Bank account in Russia for a foreign company

Open a bank account in Russia for a foreign company in Russia and use the best banking service in the world.

Use our free legal advice

On the basis of Article 13 of Federal Law No. 173-FZ “On Currency Regulation and Currency Control”, non-residents in the territory of the Russian Federation have the right to open bank accounts in foreign currency and the currency of the Russian Federation only in authorized banks (the list of authorized banks can be viewed on the website of the Bank of Russia).

Advantages of opening a bank account for a foreign company in Russia

Non-residents have the right to transfer foreign currency and the currency of the Russian Federation without restrictions from accounts in banks outside the territory of the Russian Federation to their accounts in authorized banks, and vice versa. The requirements of currency control do not apply to the operations of foreign companies. 

A foreign company does not have tax obligations in Russia if the company’s activities do not lead to the formation of a permanent representative office in the Russian Federation or / and do not lead to the extraction of income from sources in the Russian Federation.

For a foreign company that operates exclusively with foreign capital, not so strict criteria are imposed when making cross-border payments. It is known that all operations that involve the movement of Russian capital abroad are closely monitored by Russian banks. However, in the case of foreign capital, the control of banks is much more restrained.

Russian banks are distinguished by a high level of technological efficiency and automation of banking services. Experts note that banks in Russia are a big step ahead of both European and American banks in terms of the convenience of working online and the security of online transactions. The bank account is managed online, and the interface of the banking programs is available in both Russian and foreign languages. Confirmation of payments is possible both by SMS to any numbers, and with the use of a token.

The cost of monthly maintenance of a bank account, as well as the cost of international transactions, is inexpensive and suitable for businesses of any size.

Many Russian banks actively carry out international operations and have established correspondent relations with the world’s leading banks. You will have the opportunity to make payments in any freely convertible currency. Payments in US Dollars and Chinese Yuan are naturally possible.

The systemically important Russian banks (approximately, the top 10 banks) are the largest financial institutions in Russia, whose financial condition is closely monitored by the Central Bank of the Russian Federation. The probability of bankruptcy or revocation of the license of these banks is practically absent. Therefore, this risk is reliably covered, which is certainly an important aspect. But there are also many other banks operating in Russia that are not included in the list of the largest or systemically important, but are still quite large and reliable banks. 

In banks located in Moscow and providing services to foreign businesses, it is often possible to meet specialists who speak different languages. Although support in a foreign language is not an officially declared service of the bank, you can still expect that communication in English will not be a problem. 

What difficulties will you face to open a bank account in Russia?

Not all banks in Russia have the necessary experience and knowledge in servicing non-residents. Therefore, the number of banks in which it is possible to open an account for a foreign company is less than for a Russian one.

To open a bank account of a foreign company in Russia, the documents of the founding company must be properly legalized, as well as translated into Russian and the translation must be notarized. In addition, a foreign company must be registered with the tax authority of the Russian Federation in connection with the opening of a bank account in Russia and have a tax certificate TIN. These requirements and procedures significantly complicate the documentary process compared to opening an account of a Russian company.

To open an account for a foreign company in Russia, you will have to prove to the bank that your company does not pose additional risks to the bank. If everything is very clear with the opening of an account of a Russian company, then the bank will request full detailed information about the purposes for which a company from far or even near abroad came to a Russian bank and exactly what operations the company plans to carry out.

List of banks in Russia (top 12 in terms of reliability and service)

SberBank

SberBank is the largest bank in Russia, Central and Eastern Europe. The bank was founded on November 12, 1841, when the Russian Emperor Nicholas I signed a decree on the establishment of savings banks in Russia.

VTB Bank

VTB Bank is a Russian universal commercial bank with state participation. The second largest bank of Russia by assets.  The bank was founded in 1991. VTB Group is represented in the CIS countries of Armenia, Belarus, Kazakhstan, Azerbaijan, and also has subsidiaries and associated banks in Germany, Great Britain, Cyprus, Georgia and Angola, as well as one branch of VTB Bank in China and India, a branch of VTB Capital PLC in Singapore.

PJSC Promsvyazbank

PJSC Promsvyazbank (PSB) is a Russian bank that is among the TOP 10 banks in the country in terms of assets. The Bank is also included in the list of systemically important banks in Russia.  It was founded in 1995. Since 2019, the PSB has been a reference bank for carrying out operations under the state defense order and large government contracts.

Alfa-Bank

Alfa-Bank is the largest private bank in Russia and ranks fourth in terms of assets. The Bank covers almost the entire territory of Russia with about 800 branches and offices. It was founded in 1991.

UniCredit

UniCredit Bank is one of the largest banks in Russia, ranking 12th in terms of assets (according to the results of the 1st quarter of 2021). 100% of the voting shares of the bank belong to the UniCredit Group (UniCredit S. p. A.). The bank in Russia was founded in 1989.

Raiffeisenbank

Raiffeisenbank is one of the most reliable banks in Russia. It was founded in Russia in 1996. The Bank is included in the list of 12 systemically important banks in Russia. The bank’s network includes 5 branches and 117 departments. The Bank is part of the Raiffeisenbank International Banking Group.

Credit Bank of Moscow (MCB)

Credit Bank of Moscow (MCB) is one of the largest private banks in Russia, included in the list of systemically important banks in the country. It was founded in 1992.

Otkrytie

Bank Otkrytie is one of the top 10 largest banks in Russia and the list of systemically important banks. The sole shareholder of Otkritie Bank is the Bank of Russia with a 100% stake.

Tinkoff Bank

Tinkoff Bank is a Russian commercial bank focused entirely on remote servicing, which does not have retail branches. This is an online ecosystem based on financial and lifestyle services. Tinkoff’s clients are 13 million people across Russia.

Transcapitalbank

PJSC Transcapitalbank (TCB) is a large bank in terms of assets located in Moscow. It was founded in 1982.

CitiBank

JSC CB Citibank is a Russian commercial bank, 100 % of whose shares are owned by the Dutch Citigroup Netherlands B. V., which through a number of subsidiaries belongs to the Citigroup holding.

The cost of our services

Assistance to open a bank account in Russia

from 950 €

Tax registration of a foreign company in Russia

The requirement set by law to open a bank account in Russia

from 850 €

Notarized translation

To open a bank account in Russia, all documents must be legalized, translated into Russian and notarized.

from 50 €

Compliance consulting (115 Federal Law)

After opening a bank account in Russia, compliance with the requirements of Law 115FZ is overly important.

from 100 €

Does a foreign company have tax liabilities after opening a bank account in Russia?

According to the tax code of the Russian Federation, a foreign company does not have tax consequences in the Russian Federation in connection with opening a bank account. In particular, there is no obligation to file a tax return.
This condition applies if the foreign company did not have immovable and movable property in the Russian Federation, did not carry out commercial activities in the territory of the Russian Federation, and did not have a representative office / branch / other permanent establishment in the Russian Federation.

Process to open a bank account in Russia for a foreign company

Steps to open a bank account in Russia for a foreign company are the following

1. Registration of the company with the tax authority in the Russian Federation in connection with the opening of a current account in Russia and obtaining a tax certificate TIN.
Preparation of relevant documents and interaction with the tax authority.
It is worth noting that this registration does not automatically entail tax obligations for a foreign company in Russia, if the company does not conduct activities in Russia leading to the formation of a permanent representative office.

2. Preparation of the necessary set of documents for the bank and in accordance with the requirements of the bank.
Legalization of documents of a foreign company (apostille or consular certification), translation of documents into Russian and notarization of the translation.

3. Preparation of detailed information about the business, founders and business partners.
The process of providing documented evidence that your company is a decent participant in the business environment and that the bank does not have any reasonable risks of cooperation with you.

4. Contacting the bank to open an account with a full package of prepared documents.

Documents required to open a bank account in Russia for a foreign company

  • charter (memorandum) of a legal entity;
  • foundation agreement (if any);
  • certificate of registration of a legal entity (certificate of incorporation);
  • extract from the commercial / judicial / state register of the country of incorporation of the legal entity. The date of issue of this document at the time of opening an account with a Russian bank should not exceed 90 days.
  • How to open a foreign company bank account in Russia

    Oficina de moscú

    IP Konon Sergey Mikhailovich
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    Dirección de la oficina: 127299, Russia, Moscow, Cosmonaut Volkova Street, 20, office 520

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