Everything about the foreign economic activity of individual entrepreneurs and companies. Professional currency control RMB account for FEA which bank

Essence and main goals of foreign economic activity

FEA is built in accordance with the chosen foreign economic strategy, as well as with the established methods and forms of work in the foreign counterparty market.

Banking institutions, in order to carry out foreign economic activity, conclude agreements (contracts) on correspondent relations with foreign banks, opening correspondent accounts with the latter. Large banking institutions offer a wide range of services to their clients participating in foreign economic activity and, at the same time, they themselves become a very significant link in the process of international exchange of goods, services and capital. To organize the work of this mechanism, banks, as a rule, create special departments for foreign economic relations.

Banking institutions for the implementation of foreign economic activity:

open branches and branches in foreign countries
conclude agreements on correspondent relations with foreign banking institutions, opening correspondent accounts in them
buy shares of ownership in foreign banks
open leasing and factoring firms.

The main objectives of foreign economic activity of banks:

providing services to exporting and importing clients
minimization of risks in the implementation of foreign economic transactions
profit from the implementation of foreign exchange transactions.

Payment methods used in international practice

Documentary letter of credit- a payment method that provides the exporter with the maximum reliability of the transaction. This is a unilateral, conditional monetary obligation of the bank, which is issued by them on behalf of the client-applicant of the letter of credit.

Documentary collection is a transaction in which a banking institution acts as an intermediary between the exporter and the importer. Receives the collection bank along with instructions from the seller and provides documents that are proof of the actual delivery of the goods to the buyer in exchange for acceptance of the bill or payment.

Advance payment represents the amount of money that is transferred or issued against future expenses or payments.

Payment after shipment- if the foreign buyer and the exporter agree that the buyer pays the funds for the products as soon as they are shipped, the exporter notifies him of the shipment, indicating all the necessary details, and expects the buyer to immediately make payment.

Factoring and forfaiting

Forfaiting and factoring can be considered not quite “traditional” and relatively new forms of export financing, which may also include additional information, insurance, marketing, and legal services.

Large banks offer a number of services to clients participating in foreign economic activity and are themselves becoming an important link in international trade. As a rule, banks create specialized departments for external relations. There are specialized banks (in Russia - Vneshtorgbank).

To carry out foreign economic activity, banks:
conclude agreements on correspondent relations with banks abroad and open correspondent accounts;
open branches and offices abroad;
acquire ownership shares in foreign banks;
open factoring, leasing, etc. companies.

The goals of foreign economic activity of banks:
provide maximum services to customers-exporters/importers;
reduce the risks of international transactions;
provide the bank with foreign exchange income.

These goals are realized through the use of various methods and tools that are agreed upon by the exporter and importer at the time of concluding a trade contract.

Payment methods used in international practice:
advance payment;
documentary letter of credit;
payment after shipment;
documentary collection;
open account trading.

Tools (calculation methods):
checks;
bills of exchange;
postal, telegraph, telex payment orders;
international money transfers (S.W.I F.T system).

International payments are made on the basis of rules generally recognized by the international community.

Let's consider the two most significant methods of payment from the point of view of reducing the risk of international trade transactions - documentary collection and documentary letter of credit.

Documentary collection is a method of payment (bank settlement transaction), in which the bank, on behalf of the exporting client, receives the funds due to it on the basis of the commodity-settlement documents submitted by the client to the bank (Fig. 38).

1. Signing a contract for the supply of goods;
2. The exporter submits to the bank a collection order and billing documents;
3. The bank checks the correctness of the preparation of documents and transfers them to the collecting correspondent bank;
4-5. The importer's bank delivers documents to the importer against payment of the amount specified in them;
6. The collecting bank sends the payment notice to the exporter's bank;
7. The exporter's bank credits the funds to the client's settlement account and notifies him of the receipt of the payment.

The unified rules for documentary letters of credit were established by the International Chamber of Commerce for the first time in 1933. The current version is No. 500, adopted in 1993. In Russia, this form of payment is regulated by the Civil Code of the Russian Federation, Part II, Art. 867-873.

A documentary letter of credit is an obligation of a bank to provide the amount agreed upon by counterparties at the disposal of the seller on behalf of the buyer in accordance with strictly defined conditions. The goal is to reduce the risks of foreign economic transactions.

The essence of the operation:
The exporter receives a guarantee of timely receipt of export earnings, the importer pays upon delivery.

Signs of a letter of credit:
is a monetary obligation, the fulfillment of which occurs subject to the provision of the documents specified in the letter of credit;
is a transaction separate from a foreign economic contract, which provides for a letter of credit form of payment;
the bank makes payment under a letter of credit on its own behalf, but on behalf of its client;
the bank makes a payment at the expense of its own funds or the client's funds;
issuance of a letter of credit and payment from a letter of credit generate a chain of transactions between participants in credit and settlement relations.

The procedure for the implementation of a letter of credit operation
1. Contract.
2. The importer, within the terms agreed with the exporter, instructs his bank to open (issue) a letter of credit (application for open letters of credit).
3. The importer's bank asks the exporter's bank to open a letter of credit in favor of the relevant exporter and immediately or within the stipulated time period provides coverage, i.e. transfers the amount of the letter of credit (issuing a letter of credit).
4. The exporter's bank sends a notice to the exporting client.
5. The exporter, having received a notice (adviso) from his bank and having checked the terms of the letter of credit, sends the goods to the importer and draws up the documents necessary to receive payment from the letter of credit.
6. The exporter transfers to his bank the shipping and other documents specified in the letter of credit.
7. Shipping and other documents are sent by the exporter's bank to the importer's bank, which makes the payment.
8. The exporter receives the payment due to him.
9. The importer's bank transfers the received documents to the importer, which give him the right to receive the purchased goods.

Types of documentary letter of credit:
bearer;
paid on time;
with deferred payment terms;
revolving (renewable);
non-revolving;
confirmed;
unconfirmed.

The most important criterion - the revocable of a letter of credit - involves dividing into:
revocable letters of credit - an obligation of the bank, which can be canceled or changed without notifying the exporter;
irrevocable letters of credit - a firm commitment of the bank, which is beneficial for the exporter and risky for the bank.

All currency transactions of the bank are subject to currency control rules.

Today, export-oriented companies are doing particularly well. The ruble fell, and domestically produced goods became competitive abroad. Moreover, we are not necessarily talking about large manufacturers; the doors to foreign economic activity are also open to small and medium-sized players. The main thing is to offer a demanded product. Do you want to try yourself in foreign economic activity? Go ahead. But first you need to choose a financial partner to support foreign trade transactions.

Foreign trade company portrait

The Ministry of Economic Development has set a course to increase the volume of non-commodity exports by 6% per year, and, as experts say, Russia has every chance of becoming one of the world's leading exporters by 2030. The number of firms, including from the sphere of small and medium-sized businesses, has grown, focusing on the export market opportunities. With imports, the situation is more complicated due to the devaluation of the ruble, however, many importers are still developing the business, reorienting the business model, for example, by countries of purchase, customers, etc.

Exports in Russia significantly exceed imports. According to the Federal Customs Service (FCS), the positive trade balance, or the difference between exports and imports of goods, in January-July 2016 amounted to $57.8 billion. The share of exports in the country's GDP is about 30% of GDP.

True, due to geopolitical trends, exports and imports tend to decrease. Thus, exports from the country for seven months of 2016 amounted to $153.4 billion, which is 27.1% lower than in the same period last year.

The key export directions are:

fuel and energy products (share in the structure of exports - 62.2%);
metals and metallurgical products (10.1%);
machinery and equipment (6.5%);
products of the chemical industry (6.4%);
food products (4.7%).

Exporters, therefore, are mainly large corporations in the fuel and energy complex, metallurgists, and manufacturing conglomerates.

At the same time, despite the high share of raw material exports, there is a tendency to increase the importance of other areas. So, let's say, the share of equipment exports over the specified period increased by 1.5 percentage points, the share of metallurgical products increased by 0.7 percentage points, and the share of the fuel and energy complex decreased by 6.6 percentage points. By the way, back in January 2016, the head of the Central Bank, Elvira Nabiullina, noted that the growth in the share of oil exports in total Russian merchandise exports decreased from 67% in December 2013 to 48% in December 2015.

Quite a number of smaller firms have sprung up, exporting some of their products, for example, in the food, paper, equipment, tobacco, pharmaceutical, etc. industries.

The value of Russia's exports in 2015 amounted to $344 billion.

Mineral fuels and oil
$216.10
Black metals
$15.22
fertilizers
$8.85
Nuclear reactors and mechanical devices
$8.68
Pearls, precious stones and metals
$7.87
Aluminum and products from it
$7.06
Wood and products from it
$6.31
Cereals
$5.65
Copper and products from it
$4.46
Products of inorganic chemistry
$3.84
Electrical machinery and equipment
$3.46
Restricted Chemical Compounds
$2.96
Fish, crustaceans and molluscs
$2.79
Ground transportation facilities
$2.73
Prepared meat, fish or shellfish products
$0.12

Demanded by business

Currency legislation is constantly changing. Therefore, companies working in the direction of foreign economic activity often need consulting in the field of currency control and preparation of documentation. Also, consulting services are relevant due to the fact that more and more new firms are discovering export (or import) opportunities.

Such services are provided by many consulting and consulting companies. However, the level of reliability of these firms sometimes raises questions. Banks are a completely different matter. Firstly, credit institutions have a rather high level of professionalism of employees, and secondly, banks actively working with foreign trade transactions have relevant experience and expertise.

In addition, it is simply convenient to receive consultations of interest on foreign economic activity in a one-stop format - in the credit institution where the company has an account, conducts its operations, payments, places funds on deposits, receives financing, etc.

Information updated: 06/14/2019

If an entrepreneur cooperates with foreign companies, then he becomes a participant in foreign economic activity - foreign economic activity. This activity has a number of nuances that must be taken into account. Otherwise, you may run into serious problems with banks, tax authorities and states.

In this article, you will learn what foreign economic activity is and how it is regulated. Also here we will consider the main problems that an entrepreneur may most often face when conducting foreign economic activity.

What is foreign economic activity

Foreign economic activity, or foreign economic activity, is any economic activity that is associated with interaction with other states and foreign companies. FEA includes international trade, import and export of products, investments in foreign companies, participation in international projects, obtaining financing abroad and other activities.

States and their structures, banks, companies, individual entrepreneurs and even individuals can participate in foreign economic activity. For different categories of participants, there are both general rules and private restrictions and features. All of them must be taken into account when interacting with other countries. In this article, we will consider only the rules and features of conducting foreign economic activity for business.

States regulate foreign economic activity in various ways and establish rules for its conduct. At the same time, participants in the external economy need to take into account the rules and requirements of several countries at once. With some of them it is easier to conduct foreign economic activity, with others it is more difficult.

Types of foreign economic activity

In total, there are several main types of foreign economic activity:

Foreign trade activity. This includes any activity for the exchange, import and export of goods, works, services, information and fruits of intellectual activity. This area also includes international leasing, clearing (organization of settlements), engineering (engineering and consulting work and services) and some other activities.
Industrial cooperation. This is the cooperation of entrepreneurs from different countries, which is based on the international division of labor. The participants of the cooperation share the main tasks among themselves, jointly plan the import and export of products, conduct joint scientific and technical developments
Investment cooperation. This is the organization of joint production with companies from other countries by attracting mutual investments. It also implies a common organization of production, the exchange of technologies and the joint sale of products. Such cooperation with foreign companies is considered the most risky.
Financial and currency transactions. Usually carried out in parallel with other types of foreign economic activity. These include the organization of foreign currency accounts and the movement of money between them, currency exchange, lending, co-financing and project financing.

The order of its conduct and legislative restrictions depend on the type of activity. In most cases, entrepreneurs with foreign trade activities and financial transactions. Therefore, in what follows, we will consider only them.

How foreign economic activity is regulated in Russia

The main law regulating foreign economic activity in our country is the Federal Law "On the Fundamentals of State Regulation of Foreign Trade Activities". It defines the main methods and tools for regulating interaction with other countries.

You can also note the laws "On currency regulation and currency control", "On export control" and "On technical regulation". They define the rules for conducting certain types of foreign economic activity.

The main control over foreign economic activity is carried out by the Ministry of Industry and Trade. Other regulatory bodies are emerging in various spheres: in science - the State Committee for Science and Technology, in financial - the Central Bank and Vnesheconombank, in export-import - the Federal Customs Service. At the regional level, foreign economic activity is controlled by specialized local governments.

How to properly conduct foreign economic activity for a business - the main points

If an entrepreneur decides to engage in foreign economic activity, he will face new difficulties for business. It is necessary to issue a currency account, pass currency control for each transaction, resolve the issue with the customs service. Consider the main problems that have to be solved in the conduct of foreign economic activity:

Opening a currency account

Before starting foreign economic activity, it is necessary to open an account in foreign currency. You can do this in any bank - not only in the one where you opened the main current account. In the first case, it is usually enough to send an application and sign an agreement. In the second, it is necessary to prepare a package of documents necessary for opening a cash register.

The currency account is divided into two components - current and transit. The current account stores money in foreign currency, it also serves to transfer money to counterparties. The transit account is used to credit receipts and pass currency control. Money from a transit account can be withdrawn to a current account or exchanged for rubles.

If you are going to work with European companies, it is best to open an account in euros, otherwise - in US dollars. To work with companies from China, you can open an account in yuan, but only a few large banks offer such accounts.

When choosing a bank to open a foreign currency account, take into account all the conditions - the number of available currencies, the conversion fee, the cost of currency payments, the cost of opening and servicing. Remember that sometimes foreign currency accounts cannot be opened at the basic RKO rates. Also, some banks offer accounts with special conditions for foreign economic activity.

Checking counterparties abroad

Before concluding a deal with a foreign company, it is necessary to check its reliability. Transactions with counterparties from other countries are always more risky, so they need to be checked more carefully. In addition, due to cooperation with unreliable and suspicious companies, you may have problems with the tax and customs services of both countries.

There are several ways to check information about a foreign counterparty:

Request information from the register of enterprises of the country from which the counterparty originates. So you will find out all the basic information - the date of registration, the size of the authorized capital, information about the leaders and others. For residents of other countries, this information is usually provided for a fee.
Request an extract from the register and constituent documents from the counterparty itself. All information must be provided in writing and certified by a notary. They must be affixed with an apostille - a stamp confirming the legal force of a foreign document. It must be obtained in the country from which the documents were sent. Find out in advance which authority affixes this stamp in the desired country
Refer to a specialized database, such as D&B. To do this, you need to register in the database (the cost of registration depends on the service), and then order the verification service of the company you need. However, this method may not work if your counterparty is not registered in the database.
Use the services of a service that offers verification of foreign counterparties. Service specialists will collect the most detailed information about the company you need. The cost of their services usually does not depend on the country in which the company is registered

Currency control

This is the name of the system of measures that regulate the circulation of foreign currency and the implementation of the requirements of currency legislation. All transactions with foreign companies go through currency control. Its purpose is to confirm the legality of the transaction and the fulfillment of obligations between its participants.

Supervision over the implementation of currency control is carried out by the Central Bank, the Government, the Ministry of Finance and the Customs Service. Its direct implementation is carried out by agent banks, which are endowed with certain powers. They monitor the correct execution of the transaction and the fulfillment of its conditions. You can find out if your bank is an authorized agent on the website or in the support service.

If the object of the transaction (for example, a consignment of goods) does not cross the border of Russia, then currency control is not required

The entrepreneur is given 15 days to pass the currency control. This period is counted from the day the money is credited to the transit account or the goods cross the border. The currency control procedure consists of several stages:

Preparation of documents for the transaction - contracts, customs declarations, certificates of operations and others. The composition of the package of documents depends on the specific transaction and the requirements of the agent bank
Registration of the transaction passport. It is required if the transaction amount is more than 50,000 US dollars. The transaction passport must be issued no later than 15 days from the date of money transfer, import or export of goods, or provision of services. An agent will help you prepare it

From March 1, 2018, it is no longer required to issue a transaction passport. Instead, agent banks will register contracts in the amount of 3,000,000 rubles or more (for imports) or 6,000,000 rubles (for exports). The remaining stages of currency control remain the same.

Registration of the transaction agreement. Your bank agent does this. In addition to the main package, you will need to prepare certificates of supporting documents
The beginning of the execution of the transaction and the creation of a reserve. When the conditions are fully met, the reserve is returned
Closing the deal and preparing reports. This is also done by the agent.

The entire currency control procedure goes through the agent bank. He helps to prepare all the necessary documents, registers contracts, generates reports and advises the client. In many ways, the speed and success of passing control depends on the choice of the agent bank.

To use the services of an agent, it is necessary to open a bank account at a rate that provides for currency control. In the same bank, you need to open a foreign currency account. The cost of supporting a currency transaction depends on the bank's tariffs, each item of expenses (preparation of a transaction passport, issuance of certificates, consultations, etc.) is paid separately.

Import or export of goods

This process consists of two important stages - the search for a carrier and the passage of customs clearance. This can be done both by you and the intermediary company - a customs broker. In the first case, delivery support lies entirely with you. In the second, this is done by an intermediary for an additional fee.

It is best to entrust the transportation of goods to a specialized company - a forwarder or carrier. She will be able to deliver the goods in the way you need, ensure their storage and safety. When choosing such a company, consider the methods of delivery of goods, the countries and regions with which it works, the scheme for organizing transportation, the availability of insurance and the availability of additional services. It is advisable to contact trusted and reliable companies with a large number of reviews.

After the goods are at the border, it will be necessary to go through the customs clearance process. It consists of several stages:

Registration of declarations for goods. This is done by a representative of the company. In the process of filling out declarations, customs officers will inspect the cargo and check its compliance with the documents
Obtaining commodity nomenclature codes (TN-VED) and non-tariff regulation. You can clarify the codes in a special reference book, for example, this one. Also check whether the import or export of a particular product is allowed, and if it is allowed, then under what conditions.
Checking the customs value. Customs officers check the conformity of the declared value with the real one. If they are very different, an additional check will be assigned.
Payment of customs payments - excises, VAT, customs duties and fees. Their amount depends on the volume of cargo, customs value and customs codes.
Currency control. You need to go through it if you haven't already. This process is described in more detail in the previous section.
Issuance of permission for goods to cross the border. If it is positive, your carrier will continue to deliver the goods to the final destination

For customs clearance, you will need to prepare the following documents:

Registration and constituent documents
Goods codes according to TN-VED and activity codes according to OKVED
Information about opening a current account
Contract for the supply of goods
Copy of the manager's passport
Power of attorney in the name of the representative of the company
Documents about the goods and the transaction (certificates, waybills, invoices, transaction passports, etc.)

You can provide both originals and copies of documents - in the second case, they must be certified by a notary.

It is very difficult to carry out customs clearance of cargo yourself. Therefore, sometimes it is easier and more profitable to turn to a customs broker for help. He will not only be able to resolve the issue with customs, but will also help you find a carrier, organize the storage and delivery of goods, and, if necessary, explain to you all incomprehensible points.

Bank guarantees abroad

Sometimes a bank guarantee may be required to conclude a transaction with a foreign guarantee. This is an obligation under which the bank pays compensation to its client's counterparty if the client has violated its obligations. you will learn more about how this financial instrument works.

In general, for foreign trade, bank guarantees operate in the same way as for transactions within the country. The only difference is that in this case they can be issued in a foreign currency - for example, in dollars or euros. For transactions with foreign companies, a guarantee of payment, the performance of a guarantor or the return of an advance payment will suit you.

It is best to apply for a guarantee for foreign economic activity to a large and reliable bank, which is known not only in Russia, but also abroad. A good option would be the Russian branch of a foreign bank, such as Raiffeisenbank. Please note that if you have not previously used the services of an organization and have not opened a current account with it, then the requirements for you may be much stricter.

Separately, customs guarantees are allocated, which serve to ensure customs payments. Most often, they are needed to arrange installments or deferrals of payments, obtain excise stamps, store and transport imported goods. Only banks that have permission from the Federal Customs Service are entitled to provide such guarantees. You can check the availability of such permission in the registry on its website.

How to open a branch in another country

Sometimes, in order to more effectively conduct business abroad, a company may open a branch or representative office in another country. For example, if the home market is underdeveloped or, on the contrary, oversaturated. The procedure for opening a branch abroad has a number of its own features and nuances that must be taken into account.

The decision to open a branch abroad is made by the founders. If it is positive, then it will be necessary to amend the charter and approve the provision on a separate subdivision. It is necessary to register a separate name, which will not coincide with the head office, to appoint a branch management.

It is also advisable to prepare a business plan for your unit and plan its development in advance.

Study in advance the procedure for registering a branch in the country you are going to enter. Different states create certain conditions and restrictions for representative offices of foreign companies. In some countries (for example, offshore), it will be easier to create a branch, in others it will be much more difficult.

After the decision is made, it is necessary to provide the future branch with property (real estate, equipment, etc.), open a separate current account in a foreign bank and accrue the authorized capital. The amount of capital is determined by the country in which the unit is opened. For employees who are transferred to a branch, apply for a work visa or residence permit (if necessary).

Then you need to register a branch. The registration procedure may differ depending on the country. Typically, registration includes choosing a legal address and taxation regime, paying a state duty and submitting an application to the registration authority. Also, do not forget to report the foreign branch to the Federal Tax Service. All documents must be translated into the national language of the country and certified by the consulate, they must be apostilled.

After registration and notification of the start of activities, the branch can begin work. If it operates only within one country, then taxes need to be paid only to that country. The activities of the branch should be taken into account in all major reporting.

FEA and taxes

Like any other economic activity, foreign economic activity is subject to taxes. This is another measure of regulation of foreign economic transactions. When working with a foreign company, the following taxes must be paid:

VAT. You need to pay if you import goods. The tax base depends on the customs value, excises, duties and other parameters. For export, the VAT rate is zero
excises. They are levied on the importation of certain categories of products (for example, alcohol). The amount of excise tax is established by laws, it can be defined as a fixed amount or a percentage of the customs value of the goods
income tax. Paid upon export of goods. It is calculated in the same way as for internal trading.

If an individual entrepreneur or LLC uses a simplified taxation system, then it is still required to pay VAT on imported goods.

All these taxes must be paid to the state where you are a tax resident. A company is recognized as a tax resident of a country if it is registered in it and conducts its main activities here. That is, if your business is registered and conducts its main activities in Russia, then you are its tax resident and pay taxes to the Federal Tax Service. A branch in another country is a tax resident of that country.

It is usually not necessary to pay taxes to another country - this issue is regulated by double taxation agreements. They spell out when and who must pay taxes in both countries. Find out in advance whether such agreements have been concluded with the country of interest to you, and on what conditions they operate.

Responsibility for those who violate the rules of foreign economic activity

Basically, for non-compliance with the rules of foreign economic activity, administrative responsibility is established. Criminal liability arises mainly in case of serious violations in transactions with currency and transportation of goods. The laws of the Russian Federation establish the following penalties for major violations in the conduct of foreign economic activity

Violation	Punishment
Failure to notify about opening a current account abroad	Fine up to 100,000 rubles
Violation of the rules for conducting foreign exchange settlements	Fine up to the full amount of the illegal transaction
Failure to comply with the terms of currency control	Fine up to 50,000 rubles
Incorrect execution of documents for currency control (including typos)	Fine up to 50,000 rubles, in case of repeated mistakes - up to 100,000 rubles
Non-payment of customs duties	Fine up to 300,000 rubles
Not Provisioning or Misprovisioning Certificates	Fine up to 300,000 rubles
Non-compliance with reporting on foreign exchange transactions	Fine up to 50,000 rubles depending on the duration of violations
Failure to return the amount in foreign currency from another country	Fine up to 1,000,000 rubles Imprisonment for up to 5 years
Providing incorrect information about transactions with foreign accounts	Fine up to 500,000 rubles Imprisonment for up to 3 years

Which bank to choose for foreign economic activity

Further work with foreign counterparties will largely depend on the choice of a bank for conducting foreign economic activity. Various organizations offer their clients various services to support foreign exchange transactions, assistance in paying customs duties and advice on controversial issues. The following are the main terms of services for foreign economic activity from popular banks for business:

Dot

Tochka is trying to make FEA support as convenient as possible for small businesses. All transactions with the account and confirmation of documents are carried out remotely, each transaction is accompanied by a personal manager. The bank also charges low fees for its services.

: is free
Available currencies: US dollars, euros, yuan, pounds sterling, Polish zlotys
The transfer fee: $25
Conversion fee: 20 kopecks
The cost of currency control: 0.12% of the transaction amount, maximum 9,500 rubles
: 0.2% of the transaction amount, maximum 15,000 rubles

Tinkoff

Like Tochka, this bank serves foreign economic activity completely remotely - through the website and field specialists. It allows you to open an account not only in dollars or euros, but also in pounds sterling. Tinkoff offers all basic services for foreign economic activity.

Opening and maintenance of a foreign currency account: is free
Available currencies: US dollars, euros, pounds sterling
The transfer fee: 0,2%
Conversion fee: 1%
The cost of currency control: 0.2% of the transaction amount
Currency Control Consulting: included in the price

Sberbank

A reliable and well-known bank - it can be chosen by those who plan to actively conduct foreign economic activity. It offers a variety of services for such clients - from foreign currency accounts to convenient repayment of customs duties. Tariffs for services for foreign economic activity can vary greatly in different regions of Russia.

Opening and maintenance of a foreign currency account: up to 3,300 rubles
Available currencies: USD, EUR
The transfer fee: up to 0.15%
Conversion fee: free at the rate of Sberbank
The cost of currency control: up to 0.15% of the transaction amount
Currency Control Consulting: included in the price

Alfa Bank

For companies that are actively engaged in foreign economic activity, Alfa-Bank has a separate tariff with special conditions. It features low commissions for all transactions, including currency control. Alfa-Bank also organized qualified customer support on foreign trade issues.

Opening and maintenance of a foreign currency account: is free
Available currencies: USD, EUR
The transfer fee: 0.13% of the amount
Conversion fee: from 0.20%
The cost of currency control: from 600 rubles, filling out a certificate - 770 rubles
Currency Control Consulting: included in the price

Modulbank

The Bank is very effective in supporting foreign exchange transactions. Its specialists will conduct currency control themselves and prepare the necessary documents. In addition, Modulbank allows you to open an account in RMB - useful for those who plan to cooperate with Chinese companies.

Opening and maintenance of a foreign currency account: is free
Available currencies: US dollars, euros, yuan
The transfer fee: 30 dollars, 30 euros or 150 yuan
Conversion fee: up to 1%
The cost of currency control: from 300 rubles depending on the amount
Currency Control Consulting: included in the price

Conclusion

For an entrepreneur, especially a beginner, foreign economic activity is a very difficult area. Therefore, before you do it, we advise you to prepare a fairly reliable foundation. Open accounts in reliable banks, find specialists who will help you conduct business, learn more about the countries you want to cooperate with. So you can significantly reduce the problems that arise in the conduct of foreign economic activity.

Do not forget about the risks: foreign trade can be both profitable and very unprofitable. Therefore, if you plan to go into it, carefully study the markets of both countries, especially import and export. Planning and calculation will help you reduce costs and work with foreign companies in the most efficient way.

In foreign economic activity, all transactions that entrepreneurs enter into with foreign companies. What you need to remember for those who are engaged in foreign trade:

Choose a bank that offers a convenient foreign currency account and favorable exchange rates
Before concluding a deal with a foreign counterparty, do not forget to check its reliability
Any currency transaction must be carried out through the procedure of currency control
When importing or exporting goods, it is important to find a reliable carrier
Do not forget to clear the goods at customs on time and pay all the necessary fees.
If you need a guarantee abroad, it is best to issue it at a bank with foreign participation
Before opening a branch in another country, check the procedure for doing business in it
When importing, do not forget to pay VAT and excises, when exporting - income tax

Dear clients - participants of foreign economic activity!

From November 20, 2018 1 Bank of Russia Instruction No. 4855-U dated July 5, 2018 “On Amendments to Bank of Russia Instruction No. 181-I dated August 16, 2017 2” comes into force;

The amendments establish control over the repayment by residents from non-residents of granted loans and interest on them to their accounts in authorized banks 3 .

The obligation of residents to repay loans and interest is established by Law No. 64-FZ from April 14, 2018 for the following loan agreements:

prisoners after 04/14/2018;
concluded before April 14, 2018, the terms of which were significantly changed after April 14, 2018.

In order to register an agreement on granting a loan to a non-resident, a resident is obliged to submit to the Bank information on the expected terms of repatriation of foreign currency and (or) the currency of the Russian Federation.

Expected terms are calculated in accordance with Instruction No. 181-I (Appendix 3):

terms of repayment of the loan and interest are determined on the basis of the loan agreement or are calculated by the resident independently;
the time period for the transfer of funds by credit institutions is added to the calculation;
the expected period of repatriation of funds cannot exceed the date of completion of the fulfillment of obligations under the loan agreement.

Information on the expected terms provided by the resident is reflected by the Bank in the bank control sheet under the loan agreement, clause 8.2 “Description of the payment schedule for the repayment of the principal debt and interest payments”.

The statement of bank control under loan agreements is supplemented by a section

V. Information on the fulfillment by the resident of the requirement of Article 19 of the Federal Law "On Currency Regulation and Currency Control" 4 with subsections:

V.I - Information on the return of the principal debt;

V.II - Information on the payment of interest payments.

Responsibility for a resident's failure to fulfill the obligation to receive funds due under loan agreements from a non-resident within the prescribed period is established by Part 4 of Article 15.25 of the Code of Administrative Violations of the Russian Federation (as amended by Law No. 64-FZ and Law No. 325-FZ 5).

When transferring a contract (credit agreement) for servicing to another authorized bank, the resident is obliged to provide the new contract accounting bank (hereinafter referred to as the MC bank) additionally with the following information 6:

date of registration of the contract (loan agreement);
the date of deregistration of the contract (loan agreement) in the previous bank of the Criminal Code;
registration number of the previous bank of the Criminal Code.

Currently, the resident submits to the new bank of the MC only the contract (loan agreement), or an extract from it and information about the unique number of the contract (loan agreement).

When issuing a certificate of supporting documents for loan agreements with the contract type code 5 - “provision of a loan to a non-resident”, it is necessary to indicate in the “Note” field the attribute:

"F" - in the case of submission of documents confirming the occurrence of the conditions for non-repayment of the loan (paragraphs 8-10 of part 2 of article 19 of Law No. 173-FZ);

"P" - in the case of submission of documents confirming the fulfillment of obligations to pay interest payments by a non-resident in a different way, other than settlements.

We draw the attention of individuals - residents!

The requirements of Article 19 of Law No. 173-FZ on the return of loans and interest on them to accounts in authorized banks also apply to resident individuals.

Ordinance No. 4855-U approved the procedure for individual lenders to submit documents and information on loan agreements to the Bank, including:

when writing off foreign currency or the currency of the Russian Federation under a loan agreement, the amount of obligations of which is equal to or exceeds the equivalent of 3 (three) million rubles, a resident individual must also submit to the authorized bank information on the expected timing of repatriation of funds;
when repaying a loan, making interest and other payments by a non-resident under a loan agreement, a resident individual must inform the authorized bank about the purpose of such payment no later than 30 (thirty) business days following the day the foreign currency or the currency of the Russian Federation is credited to the account of the individual ;
other.

1 Bank of Russia Ordinance No. 4855-U, dated July 5, 2018, “On Amendments to Bank of Russia Instruction No. 181-I, dated August 16, 2017, “On the Procedure for Residents and Non-Residents to Submit Supporting Documents and Information to Authorized Banks When Conducting Foreign Exchange Operations, and on Uniform Forms accounting and reporting on foreign exchange transactions, the procedure and terms for their submission” (hereinafter referred to as Instruction No. 4855)
2 Bank of Russia Instruction No. 181-I, dated August 16, 2017, “On the Procedure for Submitting Supporting Documents and Information to Authorized Banks by Residents and Non-Residents when Carrying out Foreign Exchange Transactions, on Uniform Forms of Accounting and Reporting on Foreign Exchange Transactions, the Procedure and Terms for Submitting Them” (hereinafter referred to as the Instruction No. 181-I)
3 Compliance by a resident with the requirements of Article 19 of Federal Law No. 173-FZ of December 10, 2003 "On Currency Regulation and Currency Control" (hereinafter - Law No. 173-FZ) as amended by Federal Law No. 64-FZ of April 3, 2018 "On Amendments to Federal Law "On Currency Regulation and Currency Control" and Article 15.25 of the Code of the Russian Federation "On Administrative Offenses" (hereinafter - Law No. 64-FZ).
4 By analogy with agreements on the export and import of goods and services
5 Federal Law No. 325-FZ of November 14, 2017 “On Amendments to the Federal Law “On Currency Regulation and Currency Control” and Article 15.25 of the Code of Administrative Offenses of the Russian Federation” (hereinafter referred to as Law No. 325-FZ), which entered into force on May 14 .2018
6 The specified information is sent to the resident by the previous bank of the UK (the bank that deregisters the contract on the basis of 6.1.1 of Instruction No. 181-I).