Opening of bank accounts

The settlement account with the Russian bank may be opened by both Russian and foreign companies.

“RosCo” company provides the scope of services for opening accounts with the Russian banks for Russian and foreign companies.


Opening the account for a foreign company

If a foreign organization is planning to open a bank account within the territory of the Russian Federation, it shall register with the tax authority at place of the bank’s registration (at the place of location of the branch), in which the account was opened. This obligation is provided for those foreign companies which have no branch or representative office registered within the Russian territory. Because in that case, the branch or the foreign company’s representative have already been registered by the tax authorities.

After registration with the tax authority and obtaining of an appropriate certificate, a foreign company may approach to the opening of the account itself with a Russian bank.

When opening a bank account for a foreign company, the employees of “RosCo” company shall:

  • Prepare the documents for opening an account.
  • Personally accompany the Client when submitting documents to the bank.
  • Receive the statement of opening an account with the bank.
  • Prepare and submit the Notification of opening of the settlement account to IFNS (Federal Tax Service Inspectorate), FSS (Social Insurance Fund), PFR (the Pension Fund of Russia). 

Opening an account for a Russian company

The procedure of opening an account by a Russian company shall be considerably simpler than for a foreign one and shall depend on the bank you have chosen. On the average, the procedure shall take about 5 working days.

However, if the account is opened by a company with foreign investments, which has appointed a foreigner to be the director, the Russian banks may impose additional requirements related to the submission of documents concerning migration registration of such citizen, as well as demand his work permit.

When opening a bank account for a foreign company, the employees of “RosCo” company shall:

  • Prepare the documents for opening an account.
  • Personally accompany the Client when submitting documents to the bank.
  • Receive the statement of opening an account with the bank.
  • Prepare and submit the Notification of opening of the settlement account to IFNS, FSS, PFR.