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Open a Bank Account in Russia

Open a Bank Account in Russia

Updated on Monday 27th June 2016

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Open-a-bank-account-in-RussiaThe Russian banking system has developed a lot during the last several years, as the country has become more open to foreign investments. The large number of foreign enterprisers has determined Russian banks to provide advantageous conditions for companies to obtain loans and the possibility of opening bank accounts remotely. There are over 20 large banks operating in Russia at the moment.

Our law firm in Russia can assist foreign investors setting up companies here to open corporate bank accounts.


How to set up a Russian bank account

Foreign citizens and newly registered companies are required to open bank accounts when working, respectively doing business in Russia. While foreign citizens can open current or savings accounts, many banks offer various packages for companies setting up their corporate bank accounts with them.

Foreign citizens can open Russian bank accounts in rubles, euros or dollars, based on the following documents:

  • -          an application form issued by the bank;
  • -          a valid passport;
  • -          a valid residence permit;
  • -          proof of residential address.

For those working within a Russian company, a confirmation letter from the company may be required. However, most banks have simplified their requirements by reducing the number of documents needed when opening a bank account.

Opening a corporate bank account in Russia

All companies carrying out business operations in Russia, even through branch offices, are required to set up bank accounts. These types of accounts are primarily used for depositing the company’s share capital for incorporation and compared to current or savings accounts, the requirements for corporate bank accounts are more stringent. The following documents are necessary when setting up a corporate bank account in Russia:

  • -          a prescribed application form;
  • -          the applicant’s passport;
  • -          a residence permit, if applicable;
  • -          a statement issued by the tax authorities for carrying out business activities in Russia;
  • -          a statement from the company’s owner confirming the opening of the account.

Foreign enterprisers can also appoint Russian lawyers or representatives who will open the account on their behalf based on a power of attorney.

For assistance in opening any type of bank accounts, do not hesitate to contact our Russian law firm.


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