PayPal has come to Russia

    Greetings, dear Habrazhiteli.

    I have been using PayPal for many years, mainly for shopping. Occasionally - to receive small personal payments. There are plans to use it for an online store, so the PayPal Account has been expanded to Business status.

    On August 1, I received an official letter from PayPal, in which there is a lot of interesting, useful, new and specific information - that's all I want to share with you.

    Start collecting documents about your business activities


    Hello, @@@@@@@@@@@!

    We are contacting you since you have a registered PayPal account in the Business category in Russia. In accordance with the requirements of Russian law, we need to receive additional information about your business activities. More detailed instructions are given below.

    What changes are planned?

    We are not making any changes at this time, and you can continue to use your PayPal account.

    What needs to be done?

    All that is required of you now is to prepare in advance some documents about your company. By mid-August, we will contact you again and give additional information and instructions on the procedure for submitting documents.

    Here is the list of documents that you need to prepare:

    Personal data:
    • Passport details of the PayPal account holder.
    • If the account holder is not the General Director, a power of attorney to perform operations on the PayPal account.
    • If there are other users of the account who have permission to perform operations, you must provide the full name and date of birth, as well as passport data and address of registration.


    Company Details:
    • certificate of OGRN;
    • TIN certificate;
    • licenses (if any);
    • list of directors;
    • statement of information from your bank account in a Russian bank, as well as TIN, PSRN and PPC of your bank.


    What are the next steps?

    Prepare documents in advance. We will send an additional email in mid-August. In order for you to be able to continue to use your PayPal account and new functions in Russia, you will need to provide documents by mid-September.

    If you are unable to fulfill this requirement by mid-September, we will be forced to limit the activity on your account, including the withdrawal function, until you provide the documents and the requirements of the law are satisfied. Despite this legal obligation, we look forward to our future cooperation and will help you go through the process of checking documents as conveniently and quickly as possible. Up to this point, you will still be able to withdraw the balance to your account with a US bank, spend money on online purchases, or send it to another PayPal account.

    Thank you for your cooperation.

    Regards,
    PayPal Team


    What are the findings?
    • The set of documents for a Business Account PayPal in Russia fully corresponds to the same for opening an account with a Russian bank
    • Full-fledged work in Russia with PayPal begins in mid-September 2013.
    • It is very likely that for Business Accounts it will be possible to withdraw funds only to the current account of a legal entity


    PS A slightly more extended article on ROEM on the same topic.

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