Opening a Corporate Account in Russia for a Non-Resident Company

Opening an account in Russia for a non-resident company is an important step for doing business, settling payments with partners and operating on the Russian market. Foreign legal entities can open a bank account in Russia provided they comply with legal requirements and pass the bank’s compliance review.

We provide turnkey support throughout the account opening process for non-residents: from document preparation to receiving the account details and starting operations.

Who can open an account in Russia

Opening an account in Russia is available to:

• foreign companies (legal entities);
• holding structures;
• international trading companies;
• IT and service companies;
• representative offices and branches.

Which Russian banks can open an account

An account for a non-resident can be opened with major Russian banks, with banks that have international experience, and with specialized financial institutions.

The choice of bank depends on:

• the company’s country of registration;
• the business structure;
• the type of activity;
• foreign currency transactions.

Requirements for a non-resident to open an account in Russia

To open an account for a foreign company in Russia, you will need:

• Core documents:
  – the company’s constitutional documents;
  – certificate of registration;
  – charter (Articles of Association);
  – Taxpayer Identification Number (TIN) of the foreign company;
  – documents for directors and beneficial owners;
  – description of the company’s activities.
• Additional documents:
  – ownership structure (UBO);
  – business model and description of operations;
  – contracts with partners (if any).

Account opening procedure

Opening an account for a non-resident in Russia involves several stages:

1. Choosing a bank (from 1 day) – select a suitable bank that meets the necessary criteria.
2. Collecting documents (from 2 weeks) – gather all the required documents.
3. Completing the application (from 1 day) – fill in the account opening application.
4. Applying to the bank (from 3 days) – apply to the bank in person or remotely, depending on the institution’s terms;
5. Opening the account and receiving the account details (up to 1 month) – wait for the bank’s decision on opening the corporate account

Timeline for the entire process: up to 1 month (depending on the bank and the structure).

Specifics of opening an account for non-residents

It is important to take into account:

• enhanced checks (compliance due diligence);
• business transparency requirements;
• restrictions by country and type of activity;
• possible requests for additional information.

Banks in Russia pay particular attention to:

• the source of funds;
• business reputation;
• the economic rationale of transactions.

Can an account be opened without visiting Russia?

In some cases, yes: a corporate account can be opened under a power of attorney without a personal visit.

Which countries are considered “high-risk”?

When opening corporate accounts for non-residents in Russia, banks’ internal policies and international AML requirements may classify a particular country as “high-risk”. There is no single register, so each case must be examined individually.

Can a non-resident be refused an account?

Yes, a bank in Russia may refuse to open a corporate account for a non-resident without giving reasons if the compliance review is not passed.