Opening and maintaining accounts in foreign currency

POJSCB "InfinBank" provides full range of services on cash and settlement management in national currency. Settlements are made quickly and efficiently, conveniently and affordably in the interests and wishes of the clients. Application of modern technologies and high professionalism of Bank’s employees correspond to international standards of banking activity and ensure the highest quality of cash and settlement management services. POJSCB "InfinBank" provides individual approach to each client, ensures high quality services, and quick execution of payments.

“Invest Finance Bank” POJSCB provides its clients - legal entities with a wide range of services on maintaining foreign currency accounts.

• Foreign currency transfers;
• Cash transactions;
• Registration and deregistration of export-import contracts;
• Registration and deregistration of additional agreements to export-import contracts;
• Issuing reports on export settlements;
• Foreign currency conversion (purchase/sale);
• SWAP transactions;
• SPOT transactions;
• Documentary Letters of credit;
• Bank guarantees.

Opening and maintaining accounts

POJSCB "InfinBank" has provided for all the nuances in order to make account opening procedure convenient and easy for you. For clients’ convenience the Bank specialists will fill in all necessary documents for opening current account and prepare copies of documents

Documents required for registering import contract:

• Application for import contract registration;
• Original and a copy of the import contract;
• Passport of import transaction in 3 copies;
• Certificate of contract’s registration in the Ministry for foreign economic relations, investments and trade of the Republic of Uzbekistan (if required by applicable law).

Documents required for registering export contract:

• Application for export contract registration;
• Original and a copy of the export contract;
• Certificate of contract’s registration in the Ministry for foreign economic relations, investments and trade of the Republic of Uzbekistan (if required by applicable law)

Documents required for conversion of soum funds into hard currency:

• Duly registered Contract (agreement) with a foreign partner and information on its execution (and additional agreements, if any);
• Copy of duly registered import transaction passport with all available notes on receipt of the goods;
• Certificate of registration of the import contract in the Ministry for foreign economic relations, investments and trade of the Republic of Uzbekistan (if any);
• Copies of entry cards and customs declaration (when goods actually or partially received), invoices (when prepaid);
• Availability of own funds in soums required to purchase foreign currency (to be confirmed by certificate of authorized bank);
• Application for conversion in 2 copies according to a form approved by the Central Bank of the Republic of Uzbekistan.

When repatriating profits, dividends and other incomes of foreign investors the following documents need to be submitted to the Bank:

• Document on distribution of profits (decision of the general shareholders meeting) and on payment of dividends;
• Copy of conclusion of audit firm or tax authority;
• Calculation of funds for converting;
• Calculation of income tax on dividends, certified by tax authority, and confirmation of tax payment.

When servicing foreign currency credits, including on lease agreements, the followings documents need to be additionally submitted to the authorized bank:

• The schedule of the repayment of principal amount and interest payments (including planned and actual dates of bank transfers);
• For contracts obtained or guaranteed by the government - a copy of intergovernmental agreement, decision of the Cabinet of Ministers or guarantee issued by the Ministry of Finance of the Republic of Uzbekistan;
• For unwarranted contracts - proof of registration of credit agreements in the Central Bank.

Necessary conditions for international payments:

• Presence of a bank account;
• Presence of payment document (payment orders, applications for currency transfer);
• When making payments in foreign currency and payments between residents and nonresidents of the Republic of Uzbekistan it is required to submit documents in accordance with the requirements of currency legislation of the Republic of Uzbekistan;
• Providing fee for international money transfer according to the bank’s tariffs.

To open a letter of credit it is required to:

• have on your foreign currency account the funds or credit limit sufficient to cover the principal amount of the letter of credit, and additional funds in soums to cover commission fees in accordance with established tariffs.
• submit to the bank filled in application form for opening a letter of credit.
• have import contract recorded at the bank.

To open current account in foreign currency the legal entity must submit the following documents:

• Certificate of state registration
• The Charter (notarially certified copy)
  
• The Constituent contract (notarially certified copy)
  
• Licenses (if are available)
  
• The Passport of the authorised persons - the original (the director and the chief accountant)
  
• Cards of samples of signatures (notarially assured)
   

Tariffs for services rendered to legal entities in foreign currency(112,75 КБ)