Opening a bank account in Belarus is an important step for foreign companies and individuals who wish to conduct business, invest, or simply manage their finances in the country. The Republic of Belarus offers convenient conditions for non-residents to open accounts; however, this process has certain specifics that should be considered in advance.
Today, Belarus is actively integrating into the global economy, expanding opportunities for foreign investors and cooperation with international companies. Opening a bank account allows non-residents to participate in international settlements, carry out transactions with Belarusian partners, and ensure stable financial flows.
Nevertheless, it is important to understand that Belarusian legislation and banking practices impose specific requirements on documents, service conditions, and currency regulation features. For example, banks may request confirmation of the source of funds, information about beneficiaries, and the purpose of using the account.
In this article, we will examine in detail how a non-resident can open a bank account in Belarus, which documents are required, what service features apply, and what nuances should be taken into account to make the process quick and smooth. We will also explain why consulting experienced lawyers and advisors significantly increases the chances of successfully opening an account and helps avoid potential difficulties.
Who Are Non-Residents?
In Belarus, non-residents are defined as individuals and legal entities that do not have permanent residence or a permanent establishment in the country. Practically, a non-resident may be:
- A foreign company registered outside Belarus with no permanent establishment in the country.
- A foreign individual who does not have official permanent resident status in Belarus, no residence permit, and spends most of their time outside the country.
- Other organizations that are not listed as residents (e.g., international organizations or funds).
For banks and other financial institutions, it is important to correctly determine the client’s non-resident status, as special currency regulation rules apply, along with their own requirements for information disclosure, financial monitoring, and reporting.
Thus, all persons and companies not registered as tax residents in Belarus or not carrying out permanent activities in the country are recognized as non-residents. This status determines which documents must be prepared for opening a bank account and affects the regime of currency operations and taxation issues.
Documents Required for a Non-Resident Individual to Open a Bank Account
To open a bank account in Belarus, a foreign citizen needs to prepare the following documents:
Identity Document
This may include:
- A foreign passport. If the document is in a foreign language, a notarized translation into Russian or Belarusian is required.
- A residence permit issued in Belarus.
Account Opening Application
The application is filled out at the bank branch or online if remote account opening is available. However, note that initial account opening in Belarus often requires a client identification procedure.
Documents Confirming Legal Stay in Belarus
In some cases, the bank may request a visa, registration at the place of temporary residence, or other supporting documents.
Additional Information
The bank may also request information about the place of employment, sources of income, or the purpose of using the account.
Documents can be submitted either in person as paper copies or remotely as electronic files.
How a Non-Resident Individual Can Open a Bank Account
Opening a bank account in Belarus usually involves several steps. Although requirements may vary depending on the bank, the account opening procedure is generally similar across banks. Typically, banks are willing to open accounts for any individual who meets established rules and requirements. Below is an example of step-by-step actions for a non-resident individual to open a bank account in Belarus.
Step 1. Choose a Bank and Type of Account
Before starting the process, choose a suitable bank based on its reputation, service conditions, fees, and available services. Also, decide on the type of account:
- Current account — for everyday payments and transactions.
- Deposit account — for accumulating and storing funds.
- Card account — for convenient use of a bank card.
Step 2. Gather Documents
You will need an identity document. For foreigners, this is usually a foreign passport (with a notarized translation into Russian or Belarusian if necessary). Some banks may request additional documents. You will also need to fill out an account opening application, which can be done at a bank branch or via online banking.
Step 3. Submit the Application
Documents can be submitted:
- In person at a bank branch.
- Remotely via internet banking (if this option is available).
In many cases, banks require the client’s personal presence to verify identity, especially when opening an account for the first time.
Step 4. Sign the Agreement
After reviewing the documents, the bank will offer to sign an agreement on account opening and servicing. The agreement specifies fees, terms of use, and the rights and obligations of both parties. It is recommended to carefully read the document before signing.
Step 5. Fund and Activate the Account
After signing, the client receives account details and, if applicable, a bank card. To start using the account, it must be funded by depositing cash or transferring money from another account.
To avoid mistakes and delays, it is advisable to consult a lawyer in advance. A specialist will help prepare documents, choose the most favorable service conditions, and assist at all stages of account opening.
When the Bank May Refuse to Open an Account
A bank has the right to refuse to open an account if:
- The client fails to provide all the necessary documents.
- The individual is included on a list of persons associated with extremist activities.
To avoid refusal and potential legal complications, it is advisable to consult a lawyer who can verify the accuracy of your documents and help you navigate the process smoothly.
What Documents Does a Non-Resident Company Need to Open a Bank Account in Belarus?
The easiest way to open a bank account in Belarus is to use a local representative, such as a lawyer familiar with banking procedures and fluent in Russian. For this, you will need to prepare a notarized power of attorney translated into Russian or Belarusian.
If the account is opened by the head of a foreign company, a power of attorney may not be required, but the bank may still request a document confirming the authority of that individual. This document must also be translated into Russian or Belarusian and notarized.
Since there are no universal rules for opening bank accounts by foreign companies in Belarus, each bank sets its own list of required documents. To avoid delays and complications, it is recommended to prepare a standard package of documents in advance, considering the banks’ requirements for anti-money laundering compliance. Our lawyer, with extensive experience working with banks, can assist you with this. Below we outline the main stages of the account opening procedure.
Main Stages of Opening a Bank Account for a Non-Resident Company
Step 1: Verify 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 anti-money laundering standards (e.g., North Korea, Iran), as well as companies or individuals linked to terrorism, will not be able to open an account in Belarus.
Step 2: Prepare Documents
You will need to collect:
- An extract from the trade register of the company’s country of registration (valid for no more than one year) or another official registration document.
- Constituent documents (e.g., the company charter).
- Notarized translations of all these documents into Russian or Belarusian.
Step 3: Obtain Permission for a Representative Office
If a foreign company establishes a representative office in Belarus, it will require approval from local authorities (regional executive committee or Minsk city executive committee). This procedure typically takes up to 30 days after payment of the state fee.
Step 4: Choose a Bank
Belarus has 21 banks and 2 non-bank credit organizations. When choosing a bank, consider:
- Terms for account opening and maintenance.
- Processing times for document review.
- Capabilities for international transfers (including sanctions restrictions).
Step 5: Submit Documents to the Bank
Documents may be submitted by the company’s head or an authorized representative with a power of attorney. If needed, the power of attorney must be notarized and translated into Russian or Belarusian.
Step 6: Provide a Signature Card
The bank will require a signature card for the persons authorized to access the account. To confirm authority, employment contracts, appointment orders, and identification documents with translations may be required.
If opening the account remotely, a signature card may not always be required; however, remote account opening is not always possible for foreign companies.
Step 7: Client Due Diligence
The bank is obliged to verify the client’s integrity and compliance with financial monitoring regulations. The company’s representative will complete a questionnaire with details about company executives, owners, and structure.
Step 8: Account Opening and Contract Signing
After document verification, the bank signs an account maintenance agreement. The company’s head can sign the contract personally, without a power of attorney.
Step 9: Remote Account Management
Many banks offer online account management, corporate cards, and electronic signatures.
Because banks may have different requirements, it is advisable to consult a lawyer in advance to minimize refusal risks and speed up the process.
Why Consulting Experienced Lawyers and Consultants Significantly Increases Your Chances of Successful Account Opening and Helps Avoid Difficulties
Opening a bank account in Belarus by a foreign company or individual requires careful handling of documents, understanding banking procedures, and compliance with legal nuances. Even minor errors or incomplete information can lead to refusal or significant delays. This is why consulting experienced lawyers and consultants is a crucial step to increase the likelihood of success. Here are the key reasons to turn to our legal experts and consultants:
- Expertise and Up-to-Date Knowledge
Our professional lawyers and consultants specialize in foreign clients and are well-versed in current banking requirements and Belarusian regulatory practice. They know which documents a particular bank requires and how to properly prepare them to avoid unnecessary questions. - Reduced Risk of Refusal
Account opening is often refused due to document errors—expired trade register extracts, missing notarized translations, or improperly drafted powers of attorney. A lawyer will check the completeness of your document package and clarify if a notarized power of attorney is needed. - Preparation for Banking Compliance
All Belarusian banks thoroughly screen clients for compliance with anti-money laundering and financial monitoring laws. An experienced consultant will help prepare the client questionnaire and supporting documents correctly and advise on transparency of income sources and corporate structure to avoid raising concerns. - Time and Cost Savings
Legal support helps avoid repeated bank visits and document revisions, which is especially valuable for non-residents for whom each trip to Belarus may involve extra expenses and time. - Support at Every Stage
From bank selection to contract signing, a lawyer can guide you through the process, explain requirements, and assist in negotiations. This ensures maximum transparency and predictability. - Individual Approach
Every account opening case is unique, with different founders, management schemes, and business specifics. An experienced specialist will take these nuances into account and provide tailored recommendations.
Thus, involving a skilled lawyer or consultant significantly increases your chances of a successful account opening, minimizes refusal risks, and ensures smooth business operations in Belarus. Our specialists are ready to assist you at every stage.
Conclusion
Opening a bank account in Belarus for non-residents is a vital step for successful business operations and financial management. While general procedures exist, each bank may have additional requirements and expectations for foreign clients. Therefore, preparing to open an account requires attention to detail, proper document handling, and consideration of all nuances.
By consulting experienced lawyers and consultants, you greatly reduce the risk of refusal, speed up the process, and ensure compliance with legal requirements. Our experts provide comprehensive support—from bank selection to transaction support, including document verification and liaising with financial institutions.
Entrusting your account opening to professionals saves your time and resources and guarantees the stability and security of your business in Belarus. We are always ready to help you proceed confidently and without unnecessary difficulties.
How to contact us
For more information or advice on issues related to opening bank account for a non-resident in Belarus, do not hesitate to contact us. We are here to help and support you.
Phone and email communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@spex.by.
