Opening a settlement account is one of the key steps that follow the registration of a limited liability company in Belarus. The company uses this account to make payments to counterparties, pay taxes, receive payments from clients, conduct foreign economic transactions, and demonstrate financial transparency before state authorities. Therefore, choosing a bank, preparing documents, and complying with procedures are not merely formalities but an important part of launching a business.

For Belarusian companies, and especially for limited liability companies with foreign participation, the procedure for opening an account may vary depending on the bank’s policies, internal checks, and requirements for identifying founders and managers. A bank may request additional information about the ownership structure, the sources of funds, or the planned activities. Careful preparation in advance makes it possible to speed up the process and avoid unnecessary requests.

In recent years, the approach of banks to working with corporate clients has become more structured: compliance requirements have become stricter, Know Your Customer procedures have expanded, and the timeframes for reviewing applications now depend on the quality of documents and the clarity of the business model. In this context, entrepreneurs need to understand which documents are required, how identification is carried out, what the typical timeframes are, and what bank employees pay attention to when making decisions.

In this article, we will explain how to open an account for a limited liability company in Belarus, which documents must be prepared, what specific features exist for companies with foreign participants, what difficulties are encountered in practice, and how to avoid them. The material will be useful both to new entrepreneurs and those who already run a business but plan to change their bank or open additional accounts.

Options for Opening an Account: Simultaneously with State Registration or Afterward

A bank account for a limited liability company in Belarus can be opened in two ways: by preparing the account at the company registration stage or by opening a permanent settlement account after an entry has been made in the Unified State Register. Each option has its own features, which are particularly important for non-resident participants and companies planning to begin operations quickly.

Opening an Account During State Registration

Many banks allow the opening of a temporary account before state registration is completed. It is used for contributing the charter capital (if required by the charter or agreed upon by the founders) and also helps speed up subsequent banking procedures.

Key features:

• the bank performs basic identification of the founders and the manager.
• the account is temporary and becomes fully active after the limited liability company is registered.
• the details can be used to contribute the charter capital before the company is included in the Unified State Register.
• after registration, the bank confirms the legal entity status and converts the account to permanent mode.

This option is especially useful if the founders want to complete the bank’s verification process quickly or if proof of contribution of funds is required during registration.

Features of Opening an Account After the Entry in the Unified State Register

The second, more traditional option is to submit documents to the bank after registration is completed. In this case, the bank reviews the full set of documents and identifies the already registered legal entity.

Procedure features:

• the company provides the charter, decision/protocol, details about the manager and founders, and the registration certificate.
• the charter capital may be contributed either through the first payment to the account or after account activation, depending on the chosen model.
• the bank performs a compliance review, evaluates the ownership structure, the business model, and the planned transactions.
• the time required to open the account may vary depending on the bank and the presence of foreign participation.

This option is usually chosen by companies that do not need to contribute the charter capital before registration or prefer to complete the legal stage before interacting with the bank.

Advantages and Disadvantages of Each Option for Belarusian and Foreign Founders

Opening a Temporary Account — Advantages:

• saving time: part of the bank procedures is completed in parallel with registration.
• convenience of contributing the charter capital in advance.
• the opportunity to undergo identification early and reduce the risk of delays.

Disadvantages:

• not all banks offer this service.
• foreign founders may be required to provide an extended set of documents even at the temporary account stage.
• additional visits or remote identification may increase timeframes.

Opening an Account After Registration — Advantages:

• a transparent procedure: all documents are already prepared and available to the bank.
• the bank conducts a standard review without connection to the registration stage.
• foreign participants can prepare documents more easily once the final company structure is known.

Disadvantages:

• longer time before the company can start operations if the account is needed immediately after registration.
• the need for repeated review of documents (especially for non-residents).

Overall, the choice depends on how urgently the company must begin financial operations and how complex the ownership structure is. For most Belarusian founders, both options are equally accessible, while businesses with foreign ownership usually benefit from agreeing on the procedure with the bank in advance to avoid delays and additional requests.

Required Documents for Opening an Account

Preparing a complete and accurate document package is crucial for the successful and timely opening of a settlement account. Banks assess both the legal integrity of the company and the reliability of its participants, so it is important to understand which documents are needed and what requirements may apply depending on the founders’ status.

Constituent Documents (Charter, Decision/Protocol, Information About Participants)

For a newly registered limited liability company, the bank requests the main constituent documents confirming the legal status of the company and the authority of its manager:

• the charter of the limited liability company — the current version registered in accordance with the law.
• the decision to establish the limited liability company (if there is one founder) or the minutes of the general meeting (if there are several founders).
• information about the participants and the size of their shares. Sometimes the bank may request an ownership structure up to the ultimate beneficial owners.
• a document appointing the director (if not included in the decision/minutes).
• an extract from the Unified State Register or registration data.

This package enables the bank to confirm the legality of establishing the company, its structure, and the authority of key persons.

Passport Data and Identification of the Manager and Founders

One of the mandatory steps is identifying all key persons:

• the director (manager)
• founders who are individuals
• representatives acting under a power of attorney
• beneficial owners if the ownership structure is not transparent

The bank verifies passport data, checks for restrictions, and confirms the consistency of information in all documents. In some cases, physical presence or video identification may be required. For foreign citizens, notarized translations of documents are required.

Signature Specimen Card (and Company Seal, if applicable): Purpose and Procedure

The signature specimen card is an important document used by the bank to verify the authority of persons authorized to manage the account. It includes:

• the director
• other authorized persons, if provided for by internal documents
• the company seal imprint, if the company uses a seal

The card is completed at the bank, but it may need to be notarized, for example, when founders or the director cannot be present in person. After accepting the card, the bank uses it to verify all subsequent account instructions.

Additional Documents for Non-Residents

Requirements for foreign participants are broader. Each bank sets its own requirements. Typically, they include:

• notarized and legalized (or apostilled) documents of the founders
• notarized translation of passports and corporate documents
• proof of the place of residence or registration
• documents appointing representatives if the founder acts through a proxy
• proof of the origin of funds if the charter capital is contributed by a non-resident

Banks pay increased attention to foreign founders because verifying their status and sources of funds is a mandatory part of international compliance standards.

Procedure for Opening an Account

The procedure for opening a settlement account for a limited liability company in Belarus includes several stages, each affecting the timeframes and the bank’s final decision. Proper preparation and accurate document processing speed up the process significantly, particularly when the ownership structure includes foreign participants. In practice, legal support helps minimize the risk of refusals and avoid additional information requests from the bank.

Step 1. Preliminary Consultation and Choosing a Bank

The first step is choosing a bank in which the settlement account will be opened. Important factors include:

• tariffs and service fees
• bank requirements for ownership structure
• specifics of working with non-residents
• availability of remote identification
• speed of document review

At the consultation stage, bank specialists preliminarily review the company’s planned activities, discuss expected transactions, and provide recommendations regarding the document package. A lawyer can also conduct a comparative analysis of banking conditions and help select the optimal option considering the specifics of the business.

Completion of Know Your Customer Identification Procedures

The Know Your Customer procedure is a mandatory verification carried out by any bank. It includes:

• identification of the manager, founders, and beneficial owners
• analysis of the ownership structure
• assessment of planned activities and sources of funds
• verification of the company’s documents

For foreign founders, legalized documents, translated passports, proof of residence, and additional information regarding the source of funds may be required. Errors at this stage are among the most common reasons for delays. Legal support allows for preparing a correct document package in advance that meets the specific bank’s requirements.

Signing Banking Service Agreements

After identification is completed, the bank prepares a set of agreements:

• settlement account agreement
• remote banking service agreement (if internet banking is used)
• documents for connecting additional services such as acquiring or a payroll project

The agreements may be signed by the manager or a representative acting under a power of attorney. In some cases, the bank may request a notarized signature specimen card. A lawyer reviews the agreements, helps avoid disadvantageous terms, and ensures that the powers of signatories are properly documented.

Account Activation and Access to Internet Banking

The final step is account activation. The bank:

• confirms the account opening
• provides bank details
• grants access to the online banking system
• activates electronic keys or security tokens

Sometimes the bank may request the first transaction to confirm operational activity or contribute the charter capital. After activation, the company can conduct full operations, enter into contracts, pay counterparties, and receive payments.

Practical Recommendations for Entrepreneurs

Opening a settlement account for a limited liability company is a formal process, but it requires careful preparation of documents, effective communication with the bank, and consideration of the participants’ specifics. Following simple rules helps speed up the procedure and minimize the risk of refusal.

How to Prepare Documents to Speed Up Account Opening

• Prepare the complete document package in advance: the charter, decision/minutes, information about the founders, the signature specimen card, and documents confirming the company’s legal address.
• Check the accuracy of all data: names, passport information, and addresses must match across all documents.
• Ensure proper legalization and translation: foreign founders must have documents translated and notarized.
• Prepare proof of the charter capital contribution (if required): receipts, bank statements, or documents confirming the transfer of assets.

A preliminary review of the document package significantly reduces the likelihood that the bank will return documents for corrections and speeds up account opening.

How to Establish Proper Communication with the Bank

• Confirm requirements in advance: clarify the document list, submission format, and identification procedures.
• Appoint a responsible contact person: a company representative or lawyer who will coordinate the submission process and monitor progress.
• Ensure transaction transparency: explain the nature of planned activities and payment volumes to avoid additional bank inquiries.
• Use preliminary consultations: most banks allow applicants to discuss account opening details beforehand. It is also helpful to consult a lawyer.

Proper communication reduces review time and increases the likelihood of approval.

When to Involve Legal Support

Legal assistance is especially important when:

• foreign founders are part of the ownership structure
• the company intends to conduct complex transactions or foreign economic activity
• the signature specimen card and documents for authorized representatives must be prepared correctly
• it is important to speed up the process and reduce the risk of bank refusal

Lawyers can prepare documents according to the bank’s requirements, review the accuracy of their execution, assist with identification procedures, and support signing banking agreements. Professional support makes the account-opening process faster, safer, and more predictable.

Conclusion

Opening a settlement account for a limited liability company is an important stage that directly affects the company’s ability to conduct financial operations, work with counterparties, and make payments to state authorities. Successful and timely account opening depends on proper document preparation, transparent ownership structure, compliance with identification procedures, and effective interaction with the bank.

Our team supports clients at all stages of the process: selecting the optimal bank based on expected transactions, advising on document preparation and execution, supporting legalization and translation for foreign participants, organizing the preparation of the signature specimen card, and overseeing the signing of banking service agreements. This comprehensive approach speeds up account opening, minimizes the risk of refusal, and ensures smooth business operations from day one.

Contact us

If you have any questions related to opening a settlement account for a limited liability 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.