Open business bank account in Belarus
Nowadays there are about 25 banks in the Republic of Belarus. More than half of the existing banks are the banks with private capital.
All banks of the Republic of Belarus offer to open accounts for companies and other legal entities.
Many foreign companies and individuals ask whether there are the international groups of banks in the Republic of Belarus such as HSBC, for example?
We will try to answer this question, as well as reveal some of the beneficiaries of some banks in the Republic of Belarus.
1. Dabrabyt bank. One of the most attractive banks in the country in terms of business lending.
2. Priorbank. This bank is part of the International holding Raiffeisen CIS Region Holding GmbH and it is a bank with Austrian capital (about 88% of the shares belong to the Austrian parent company).
3. BPS Sberbank. It is a subsidiary bank of Russian Sberbank.
4. Alfabank. It is a subsidiary bank of Russian Alfabank.
5. Belgazprombank. It is a subsidiary bank of Russian gas company Gazprom.
6. IdeaBank. It is part of Getin Holding S.A. (Poland)
7. BSB bank. The founders of this bank are three Swiss companies.
8. Belarusbank. It is a state bank and the largest Bank in Belarus.
In fact, the banks with Russian capital (BPS Sberbank, VTB Bank, Alfa-Bank, Belgazprombank, etc.) dominate in the Republic of Belarus.
How to choose a servicing bank in the Republic of Belarus
Recently, many companies prefer to open bank accounts in several banks. The reason for that is different banks offer different working conditions, as well as different banking products and services.
As a rule, you should start with the cost of banking services, as well as the fees and interest that the bank charges to customers. It is also important the distance of bank offices from your office – perhaps sometimes you will need to visit the bank. Pay attention to the banking products and services, as well as their cost: whether the bank works with loans, whether the bank attracts deposits, whether leasing is possible, etc.
Documents for business bank account opening in Belarus
To open a bank account, the Head of the organization have to personally contact the bank and provide approximately the following documents:
1) Company Charter;
2) Certificate of Registration;
3) Passport of the Head of the company;
4) Decision on the establishment of the company and appointment of the Director of the company;
The bank will ask me on-site to fill in a form and questionnaire.
It usually takes about 30-40 minutes to open a bank account. In some cases, the bank may extend the term of opening an account for 1-2 days (in cases of any verification, for example). Sometimes the bank may ask to provide additional documents.
After opening an account, the bank will give you all the accounts numbers in IBAN format. The Republic of Belarus has switched to the IBAN system since 2017.
To manage your account you can both remotely and personally applying to the bank. To manage the account remotely, it will be necessary to connect the Internet banking system (as a rule, the bank charges money for this service).
Opening an account in Belarus for a foreign company
Foreign companies also have the right to open their accounts in the Republic of Belarus. The process of opening an account, as a rule, is as follows: first you need to send to the bank the scanned documents for a foreign company. The bank will conduct its internal audit and within a few days it will give a preliminary answer about the possibility or impossibility to open a bank account. If the possibility of opening a bank account for the foreign company is confirmed, the bank will invite its founder to come to Belarus to open an account and provide the original documents.