Opening a transit bank account is required in cases where an individual or legal entity engages in foreign economic activity and accepts payments for its goods and services in foreign currency. In this case, the legal form of business does not matter. What constitutes a transit account, what stages you need to go through when you open it, and what nuances of its use exist, readers will learn from this material. In fact, nothing complicated.
Transit account at a financial institution. What it is?
The company's transit account is used to transfer funds in foreign currency for goods sold by a business entity. Or the services provided. For a transit account, its inextricable link with the currency account is characteristic. Mandatory. In other words, a transit account cannot exist without a foreign currency account. And vice versa. It should also be emphasized that funds in foreign currency in a transit account may be for a period not exceeding 15 days. During this time, they are subject to transfer - to the main currency. Or should be converted into national currency. And transferred from the transit account to the current one. Everything is extremely simple.
Instructions for opening a transit account
So, more details. As noted above, a transit account is tied to a currency account and cannot function without the latter. What are the main steps you need to go through when you open it? First of all, a business entity must provide a financial institution with a copy of the charter of its organization and accompany it with an application on the corresponding form with a request to open a foreign currency and transit account. Moreover, it is necessary that the document spelled out the possibility of working with the currency of other states.
After that, the bank employees issue a bank card. This process is accompanied by the provision of a list of authorized persons of the company who are vested with the right of access to a transit account. In addition, samples of the signatures of these employees must be provided.
At the same time, the business entity or its representative is obliged to submit documents to the bank confirming the legality of the opening and functioning of the enterprise. It should be noted that if the company was reorganized, it will also be necessary to provide relevant certificates. At the final stage, the organization passes to the financial institution documents proving the legality of the origin of the credited foreign exchange earnings.
Conclusion of an agreement
Upon completion of all the above stages, the financial institution and business entity enter into a separate agreement on opening transit and foreign currency accounts. When working related to the sale of goods and services for currency, company representatives indicate the number for payment to their counterparties.
Work tips
It should be noted that there are certain rules not only for opening a transit account, but also for subsequent work with it. So, within 7 days after its appearance, the business entity must notify the tax authorities at the place of registration of his company. In addition, the appropriate department of the pension fund should be notified. Otherwise, penalties will follow.
It is also required to notify the social insurance fund of the opening.It must be emphasized here that state bodies are not entitled to make complaints about the lack of notification of the opening of a transit account. It is very important.
A transit account has characteristics that significantly distinguish it, which must be reported to the Inspectorate of the Federal Tax Service. In addition, the need for organization does not depend on the desire of an individual or legal entity. Its opening is mandatory and is carried out in accordance with the established procedure as an addition to the currency account, which should be reported to the state authorities. Everything is very serious.
Finally, it is worth mentioning the requirements for documents confirming the legality of posting to a transit account of foreign currency. This may be: an act of work performed, a contract for the supply of goods or the provision of services and other certificates. In this case, documents must be provided in Russian, and translation from a foreign language must be certified by a notary.