We invite you to consider the opportunity to open a corporate bank account in Russia for your non-resident company. When setting up a business account with a Russian bank, you do not have to open a representative office in the country.
Why open a corporate bank account in Russia?
It is not easy to set up a foreign bank account for business purposes these days. This is especially true if your company is registered in an offshore jurisdiction and it does not have economic substance there.
The Russian Federation can become the foreign country of your choice as it welcomes foreigners opening bank accounts there. Even though Russia is not on the list of economically stable countries, its banking system meets the highest international standards. The speed of transactions and the quality of banking services are superb.
These are the main reasons why foreign entrepreneurs choose to open corporate bank accounts in Russia. By doing so, they acquire the following advantages:
- The Russian currency control rules are not applicable to foreign companies: you will be able to make and receive payments in any currency from any bank in another country without any limitations;
- Your company will not have to pay any taxes in Russia if it does not have any business dealings in the country.
A corporate bank account in Russia can be thought of as an offshore bank account. It will help you diversify risks and make your banking more convenient and transactions fast. If you do business with local companies, a bank account in Russia will also facilitate your work.
Requirements to the foreign company setting up a bank account in Russia
The company has to be a foreign company in the full sense of the word. This means that it has to be domiciled outside Russia, the company director has to be a citizen of a different country, and the managerial decisions must also be made in another country rather than Russia.
Otherwise, the company will be deemed a tax resident of the Russian Federation and it will have to pay taxes in the country and follow the currency control rules.
The account that you open has to be a hard currency account (not a ruble account) and it has to be with one of the authorized banks.
How a foreign company can open a bank account in Russia
The foreign company does not have to register a representative office in Russia in order to open a bank account in the country. However, the company has to be registered with the Federal Tax Service (FTS) and acquire a tax number called ‘Foreign Organization Code’ (FOC).
The following documents are required to register the company with the FTS:
- An application for company registration (we will gladly help you compile it);
- A certificate from the tax authorities of the company country of domiciliation that carries the tax number (the document has to be apostilled);
- Corporate document package (apostilled);
- Power of Attorney authorizing our Russian agent to set up a corporate bank account and register your company with the tax authorities (notarized and apostilled).
Document copies shall be translated into Russian and notarized.
Registering the foreign company with the Russian tax authorities takes from five business days. The FOC can be acquired remotely by power of attorney.
When we have the FOC, we will open a corporate bank account in Russia for you. Together we will have to choose the most suitable bank. The choice of the bank will depend upon the country of your company domiciliation, the type of business that you are engaged in, and the requirements of the particular bank. The following documents will have to be submitted to the bank:
- Company owners’ passport copies;
- Corporate documents;
- The FOC;
- Other documents that the bank requests.
The bank administration will process your application for services and make a decision based on the documents that you will have supplied and the bank policies.
The costs of opening a corporate bank account in Russia
The cost of this service starts at 2999 EUR. The price includes:
- Assistance with the application documents preparation;
- Acquisition of the Foreign Organization Code;
- Assistance in setting up a bank account in Russia.
Additional costs that you will incur:
- Translation services;
- Document legalization (notarization and apostille).
We will also be happy to offer other services to you:
- Register a foreign/ offshore company;
- Choose a foreign bank where you can open a personal or a corporate account – free of charge;
- Open an account with a foreign bank or a payment system with a personal visit or remotely;
- Acquire economic substance in the country of your foreign company domiciliation;
- Acquire gambling, financial, banking, and cryptocurrency licenses;
- Acquire a permanent residence permit and full citizenship of a foreign country.
The procedure of opening a corporate bank account in Russia
Place a request for this service with us.
Answer the questions that our experts will ask you in order to assess the possibility to provide this service to you.
If we understand that we are able to set up a bank account in Russia for you, cover the cost of the service that starts at 2,999 EUR.
Supply the required application documents package.
We will acquire the FOC for your company, file the application for services to the selected bank, and wait for the decision.
If the decision is positive, you can start using your corporate bank account in Russia.
Please ask us any questions related to the matter by writing to info@offshore-pro.info. You are also welcome to call us at +372 5 489 53 37 and +381 6911 12327 or send messages to these numbers.
