To successfully conduct business for foreign companies in Belarus without opening a representative office, as well as to work with other countries (for example, the EU, the USA), it is often necessary to open an account in banks of the Republic of Belarus. Very often companies try to open a bank account on their own, but foreign companies most often prefer to contact consultants on opening bank accounts.
Our team has been dealing with customer support issues in banks of the Republic of Belarus for more than 10 years. We help Clients choose the right bank to work with, taking into account their profile and type of activity, as well as fully support them in opening bank accounts in Belarus.
Step-by-step process of opening a bank account in Belarus
Step 1: Preliminary assessment of the possibility of opening a bank account in Belarus
This stage is a kind of preliminary check of the possibility of opening an account for your company in Belarus. At this stage, we collect preliminary information about the Client, namely:
- jurisdiction of the legal entity;
- type of activity;
- approximate average monthly turnover on the account;
- what transactions will be carried out, to which countries payments will be made and their amounts;
- who are the beneficial owners of the company/directors.
After collecting this information, our lawyer transmits it to the compliance of the bank. Taking into account our experience of opening bank accounts in Belarus, after evaluating the client’s profile, we can pre-recommend a particular bank to the client for work.
As a rule, the first step takes about 5 to 7 business days. As a result, the client receives a response from the bank about the possibility or impossibility of opening a bank account.
Step 2. Preparation of documents and submission of documents to the bank
At this stage, the client prepares documents according to the list provided by us, and also deals with their legalization. At this stage, the client also issues a power of attorney to our lawyer to represent his interests in the bank.
After receiving the original documents from the client and the power of attorney, our lawyer ensures that these documents are transferred to the bank along with the application for opening an account. The application specifies, among other things, the types of accounts and the currencies of the accounts.
Step 3. Decision to open an account
After receiving the original documents and carrying out all necessary internal checks, the bank makes a decision on opening an account. Depending on the bank and in some cases, the bank may require the presence of the director of a foreign company in Belarus before making a decision to open an account, or immediately after making this decision. In this case, we inform the client about the need for his presence in Belarus, as well as specify the date and time of the visit to the bank and synchronize the entire process.
Step 4. Online banking
The decision to open online banking is made by the bank after opening an account and on the basis of the client’s application. As a rule, the opening of the Internet Banking service takes from 2 to 4 business days.
What documents the bank need to open an account
Different banks, as a rule, put forward different requirements for account opening documents. The standard set of documents for opening an account are the following documents:
- Application for opening a current (settlement) bank account in Russian;
- A copy of an extract from the commercial register of the state where the company is established or another document that confirms the legal status of the organization. Banks usually have requirements for the time of issue of the statement, for example, no older than one year. This document must be translated into Russian, legalized, or apostilled.;
- A copy of the charter or other document on the basis of which the organization operates. This document must be translated into Russian, legalized, or apostilled if it is certified by the state authorities of a foreign state. When this document is submitted to the bank by a representative of the organization, the bank usually requires a notarized copy.
The bank may ask for other additional documents (for example, documents confirming the director’s authority to open an account, statements from other banks, source of funds, etc.).
What other information the bank need to open an account
To open an account, you will also need to inform the bank of the following information (as a rule, it is indicated in the questionnaire or appendices to the questionnaire):
- About the head of the organization that opens the account. Such information includes, in particular, surname, first name, patronymic (if any), citizenship, date and place of birth, place of residence or stay, details of a passport or other document on the basis of which the bank performs identification;
- About the beneficiaries of the owners of the organization. The beneficial owner is an individual who owns the property of the client organization or owns at least 10% of the shares, shares in the authorized capital;
- About the founders (participants) who own at least 10% of the shares (shares in the authorized capital) of the organization;
- About the structure of management bodies and types of activities.
Managing a bank account in Belarus remotely
In order to manage a bank account opened in Belarus, it is not necessary to be located within the country. It is enough to have the “Internet banking” service activated and the account can be managed remotely via the Internet. As a rule, when opening a bank account, the bank will assign you a client manager who is constantly in touch with you and will help you in case of any questions.
How we can be useful when opening bank accounts for companies
Our lawyers and attorneys have been involved in supporting the opening of accounts in banks of the Republic of Belarus for more than 10 years. We can:
- Help you assess your chances of opening an account in Belarus and find the right bank for you;
- Advise you on the paperwork required by banks to open an account;
- Prepare a package of documents that a certain bank needs to open an account;
- Represent your interests in the bank when opening an account.
Contact us
If you have any questions about opening accounts for companies in Belarusian banks, we will be happy to help you! Our long-term experience in the field of interaction with banks will help you to open your corporate bank account in Belarus quite fast.
Phone and email communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@ambylegal.by.
