How do I open a bank account in Russia?
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The Russian banking system has evolved a lot during the last several years, as the nation has become more open to foreign investments.
A large number of foreign companies have chosen Russian banks to provide profitable conditions for companies to obtain loans and the prospect of opening bank accounts remotely. Over 20 large banks are operating in Russia at the moment.
Our law firm in Russia can assist foreign investors in setting up companies here to open corporate bank accounts in Russia.
This is list of Banks that have licences for working with foreigners:
- Sberbank (Сбербанк)
- Alfa-bank (Альфа-банк)
- VTB-24 (ВТБ-24)
- Binbank (Бинбанк)
- Raiffaisenbank (Райффайзен)
- Tinkoff bank (Тинькофф)
- Citybank (Ситибанк)
- Promsvyazbank (Промсвязьбанк)
- Avangard bank (банк Авангард)
- Credit Europe bank (Кредит Европа банк)
- Otkritie (Открытие)
- Unicredit bank (ЮниКредит банк)
- Vostochniy Express bank (Восточный Экспресс банк)
Foreign citizens and newly registered companies are required to open bank accounts in Russia when working, respectively doing business in Russia.
While foreign citizens can open current or savings accounts, multiple banks offer different packages for companies setting up their corporate bank accounts with them.
Foreign citizens can open a bank in Russia in rubles, euros, or dollars, based on the next 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 streamlined their needs by reducing the number of documents needed when opening a bank account.
Opening a corporate bank account in Russia
All businesses carrying out business operations in Russia, even via branch offices, are needed to set up bank accounts.
These types of accounts are primarily used for depositing the group’s share capital for incorporation and compared to current or protection accounts, the conditions for corporate bank accounts are more stringent. The subsequent documents are required when setting up a corporate bank account in Russia in 2022:
- 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 specify Russian lawyers or representatives who will open the account on their behalf based on a power of attorney.
We can help international entrepreneurs start a business in Russia and also open a bank account in 2022.
For assistance in opening any type of bank account in Russia, do not hesitate to contact our Russian law firm.
Get help starting your business.
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