Doing business and personal finance in Belarus requires convenient and reliable tools, including a bank account. However, for foreign citizens and companies, the procedure for opening an account may include a number of formalities and nuances related to legislation and banking practice. In this article, we will discuss in detail what requirements apply to foreign individuals and legal entities when opening an account, what documents need to be prepared, and how to choose the most suitable bank.
Opening a Bank Account in Belarus for Foreign Individuals
Opening a bank account in a Belarusian bank for foreign individuals has some peculiarities. Let’s examine them in more detail.
Why should Foreign Individuals Open a Bank Account in Belarus
Opening a bank account in Belarus can be useful for foreign citizens in various situations. For example, when selling real estate or other property in Belarus, transferring the funds received to a local bank account is convenient. And when acquiring property in Belarus, foreign citizens can transfer money from abroad to their belarusian account for subsequent payments.
In addition, some foreigners open savings accounts in Belarusian banks to store and increase their savings. Belarusian banks offer various deposit programs that may be attractive to foreign depositors.
It is important to note that the procedure for opening an account for a foreign citizen may include certain formalities and document requirements. To choose a bank with the most suitable conditions and properly prepare all the necessary documents, it is recommended to contact an experienced lawyer. The specialist will help you navigate the requirements of various banks and ensure that the documents are processed correctly, greatly simplifying the process of opening an account.
Documents for Opening a Bank Account
To open a bank account in Belarus, a foreign citizen must prepare a document package:
1. An identity document. It can be:
- A passport of a foreign citizen.
- A residence permit in another country.
A notarized translation into Russian or Belarusian will be required if the document is issued in a foreign language.
2. Application for opening an account
When the account is opened remotely, it is filled in directly at the bank branch or online. Remote account opening is not always possible, as customer identification is required when opening a bank account for the first time in Belarus.
3. Documents confirming the legality of the stay
Some banks may request a visa, registration at the place of temporary stay, or other supporting documents.
4. Additional information
A financial institution may require information about the place of work, sources of income, or purpose of opening an account.
You can submit documents in person in paper form or remotely as electronic documents or digital files.
How to Open a Bank Account
Opening an account in a Belarusian bank is a sequential process with several stages. Although the requirements may vary depending on the specific bank, the general procedure remains standard. Financial institutions generally provide an account opening service to any individual who meets the established conditions.
Step 1. Choosing a bank and account type
Before proceeding with the registration, it is important to choose the right bank, considering its reputation, tariffs, convenience of service and the services offered. You also need to decide on the type of account:
- Current – for everyday calculations.
- Deposit account — for accumulation and storage of funds.
- Card account — for convenient non-cash transactions.
Step 2. Preparation of documents
To open an account, you will need to provide an identity card. This is a passport (if necessary, with a notarized translation) for foreign citizens.
Some banks may request additional documents, including an application for opening an account, which can be completed at a bank branch or online.
Step 3. Submission of the application
Documents can be submitted:
- Personally at the bank’s office.
- Remotely via online banking (if the bank provides such an opportunity).
Banks sometimes require the customer’s presence to complete identification, especially when opening an account for the first time.
Step 4. Signing the contract
After checking all the documents, the bank offers the client the opportunity to sign an account maintenance agreement. This agreement sets out the terms of use and tariffs, as well as the parties’ rights and obligations. It is important to study this document carefully before signing.
Step 5. Account replenishment and activation
After signing the contract, the client receives the account details, and when opening a card account, a bank card. To start using the account, you must top it up: deposit cash or transfer funds from another account.
It is recommended that you consult with a lawyer in advance to avoid possible errors and delays. A specialist will help you prepare the documents, choose the most favorable terms of service, and accompany you at all stages of the process.
When the Bank Refuses to Open an Account
The bank will refuse to open an account in the following cases:
- The client did not provide the full package of necessary documents.
- An individual is included in the list of persons involved in extremist activities.
To avoid rejection and possible legal difficulties, it is worth contacting a lawyer. The lawyer will ensure the correctness of the paperwork and help you complete the procedure without unnecessary difficulties.
Opening a Bank Account in Belarus for Foreign Companies
Opening a bank account in Belarus provides foreign companies with several strategic advantages that contribute to effective business operations in the region.
1. Simplification of settlements with Belarusian and Russian partners
Having an account with a Belarusian bank allows foreign companies to make payments with local counterparties without delays and difficulties, bypassing possible restrictions and delays associated with international transfers.
2. Optimization of tax planning
Accounts in Belarusian banks can contribute to more efficient tax planning, allowing companies to legally use international financial structures to optimize tax obligations.
3. Access to the CIS financial markets
Belarus has close economic ties with Russia and other CIS countries. An account with a Belarusian bank facilitates access to these markets, simplifying financial transactions and expanding business opportunities.
4. Resistance to external sanctions
Belarusian banks within the country can ensure the stability of financial transactions, reducing the risks associated with possible restrictions in other jurisdictions.
5. Acceleration of international transactions
Bank accounts in Belarus make it possible to make international payments faster, especially to the CIS countries, which helps to fulfill business obligations more quickly.
6. Building trust from local partners
Having an account with a local bank demonstrates the seriousness of the company’s intentions and its willingness for long-term cooperation, which increases the level of trust among Belarusian partners.
7. Simplification of currency transactions
Belarusian banks offer multi-currency accounts, facilitating transactions in various currencies and reducing conversion costs.
Opening a bank account in Belarus is a strategic step for foreign companies seeking to strengthen their positions in the CIS markets, optimize financial transactions and ensure business stability in the face of global economic changes.
Documents for Opening a Bank Account by a Foreign Company
The easiest way is to entrust the opening of a banking account in Belarus to a local representative, a lawyer who is well acquainted with banking procedures and speaks Russian. In this case, a notarized power of attorney with a translation into Russian or Belarusian will be required.
The head of a foreign company usually does not need a power of attorney, but the bank may request a document confirming the head’s authority. Such a document must also be translated into Russian or Belarusian and notarized.
Since there are no uniform rules for opening a bank account for foreign companies for all banks, each bank determines the list of necessary documents independently. However, to avoid delays, it is worthwhile to prepare standard documents in advance, taking into account the requirements of banks to counter money laundering. To do this, we recommend contacting our lawyer, who has extensive experience in cooperating with banks. Next, let’s look at the main stages of opening an account.
Procedure for Opening a Bank Account by a Foreign Company in Belarus
Step 1. Assessment of the possibility of opening an account
Not every foreign company can open an account in a belarusian bank. Organizations from countries that do not comply with international standards for the prevention of money laundering (for example, North Korea, Iran), as well as companies and individuals associated with terrorism, cannot open accounts in Belarus.
Step 2. Preparation of documents
To open an account, you will need:
- An extract from the commercial register of the company’s country of registration (not older than one year) or another official document on registration.
- Constituent documents (articles of association, etc.).
- Notarized translations of all documents into Russian or Belarusian.
Step 3. Authorization for representation
If a foreign company registers a representative office, it must obtain permission from local authorities (the regional executive committee or the Minsk City Executive Committee). The process takes up to 30 days after payment of the state fee.
Step 4. Choosing a bank
There are 21 banks and 2 non-bank credit organizations operating in Belarus. When choosing, it is worth considering:
- Conditions for opening and servicing accounts.
- Deadlines for reviewing documents.
- The possibility of international transfers (taking into account the sanctions restrictions).
Step 5. Submission of documents to the Bank
The documents are submitted to the bank by a company representative (by proxy) or the head. If necessary, the power of attorney is notarized and translated into Russian.
Step 6. Creating a signature sample card
The bank will require a card with the signatures of persons who have access to the account. To confirm the authority, you need employment contracts, appointment orders, and identity documents with translation.
When a bank account is opened remotely, such a card is not issued, however, this is not always possible for a foreign company.
Step 7. Customer survey
The bank conducts a mandatory audit to prevent financial crimes. To do this, the bank invites the company’s representative to complete a customer questionnaire. The questionnaire contains information about the company’s management, owners, and structure.
Step 8. Opening an account and signing an agreement
After checking the documents, the Bank enters into an account service agreement. The head of the company can sign a contract without a power of attorney.
Step 9. Remote account management
Banks offer remote account management via online banking, corporate cards, and digital signatures.
Due to the differences in banking requirements, it is better to consult with a lawyer in advance to avoid refusals and speed up the process.
Conclusion
Opening a bank account in Belarus for a foreign company or a foreign individual requires careful consideration of documents and compliance with banking requirements. The procedure may vary depending on the bank you choose, but the key steps include preparing documents, verifying compliance, submitting an application, and signing an agreement.
Foreign companies will be able to make payments in belarusian rubles and foreign currency, use remote account management, and integrate into Belarus’s economic environment. However, it is important to consider possible limitations related to the company’s jurisdiction and financial monitoring requirements.
It is recommended to seek legal support to avoid mistakes, speed up the process, and choose the best conditions. Professional lawyers who have extensive experience dealing with banks will ensure compliance with all requirements and minimize the risks of refusing to open an account.
Contact us
If you have any questions and disputes regarding the opening a bank account in Belarus, we will be happy to help! Our lawyers are ready to provide comprehensive advice and support when opening a bank account and resolving any related issues.
- +37529142-27-19 (WhatsApp, Viber, Telegram);
- info@ambylegal.by.
