Opening Accounts for Foreign Companies in Belarusian Banks in 2023

Foreign companies seeking to expand in the Republic of Belarus, first of all need to open an account in a local bank. Next, you will find a complete guide to the paperwork, the steps that need to be taken to open an account without difficulty.

Types of accounts for global level businesses

A foreign legal entity can open the following two types of accounts in a Belarusian bank:

1. Current account (settlement)
2. Account for making a deposit

Documents required to open an account

To open an account in Belarusian rubles or foreign currency, you must provide the following documents for concluding a current (settlement) account agreement:

• Application for opening a current (settlement) bank account in Russian.
• A copy of an extract from the commercial register of the State of origin or a document on the legal status of the organization, translated into Russian, legalized or with an apostille affixed. It is important to clarify with a particular bank the requirement for the date of issue of the statement.
• A copy of the charter of the organization or other document that is the basis for the company’s actions, translated into Russian, legalized or, if it is certified by the authorities of a foreign state, with an apostille attached. A notarized copy is often required when it is presented by a representative of the organization.
• Additional documents may be requested.

Information required by the Bank

Provide the bank with the following data to complete the account opening process:

• Personal information and identity documents related to the head of the organization and the chief accountant. For identification, you need a surname, first name, patronymic (if any), citizenship, date and place of birth, place of residence or stay, details of a passport or other document.
• Beneficiaries who own at least 10% of the company’s assets.
• Founders or participants who own at least 10% of the shares in the authorized capital of the company.
• Information about the activities of the organization and the composition of management bodies.

Representative offices of international companies

When opening an account for a representative office, a copy of the power of attorney of the head of the representative office and the regulations on the representative office, certified by the head of the representative office, is required. In addition, a certified copy of the permission of the regional executive committee to open a representative office is required.

Bank account with attached documents

The Bank provides a card with sample signatures for making payments after successfully opening an account. Usually you need to come to the bank in person for this. Although the specifics of the remuneration structure, the terms of the settlement account agreement and customer service requirements vary from bank to bank, they often apply to remote banking services.

When choosing a currency, restrictions on the transfer of foreign currency outside Belarus by foreign correspondent banks should be taken into account.

Experienced Spex.by specialists are ready to help you throughout the whole process.