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2.3 Opening of a Bank Account Temporary (Accumulating) Account Under the effective legislation at the moment of state registration a legal entity (in a form of a limited liability company) must have raised not less then 50% of the authorized capital. A bank may open a temporary (accumulating) account for the money to be placed to it. A bank accumulating account shall be set up only for the founders to pay the authorized capital while registering a new legal entity. The clients' account shall be assigned a number that shall be kept at the opening of a bank account. Upon paying the authorized capital a bank shall issue a reference to be presented when registering with tax authorities. Money shall be withdrawn from the account at the moment of opening a settlement account. If registration is denied to a legal entity or founders decide not to set up a business the accumulating account shall be closed and money shall be returned to founders at their requests List of documents needed to open a temporary (accumulating) bank account: — The application for the opening of a bank account. — The decision on the setting up a legal entity. — Constituent documents. — Power of attorney of the constitutor's (constitutors') representative for making a contract with the bank on the opening of a temporary account. Settlement Account Opening of a settlement account with making a contract with a bank on rendering cash and settlement services is one of the necessary steps that are to be taken while setting up a business. Cash and settlement services to clients shall be carried out only if a settlement (current) account is opened. Banks shall set up bank accounts for organizations, individual proprietors only after a tax registration certificate is presented and must report within a five days period after the account opening or closing about it to the local tax authorities with which an organization or an individual proprietor is registered (Article 86 of the Tax Code of the RF). To open a settlement account a legal entity is required to present the following documents to the bank: — client's standard application for bank account opening; — state registration certificate (a copy verified and certified by a notary or a registration authority); — the decision on the setting up a legal entity; — constituent documents (according to the Tax Code of the RF); — tax registration certificate (the original); — list of authorized signatures and seals in three copies one of which shall be certified by a notary or a higher authority; — documents confirming the powers of the client's officials to manage the account (specifically the procedure to appoint a senior accountant in case this position is provided in a list of staff members); — the data from questionnaires concerning the company officials who are authorized to manage the account and are identified in the list of authorized signatures and seals (by agreement with the client); — information letter from the state statistics body confirming that the company has been included in the Unified State Register of enterprises and organizations (a copy verified 78  

1. STATE AND MUNICIPAL AUTHORITIES IN ST. PETERSBURG In St. Petersburg the system of state authorities was formed which has statutory object...