Russian foreign company plus bank account for 10,000 USD
Many companies worldwide are opening branch and representative offices in Russia or registering to have a bank account. There are many reasons for this, which we will mention next:
- Russia and China are not subject to political pressure from the Federal Reserve and unlawful confiscation by the US banking system. This means, generally speaking, that the Russian banking system is immune to US sanctions.
- Russia is financially stable and rich in resources and is a gateway to China, which is already a more powerful financial centre than the United States.
- Foreign companies can have bank accounts in Russia denominated in all currencies.
- Russia is a top investment destination due to the artificially low value of the currency (rouble).
Our star product in Russia is opening bank accounts for non-resident companies. The procedure is pretty straight forward and easy, as long as all the company documents are properly issued and notarized.
Having a bank account in the Russian Federation can bring many benefits to non-resident companies. Russia does not apply the sanctions of the United States, which gives companies in jurisdictions that are not in good terms with Uncle Sam the possibility of having an international bank account. A clear example of this is Venezuela.
Venezuelans, for example, can open a bank account with little trouble and enjoy all the benefits of international banking without restrictions.
Moreover, with a bank account in Russia it will be easier to make transactions with China, therefore opening the gates to the vast Asian market.
A bank account in Russia can be opened remotely, with no need of visiting the country in person, which is very convenient. All you have to do is sign a Power of Attorney giving us the consent to open the account on your behalf.
Of course, if you would like to feast your eyes on the breath-taking architecture at the Nevsky Avenue in Saint Petersburg, or take a walk through the Red Square in the Russian capital, you are more than welcome to open the account in person. Our team we´ll be happy to show you around.
Are taxes your main concern? Then worry no more. You can have as much money in your account as you like. You will not be subject to taxes in the Russian federation as long as you don´t conduct business within the country.
Corporate bank account opening procedure for a foreign company
STEP 1- The client sends scanned copies of the corporate documents and fills out a questionnaire. We have a meeting with the senior management of the bank and present scans of your documents in order to obtain the pre-approval.
After pre-approval is received the client signs a contract with our representative in Russia for opening account and banking services. The client signs a POA, which will enable our representatives in Russia to open the account on the client´s behalf.
STEP 2- The client gathers all the necessary documents in accordance with the provided checklist. All the documents must be apostilled. Then we check all the final apostilled colored scanned copies to make sure everything is done in accordance with the Russian legislation and the bank´s requirements. Only after being approved the client can mail us the documents to our office in St. Petersburg. After receiving them we take all the documents for translation into Russian language. Notarize the translations with a public notary duly authorized by the Russian Federation and make notarized copies.
STEP 3- With the POA signed by the company, authorizing us to act on the company´s behalf, we will fill out an application form and submit your documents to the Federal Tax Service of Russia, in order to obtain a tax ID number for your company. Please note, that the tax number that the foreign company is required to obtain is not a tax ID number for tax paying purposes; it is a foreign company code. This foreign company code is only for bank account opening purposes. You will not be subject to taxation in the Russian Federation as long as you don´t conduct business in the country. In fact, this foreign company code is proof for the Russian tax department that the company is not a taxpayer in Russia.
STEP 4- Submit all your documents to the bank. We will fill out an application form on your behalf. After this, the bank will perform the due diligence process. At this time, the bank may ask for additional documents or clarifications. This process is beyond our control and solely depends on the internal risk assessment policies of the bank.
STEP 5- Once the account is opened, we transfer access to the account and provide the client with a Russian SIM card to enable access to the online banking system.
Don´t miss the opportunity of having a bank account in one of the world´s powers. Russia offers a stable economy and the opportunity to do business with Asia, in a sanction-free environment. Contact us now for a consultation.
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