Opening a Bank Account for a Foreign Company in Belarus (2025)

What is a “bank account” in Belarusian law? In legal terms, a bank account is a payment relationship between a client and a Belarusian bank (or non-bank credit and finance organization) under which funds are accepted, stored and transferred pursuant to the Banking Code and the bank’s rules. The Code frames account contracts, opening procedures and bank secrecy; among other things, it regulates procedures for opening bank accounts and protects information on accounts and deposits as bank secrecy, save for disclosures required by law. In plain English: an account is the legally recognized mechanism that lets your company hold money and instruct payments in Belarus, with confidentiality guaranteed and specific exceptions set by statute.

Who counts as a “non-resident” and why does it matter? For currency-control purposes, Belarusian law distinguishes residents and non-residents. The Currency Regulation and Currency Control Law No. 226-Z defines the terminology and applies the foreign-exchange regime to both residents and non-residents, with different consequences depending on the transaction. In practice, this is one reason why banks ask for evidence about your company’s place of incorporation and business footprint when you open an account as a foreign legal entity.

Can a foreign company legally open a Belarusian account? Yes. Belarusian law allows non-resident legal entities to hold accounts with local banks. In practice, banks publish document lists for non-resident corporates and apply KYC/AML standards. For example, Belarusbank and Belinvestbank provide official guidance on non-resident corporate accounts and the documents they expect, which typically include an application, corporate registration evidence and a client questionnaire aligned with AML requirements.

Why would a foreign company open an account in Belarus today?

For many groups trading with Belarus, Russia, or non-EU markets, a Belarusian bank account can be the most reliable way to receive and send payments lawfully within the regional banking rails. Banks in Belarus operate standard payment infrastructure, including IBAN account numbering adopted nationwide on 4 July 2017, which brought domestic accounts into line with international formats and reduced cross-border error rates. This technical harmonization matters when you rely on predictable settlement and SWIFT messaging.

Another pragmatic reason is operational continuity. Where counterparties are cautious about cross-border transfers, keeping a Belarus-based account allows invoicing in Belarusian rubles or foreign currencies (as permitted), while staying within a legal and supervisory perimeter your counterparties understand. Market practice shows Belarusian banks onboarding non-resident corporates subject to robust AML and sanctions screening; the point is not expediency but predictable compliance.

Which laws and regulators shape the process—and why do banks ask so many questions?

The Banking Code of the Republic of Belarus supplies the contracts and confidentiality architecture around accounts. Separate to that, the AML Law No. 165-Z (30 June 2014) creates statutory duties for banks to identify the customer and ultimate beneficial owners (UBOs), understand the purpose and intended nature of the relationship, and apply risk-based monitoring. These are not “internal rules”—they are hard law. On top of the statute, the National Bank of the Republic of Belarus (NBRB) codifies Internal Control requirements for banks in Resolution No. 818 (24 December 2014), which is the backbone of onboarding questionnaires and documentary standards you will see.

The Currency Regulation Law No. 226-Z sets the playground for both residents and non-residents when they perform currency operations in Belarus. It is why banks verify whether your expected transactions fit the currency regime and may ask you to explain incoming and outgoing flows in narrative form. In parallel, the NBRB’s Instruction on Bank Transfers and related acts standardize payment execution, formats and timetables, which is why your onboarding pack eventually links to specific payment rails and cut-offs.

What documents do banks require, and how is KYC/AML applied?

Although each bank has its matrix, the logic is uniform: prove who you are, how you are governed, who ultimately owns you, and why you need a Belarusian account. Major banks publish lists of documents for non-resident corporate clients; these typically include an application, registry extracts, constitutional documents, authority evidence for signatories, and a client questionnaire mapped to AML Law No. 165-Z and NBRB Resolution 818. Where documents are not in Russian or Belarusian, banks often require translations by sworn or certified translators, and certain documents may need apostille/legalization. The end-to-end is a compliance exercise, not a box-ticking exercise.

Identification of representatives is a critical step. Belarusian banks can identify customers in person or remotely depending on their policies, but in practice nonresident corporates should plan at least one in-branch appearance for signing and activation. Public guidance and market commentary in English reflect the same reality: banks verify identity and the business rationale before they switch your account to “active.”

How does account format and payment infrastructure affect operations?

Since July 2017, Belarus has used IBAN and updated BIC identifiers in non-cash settlements. For you, this means your account details will be in IBAN format and will be recognized by counterparties’ systems using standard validation. Banks also align their internal schedules to national rules on payment messaging. These plumbing details matter: they reduce rejection risk and support accurate routing for both domestic and cross-border operations.

How long does it take—and what is the lived sequence?

From client files the pattern is relatively consistent: three to four weeks from a complete document pack to activation, allowing time for translations, a branch visit, compliance clarifications and the issuance of ebanking credentials. In practice, projects often involve two interactions in Belarus—a first visit for document intake and identification and a short second visit to sign and activate once compliance has cleared the file. That is normal for non-resident onboarding and reflects how banks manage risk.

Is there anything particular to Belarusian banks that foreign directors miss?

Two points stand out in projects we supervise. First, many banks rely on mobile two-factor authentication for corporate e-banking; directors who depart the country without a working Belarusian SIM linked to the user profile often face activation hiccups or cannot receive onetime codes. The simple operational cure is to procure and test a Belarusian SIM before you leave, and to document who will administer e-banking from day one. Second, compliance teams sometimes ask for recent account statements from your existing bank or sample contracts to substantiate the business purpose; preparing them early avoids back-and-forth. Both reflect the reality of AML “reasonable care” in Belarus.

What about sanctions or international restrictions—do they block accounts?

Belarusian banks must comply with domestic law and are attentive to international restrictions when they touch correspondent relationships or designated persons. This is not unique to Belarus; it is part of global compliance. The takeaway for a non-resident company is straightforward: keep your ownership and trade footprint transparent, be ready to explain counterparties and flows, and align your contracts with banks’ comfort zones. Belarusian institutions will not compromise on AML or sanctions rules, but they can and do bank foreign corporates whose risk profile is clear.

What definitions should decision-makers align on?

For this context, “opening a bank account” is entering into a payment-services agreement with a Belarusian bank that enables deposits, transfers and remote banking under national law and the bank’s tariff. “Non-resident company” is a legal entity not qualifying as a resident under Law No. 226-Z and related acts; banks look at incorporation, control and presence. “KYC/AML” is the set of statutory and supervisory duties in Law No. 165-Z and NBRB Resolution 818 requiring customer identification, UBO verification, and ongoing monitoring. “IBAN” is the standardized account number format used in Belarus since 2017, making your account details machine-verifiable for cross-border payments.

How to choose the right bank—and why a narrative matters more than a checklist

Belarus has a diversified banking sector with state-owned and private institutions. Beyond tariffs and distance to a branch, the deciding factor is whether your story makes sense in a KYC framework. Banks such as Belarusbank and Belinvestbank publish transparent onboarding requirements for non-resident corporates; Priorbank and other institutions provide English-language materials for international partners, which helps set expectations before you travel. Approach selection as a pre-clearance exercise: agree the document list, disclose UBOs and counterparties, and align the business rationale with bank policy before you book flights.

Practical recommendation from the field: draft a brief business-purpose memorandum on your letterhead—two pages that state what the account will be used for, expected monthly flows and countries, top counterparties, and who will administer e-banking. Compliance teams repeatedly ask for this narrative; providing it up front shortens the review. This memo should mirror AML Law No. 165-Z concepts and the internal-control expectations of Resolution 818.

What timeline should your board plan for—and why does sequencing matter?

Expect a three-to-four-week runway when everything is prepared: translations, a clean UBO chart, identification of signatories, and a tested SIM for e-banking activation. Our project logs show that trying to compress steps—arriving without translations, deferring UBO clarifications, or improvising telecoms—usually adds more weeks than it saves. Sequencing is part legal and part operational, and treating the process as a narrative—why, what, how, when—is what turns compliance into an enabler rather than an obstacle.

A field note on cross-border flows—and a little-known tactic that can help

Where supply chains run EU ↔ Belarus or CIS/Asia ↔ Belarus, many trading groups build a twoaccount architecture—for example, a Belarusian account paired with an EU account—to route lawful payments efficiently through correspondent corridors that currently work best for their counterparties. This is not a legal requirement; it is an operational solution we have seen deliver stability with careful KYC planning on both sides.

About Law firm “Economic Disputes”: why we are asked to lead these projects

We combine deep Belarusian courtroom experience with international banking know-how. Our lawyers have 15–25 years in practice; our Director, Sergey Belyavsky, spent 20 years in Belarusian economic courts (including 10 years as a judge), is a recommended arbitrator at the ICAC at BelCCI, and a published author of five books and over 1,200 articles. We maintain offices in Minsk (11 Kulman St.) and Grodno (23 Kalyuchynskaya St.), speak English and Polish, and coordinate through a partner network in 40+ countries. For international settlements we use our own business account with PKO Bank Polski, which simplifies crossborder billing. Our track record includes 1,500+ clients and over BYN 1.5 billion recovered or saved, supported by 100+ published reviews.

Ready to move from theory to banking reality?

If your group is considering opening a bank account for a foreign company in Belarus, share your scenario and documents through the contact form on e-sud.by. We will assess your ownership chain and payment map, confirm feasibility with target banks, arrange sworn translations, accompany you to branch identification and signing, and set up secure e-banking—including the practical steps that are rarely written down but make all the difference. The goal is not just an account; it is a compliant, operationally sound payment channel for your business.