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Procedure for Opening Bank Accounts

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Procedure for Opening Bank Accounts

The National Bank of Belarus exercises strict controls over the opening of bank accounts by Belarusian residents both in Belarus and abroad to reduce illegal capital outflows and financial machinations.

However, the procedures for opening bank accounts have been rendered less stringent. For example, until recently, economic entities were barred from opening Belarusian rouble bank accounts in several local banks but on 1 November 2007 this restriction was lifted, albeit not for all firms.

Bank Accounts Abroad

Belarusian residents, except for banks, can set up foreign currency and Belarusian rouble bank accounts in foreign banks and other financial institutions only with permission from the National Bank.

Banks are empowered to open accounts abroad as set forth in their licenses.

Belarusian nationals residing abroad do not have to seek the National Bank’s permission to set up accounts with banks and other financial institutions for the duration of their stay abroad.

To obtain a permission to open a bank account, a legal entity or an individual entrepreneur is obliged to provide the National Bank with the documents outlining and justifying future transactions, credit contracts concluded with non-residents, etc. The list of documents is fairly extensive and is shaped by the reasons behind an economic entity’s decision to open a bank account.

In addition, legal entities placing funds at deposit or escrow accounts at a foreign bank should provide information about the provenance of these funds.

Along with information about the provenance of funds, individuals should also submit a document confirming the absence of back taxes. They should also justify the need to open such a bank account. Applicable legislation does not set forth the format for such a justification.

The National Bank controls the account even after it has granted a permit to open it. First, the permit is issued only for a year and thus it is subject to annual renewals. Second, a resident is obliged to file monthly reports with the National Bank outlining the movement of funds. In addition, the National Bank is entitled to request clarifications with regard to the information provided.

Bank Accounts in Belarus

Residents and non-residents alike can open accounts with banks and non-bank financial institutions in Belarus in Belarusian roubles and any foreign currency quoted by the National Bank.

The Instruction On the Procedure of Opening and Closing Accounts with Banks and Non-Bank Financial Institutions adopted by the National Bank Ordinance N127 dated 20 June 2007 regulates this process.

Banks can open current accounts as well as the following special accounts:

- charitable accounts;

- temporary accounts for real estate construction,

- temporary accounts for forming charter capitals of legal entities being established and for increasing charter capitals;

- correspondent accounts,

- card accounts, and

- deposit accounts.

Legal entities and individual entrepreneurs can open the required number of accounts both in national and foreign currencies if the following three conditions (two of these apply to all economic entities) are met:

(a) The account holder should be in business for at least three years.

(b) The account holder should have after-tax profits.

(c) Companies whose records are subject to a mandatory audit should submit a positive audit report with regard to its last year’s accounting records.

To open a bank account, legal entities should provide the following documents:

- an application to open a bank account;

- a copy of the registration document;

- a charter or a foundation contract on the basis of which a legal entity operates;

- a card bearing the samples of signature by company officers authorized to use the bank account; and

- a copy of the notification on the allocation of a tax payer’s identification number.

The Instruction stipulates that a copy of the notification shall be provided for each bank account.

Opening of bank accounts by non-residents

Non-resident legal entities should provide the aforementioned documents to open an account with banks and non-bank financial institutions in Belarus.

In addition, representative offices of non-resident foreign entities should provide a copy of the permit issued by the Foreign Ministry to open a representative office and representative offices of foreign banks should submit a copy of a decision adopted by the National Bank.

All documents and their copies submitted by non-residents to Belarusian banks shall be legalized. All documents and their copies in a foreign language should be presented along with an authenticated translation into one of the state languages of Belarus.

The signature of an officer of a non-resident company shall be authenticated either by a Belarusian diplomatic mission in the company’s home country or by a diplomatic mission of this country in Belarus.

Vladimir Tarasov

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