework of shared construction, open for each construction object;
- Special accounts of Belarusian organizations and individuals — foreign participants, owners of the property of these organizations from unfriendly states. Such accounts are opened in Belarusian rubles for the transfer and receipt of part of the profits, dividends by foreign participants, owners of Belarusian organizations.
Opening a bank account as a financial transaction in Belarus
Opening a current account is a financial transaction in which the bank conducts internal control in order to prevent the financing of terrorist activities. Therefore, when opening a bank account, identification and verification of participants in a financial transaction is carried out. The participants in this case will be the heads of organizations that want to open a bank account, their representatives, an individual entrepreneur or an individual. These persons are required to provide the bank with the documents required for identification or verification. When such documents are not submitted, the bank will refuse to open an account.
Bank account for individual in Belarus
In the Republic of Belarus, a bank account can be opened by both a citizen of Belarus and a foreign citizen (even those who do not have a residence permit in Belarus). Opening an account for a foreigner in Belarus takes a little longer than for a citizen of Belarus. The reason for this is a slightly stricter compliance and the need to translate documents into Russian/Belarusian. You can read more about opening an account for individuals in Belarus here.
Corporate bank account in Belarus
In the Republic of Belarus, a bank account can be opened by either a local company or a foreign one. Opening an account for a foreign company in Belarus takes longer than for a local one. The reason for this is stricter compliance and the need to legalize documents. You can read more about opening an account for companies and legal entities in Belarus here.
How we can be useful when opening accounts in banks of the Republic of Belarus
Our lawyers and attorneys have extensive experience in supporting the opening of bank accounts in Belarus. Our experienced team:
- Will help you choose the right bank according to your profile and type of activity;
- Will advise you on opening accounts in Belarusian banks;
- Represent your interests when opening accounts in Belarusian banks;
- Will represent your interests if controversial issues arise when opening accounts in Belarusian banks.
Contact us
If you have any questions about opening accounts in Belarus, we will be happy to help you! Our long-term experience in the field of cooperation with banks, opening accounts for clients will help you in resolving any situations in this area.
Phone and email communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@ambylegal.by.
