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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.

Date: 2014-12-29; view: 1814

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