For foreign companies operating in Belarus or cooperating with Belarusian counterparties, opening a current account in a local bank becomes a necessary step. Key transactions are processed through the account: receipts from partners, payments to employees, settlements with government agencies and taxes.
At the same time, the procedure for opening an account in Belarus for non-residents has several specific requirements. Banks pay particular attention to the verification of corporate documents, the source of funds, and the company’s business reputation. Considering currency control regulations and enhanced compliance checks, preparation for opening an account requires a thorough approach.
It is important for foreign businesses to understand that choosing the right bank, properly preparing documents, and knowing local regulations can shorten the account-opening process and reduce the risk of rejection. Companies often have questions such as: which documents need to be provided, whether the director must be present in Belarus, whether the account can be managed remotely, and how to handle foreign currency transactions.
In this article, we will review the current requirements for opening a bank account for a foreign company in Belarus, outline a step-by-step process, and provide practical recommendations to help foreign investors establish reliable financial operations in the country.
Why a Foreign Company Needs a Belarusian Bank Account
For foreign companies that plan to operate in Belarus or regularly interact with local partners, opening an account in a Belarusian bank is not just a formality, but a practical necessity. Having an account ensures the legality and transparency of financial transactions, and also opens access to a number of opportunities without which it is difficult to fully conduct business.
1. Conducting transactions with partners and employees
A bank account is used to pay for supplies, services and rent, and transfer salaries to employees. Belarusian companies and government agencies, as a rule, prefer to make payments through local banks, which simplifies document flow and confirmation of transactions.
2. Paying taxes and mandatory contributions
To fulfill tax obligations to the Belarusian budget, as well as contributions to the Social Security Fund (FSZN) and other mandatory fees, a national bank account is essential. An account allows the company to comply with legislation on time and avoid penalties.
3. Convenience in foreign currency contracts
Belarus actively regulates foreign economic activity. Having a local account simplifies the registration of foreign currency contracts, currency control procedures, and transactions in USD, EUR, or other currencies. This reduces delays and eases communication with the bank.
4. Participation in tenders and government projects
In many cases, a foreign company cannot participate in a tender or government contract without a Belarusian bank account. This requirement ensures transparent transactions and financial guarantees within the country.
Thus, a Belarusian bank account becomes a fundamental tool for organizing a foreign business, from daily operations to strategic projects.
Requirements of Belarusian Banks for Non-Residents
Belarusian banks carefully regulate the opening of accounts for foreign companies due to both domestic laws and international standards on anti-money laundering and counter-terrorism financing (AML/CFT). Therefore, foreign companies need to understand bank requirements in advance and prepare documents in line with compliance checks. Belarus has no uniform requirements for foreign companies opening bank accounts; each bank sets its own rules. The following are key points foreign businesses should consider:
1. Verification of corporate documents
Banks must confirm the legal capacity of a foreign company and the validity of its registration. This involves reviewing the company’s charter, incorporation documents, and an extract from the country’s company register. Documents are usually required to be legalized or apostilled and translated into Russian with notarized certification.
2. Proof of source of funds
Banks pay particular attention to the origin of the capital to be deposited. Financial statements, business activity reports, and evidence of transactions with partners may be requested to minimize the risk of the account being used for suspicious operations.
3. Beneficiary verification
Belarusian banks must know the ultimate owners of the company. This involves verifying the identities of shareholders and beneficiaries, collecting passport copies, and sometimes confirming business reputation. For complex ownership structures, additional documents may be requested covering the entire ownership chain.
4. Compliance procedures
Foreign companies undergo thorough AML checks to prevent fraud and money laundering. This may include providing information about the expected nature of operations in Belarus, transaction volumes, business partners, and business objectives. Companies are expected to present a clear and transparent picture of their operations.
In summary, Belarusian banks impose strict requirements on non-residents. However, with proper document preparation and a clear explanation of the economic rationale for opening an account, the process can be faster and less risky. Our experienced lawyers can assist foreign companies in opening bank accounts, advise on all related matters, and represent the company in banks and government authorities.
Document Package for Opening a Bank Account for a Foreign Company
To open an account in a Belarusian bank, a foreign company must provide a set of documents that confirm its legal status, the powers of its managers, and the transparency of its activities. It is important to take into account that banks carefully check every detail, and the absence or incorrect execution of even one document may be grounds for refusal. Here is an approximate list of the necessary documents:
1. Incorporation documents or an extract from the commercial register (with apostille/legalization)
A foreign company usually submits its incorporation documents with a registration certificate or an extract from the commercial register of the country of incorporation. These documents must be properly certified: an apostille is required for countries participating in the Hague Convention, while consular legalization is necessary for others. Documents must be translated into Russian (or Belarusian—both are official languages in Belarus) and notarized.
2. Resolution on the appointment of the director
The bank must verify that the person acting on behalf of the company has the authority of a director. A shareholder meeting protocol or other official document confirming the appointment of the director is usually required. This document must also be translated into Russian or Belarusian with notarization. In some cases, a certified specimen of the director’s signature may be needed.
3. Documents confirming the authority of a company representative (employee)
If someone other than the director submits the documents, their authority to act on behalf of the company must be confirmed. This may include an appointment order, corporate resolution, or another official document. The document must be in Russian or Belarusian.
4. Power of attorney (if the account is opened through a non-employee representative)
If an authorized representative opens the account, a power of attorney is required. If issued abroad, legalization or apostille and notarized translation may be necessary. The power of attorney must clearly state the representative’s authority to open and manage the account.
5. Additional documents upon the bank’s request
The bank may request additional information: financial statements, a business plan, a description of planned operations in Belarus, or details about counterparties. Confirmation of business reputation may also be required, especially for complex ownership structures or significant financial flows.
Thus, the document package for opening an account in Belarus can be quite extensive. It is important to prepare all documents in advance, taking into account legalization and translation requirements, to avoid delays or refusal. We recommend entrusting the collection and preparation of documents to an experienced lawyer who can coordinate all processes with government authorities, notaries, and the bank.
Procedure for Opening a Bank Account in Belarus
Opening a bank account for a foreign company in Belarus is a sequential process that includes several stages. Following the procedure correctly can significantly reduce processing time and minimize the risk of refusal.
Step 1. Choosing a bank and agreeing on terms
At the initial stage, the company decides which bank to open the account with. Considerations include the bank’s reliability, experience with foreign clients, availability of multilingual support, fees, and services offered. Preliminary discussions with the bank regarding account terms and required documents can also take place at this stage.
Step 2. Preparing and translating documents
Once the bank is selected, the document package is prepared. Documents must be legalized or apostilled and translated into Russian or Belarusian with notarization. If a representative submits the documents, the power of attorney should be prepared in accordance with the bank’s requirements.
Step 3. Submitting the application and undergoing verification
The company submits the account opening application along with the document package. At this stage, the bank conducts compliance checks: analyzing the corporate structure, beneficiaries, sources of funds, and the expected nature of transactions. Additional information may be requested if necessary.
Step 4. Signing the banking service agreement and preparing signature cards
After successful verification, the bank invites the company’s representative to sign the service agreement. The agreement specifies the rights and obligations of the parties, transaction procedures, and service fees. In some cases, the presence of the director or authorized representative is required.
The bank also requires signature cards for authorized personnel managing the account. Verification usually involves employment contracts, appointment orders, and identification documents with notarized translations. If the account is opened remotely, signature cards are generally not required, though this option is not always available for foreign companies.
Step 5. Setting up internet banking and managing the account
The final stage is activation of electronic services: internet banking and remote account management. A digital signature is issued by the bank, allowing the company to process payments, monitor funds, and access banking services online.
With proper preparation and legal support, the entire account opening process in Belarus can take from a few business days to several weeks, depending on the bank and the quality of the submitted documents. When all documents are in order, the bank can open the account in just one day.
Is It Possible to Open a Bank Account Remotely?
The question of remote account opening is particularly relevant for foreign companies without a permanent presence in Belarus. Legislation does not prohibit opening accounts remotely; however, in practice, banks often require the personal presence of company representatives.
1. Requirements for the personal presence of the director/representative
Most Belarusian banks prefer to personally verify the identity of the director or authorized representative when opening an account. This is necessary to confirm authority and perform the KYC (know your customer) procedure. Original identification documents and corporate documents are typically required.
2. Options for remote account opening
Some banks allow accounts to be opened remotely, provided the individual opening the account can be authenticated. In such cases, the account is opened through the bank’s remote banking system. Subsequent account management is usually provided via internet banking access. However, for foreign companies, remote identification is not always feasible.
Thus, while remote account opening in Belarus is possible, it is limited and depends on the internal policies of each bank. To minimize risks, foreign companies are advised to discuss this issue with a lawyer in advance, who can provide guidance and help select an appropriate bank.
Practical Recommendations for Foreign Companies
Opening a bank account in Belarus requires not only a formal set of documents but also strategic preparation. Companies that take local regulations and banking procedures into account in advance significantly increase their chances of successful and timely account opening.
- How to prepare for compliance checks
Belarusian banks carefully review a foreign company’s business reputation and ownership structure. To simplify the process, it is recommended to prepare information on ultimate beneficiaries, sources of funds, key counterparties, and planned operations in Belarus in advance. The clearer and more transparent this information, the faster the review process and the lower the likelihood of additional requests.
- What to pay attention to when translating and legalizing documents
All documents must be legalized (apostille or consular legalization, depending on the country) and translated into Russian with notarization. Errors in translation, incomplete details, or missing required stamps are common causes of delays. It is therefore crucial to verify the completeness and accuracy of the documentation in advance.
- The role of legal support
The process of opening an account may seem complicated and time-consuming. Our team provides comprehensive support: helps to choose the best bank, prepares a package of documents taking into account all requirements, controls the process of legalization and translation, and interacts with the bank at all stages. This allows you to minimize the risks of refusal and speed up the opening of an account for a foreign company.
Conclusion
Opening a bank account for a foreign company in Belarus is an essential step for doing business in the country. Without it, fully operating with Belarusian partners and participating in government projects is impossible. At the same time, the process involves several formalities: document legalization, compliance checks, verification of sources of funds, and ownership structure.
Successful account opening largely depends on careful preparation. The more accurate the documentation and the clearer the company’s operations are presented, the faster the bank will make a positive decision.
Legal support at all stages from selecting a bank to signing the agreement and activating internet banking allows foreign companies to save time and reduce the risk of refusal. Our team is ready to handle these tasks so that you can focus on growing your business in Belarus.
Contact us
If you have any questions related to opening a bank account for a foreign company in Belarus, we will be happy to help! Our long-term experience will help you choose a lawyer to represent your interests.
- +37529142-27-19 (WhatsApp, Viber, Telegram);
- info@ambylegal.by.
