Opening bank account for a foreign organization
Due to recent amendments to the legislation on tax registration of foreign organizations, we decided to make a brief overview on opening accounts in Russian banks for foreign companies, as well as tax registration related to this procedure.
- Registration with the tax authority and obtaining TIN (Taxpayer Identification Number)
- Application for tax registration;
- Extract from the register of foreign legal entities’ country of origin;
- Document confirming its registration as a taxpayer in the country of origin indicating taxpayer code;
To open a new account in another bank, it is not necessary for this company to re-register in tax authorities.
- Submission of necessary documents to the bank
- The procedure takes at least 6-10 business days after the submission of necessary documents to the tax authority.