LLC and foreign exchange operations

    Hello!

    My company is already three years old and this year we got into the plan of inspections of the currency control of RosFinNadzor for conducting foreign exchange transactions.

    The verification is ongoing, but now I would like to talk about some of the intricacies of conducting settlements in foreign currency, which, unfortunately, we only found out during the verification process, and which, by pure chance, we did not violate (I hope so, the verification results will be later) .

    This information will be useful both to those who are already conducting their activities, and to those who are just about to open a foreign currency account or even register an LLC. I do not know how this relates to IP, but in any case, be careful.


    update of February 19th
    in the comments there are two main types of comments
    1. according to such a letter - this is not necessary
    2. it's not so scary as described here if everything is done correctly

    therefore, I write the necessary disclaimer here:
    yes, I agree that there are certain explanations that can be referenced in working with currency control to minimize problems,
    yes, I understand that if you know how to do the operations correctly, there should be no problems.
    the trouble is that you need to know both in advance , this article, I hope, can be the first step to develop a certain literacy, to do everything right right away, and not after verification. Ideally, I would like to make a website that describes the main problems and pitfalls of conducting foreign exchange activities, and tips on how to avoid these problems.
    just as a result of this post, I was contacted by a representative of the foreign exchange control of one of the banks who is just interested in such a site - let's see if something works out!

    update 2
    now this man from the currency has become a webweg habrayuzer , please love and favor
    below I updated the post with his comments, his tips will be much closer to the checking authorities than mine :)

    How did the verification begin?


    In autumn, representatives of the local RosFinNadzor called me and informed me that we were included in the inspection plan for 2011, tentatively at the beginning of the year. They clarified where we are, the state, and, in general, are we acting.

    In principle, people are friendly, no severity, in general, you can talk.

    The check began in late January.

    To begin with, it was necessary to submit the following set of documents:

    1. Certificate of state registration of legal entity.
    2. Certificate of registration with the tax authority.
    3. Charter, memorandum of association.
    4. Extract from the Unified State Register of Legal Entities
    5. Order on the appointment of the general director, order on the appointment of the chief accountant.
    6. The passport of the head.
    7. The duties of the head, the duties of the chief accountant
    8. A certificate of the concluded and current foreign trade contracts for 2010
    This is just a Word document - “such contracts were in effect” with “such legal entities”, etc.
    9. Information on the movement of foreign currency accounts for 2010
    Bank statements
    10. Foreign trade contract with amendments and additions for 2010.
    11. Passports of transactions and statements of banking control for 2010.
    12. Documents confirming the date of submitting a transaction passport to the bank, information for processing reissuance of transaction passports.
    13. Documents confirming the import of goods from the customs territory of the Russian Federation or into the customs territory of the Russian Federation.
    It doesn’t concern us.
    14. Information on supporting documents.
    15. Information on foreign exchange transactions.
    16. An order to impose on an official the obligation to provide certificates of confirmation to the PS bank, as well as a copy of the order of appointment, job description, passport, and employment contract.


    Next, work has gone directly on the activity.
    It must be said that we accept payment upon the fact of work and this is a very important point.

    So, actually to the topic of the topic - what should you pay attention to in the process of activity and what it can threaten if this is not done

    What and how can be broken



    And you can break it very simply.
    All violations are subject to Article 15.25 of the Code of Administrative Offenses.
    Most fines in the currency control process range from 75% to 100% of the amount of received currency that was framed in violation. Once again, for those who do not understand - if you incorrectly issued the payment that came to you, for example, for 10 thousand dollars - the fine will be 7.5 thousand dollars.

    1. The term for the mandatory sale of part of foreign exchange earnings.

    You must sell the money received in foreign currency within 7 calendar days from the date of receipt (with the adoption of new laws in 2011 - 15 days, but banks still do not know about it).
    Sentenced by a fine of 75% of the amount of the unsold currency (part 3 of article 15.25 of the Code of Administrative Offenses)

    Example:
    Money came to you, but you forgot to sell it on time, while the bank did not write a statement that the money was not intended for you, give it away from the check 75% fine.

    How not to make a mistake?
    This is probably the easiest of all cases, below will be worse. Just remember to sell the currency.
    By the way, the minimum sale amount is 0 :)

    update from webweg
    Since February 27, 2011, the term has been increased to 15 working days, and during this period, at least as much as possible, a CBO or refusal of the amount must be provided to the bank so that there is no violation. If there is no desire to sell currency, it can be transferred from the transit account to the current currency account (then there will be movement in the account and a commission will be taken for maintaining it) and then sold at any time. Or leave it on a transit account, but it will still be necessary to provide a CBO with an enrollment code (not all banks will do this), with no additional commissions.

    2. Paperwork on the payment received in the currency.

    According to the payment received upon completion of work, you must submit:
    • Certificate of currency transactions
    • Certificate of completion
    • Certificate of supporting documents (that the certificate of completion is an act of completion;)

    improper execution of these securities (even if the bank accepted them!) is punishable by a fine of 4 to 5 thousand rubles for officials (read - the director), and a fine of 40 to 50 thousand rubles per legal entity (part 6, article 15.25 of the Code of Administrative Offenses)

    Example:
    You filled out the payment documents, the bank accepted them, but you filled out the documents with an error (for example, they were sealed in the number of the transaction passport).
    You, as a director, will pay from 4 to 5 thousand rubles, LLC will pay from 40 to 50 thousand rubles.

    How not to make a mistake?
    There is already no guaranteed advice; no one is safe from error. Check and double-check, however, usually banks are rather tough on these documents, but anyway - be on the alert.

    update from webweg
    here really most often earn violations. There are a lot of documents PS, SVO, SPD, SPVRF. For each, there are terms that are regulated by the Instruction of the CBRF No. 117-i and the Regulation of the CBRF No. 258-p. If the documents with an error (incorrect PS), the bank is obliged to refuse to accept such a document, and if you follow the letter of the law, then in writing with a notice.

    3. Period of receipt of currency

    And now we come to the most interesting.

    Since the fact of such a violation is surrealistic, I will explain it right away in the example. In the meantime, I will bring the law:
    part 4, Art. 15.25. CAO.
    “Failure by a resident to fulfill obligations to receive foreign currency or the currency of the Russian Federation to his bank accounts in due time due to goods transferred to non-residents, work performed for non-residents, services rendered to non-residents, or information or intellectual property transferred to non-residents, including exclusive rights to them. "
    It is punished, as you can guess - with a fine of 75% of the amount of money not returned on time.

    Example:
    If you do not know about this, then take a deep breath.
    Suppose your contract says that the payment term for the contract is 10 days from the date of invoice.
    February 1, you billed and did not pay much attention to the moment when it will be paid. The counterparty paid the bill on February 15, the money came, you sold it, all the documents are in order. When checking RosFinNadzor asked you for all the invoices issued to customers for the period that they check. Found this one.
    Congratulations, you violated this very fifth part.

    Money came to the account? It doesn’t matter, you had to make sure that the money was sent within 10 days, and since they were sent later, the money did not arrive on time. Please, after checking, please give 75% of this amount to the state for a fine.

    How not to make a mistake?
    But here you can give recommendations.
    If possible, do not set a due date after billing in the contract.
    Moreover, do not set the exact date of payment in it, any deviation - and you have broken the law.
    It’s clear that this is not the best advice for concluding contracts, but the alternative is to strictly demand from your customers to send the payment on time, not a day later, and if they still send it, write a statement to the bank that this money is not your money and they sent it by mistake.
    Well, or just hoping that you won’t get tested next year :)

    update from webweg
    is still desirable, since their absence makes you bad in the eyes of the reviewers. And you can write like this: payment for work within 15 days from the date of invoice, but no later than 180 days.

    4. Non-receipt of currency

    The case is even more interesting. The same 4th part of article 15.25. I will not rant. Immediately an example. Who does not know - breathe even deeper.

    Example
    You have concluded a contract with a client, for example, for the provision of services by you, for 11 thousand dollars (this amount is for the round figure - why the round figure is slightly lower). Under the agreement, you have issued a transaction passport, which contains the entire amount of the payment. A thousand dollars in advance, 10 thousand dollars - in fact.
    The client transferred you a thousand dollars, you completed all the work, the client disappeared, and you did nothing. What do you mean they did nothing from the point of view of RosFinMonitoring? They did not sue, they did not apply to the chamber of commerce.
    What happened? And you broke the law. You did not receive the currency at the due date.
    Amount not received? 10 thousand dollars. This is exactly the amount with which you will be charged at least 75% of the fine.
    Total, you received a thousand dollars from the client and paid 7.5 thousand dollars to the state in the form of a fine after verification.

    How not to make a mistake?
    Well, if the client is good, then he will not be lost. If the client is bad, then in what you will show during the process of issuing a passport, it’s better not to indicate any payment schedules. In the end, it’s better to generally describe that the work was worth a thousand dollars, and the transaction passport - to issue without an amount.

    update from webweg
    if it is not possible to sue or negotiate through the TTP, and you can’t wait for money from the customer, you can either re-sign the certificate of completion by reducing its amount to 1k USD and submit this document to the bank along with SPD (with the * symbol in column 8 ) (there is also a deadline of 15 calendar days from the date of signing this document) or to make a document on debt forgiveness and also provide it to the bank along with SPD (with document type code 14).

    update from silenzushka
    Enter into an agreement as much as you want, and do a transaction passport without an amount. Avoid questions too. This method is used when it is not known how much money will come from the client, for example, payment for travel services.

    update from Antom
    I’ll add a little from my experience “How it happens” if you already have a violation:
    1) We didn’t have time to provide supporting documents to the bank regarding the foreign exchange earnings.
    I came across 2 times - once I was just on vacation, the second on a business trip. The RFM asked for my version of the circumstances in which the violation occurred, I provided explanatory notes with a copy of the travel certificate and a vacation order + an extract from the staffing sheet stating that I alone in the company can sign such documents and in one case the case was simply closed and the other wrote me fine 4 tr (no 40t.r. per company).

    2) I received foreign exchange earnings much later than indicated in the transaction passport (for 2 or 3 months)
    was 1 time - he provided an explanatory note saying that he had taken everything possible for the indicated period of action (it was too early for the court) to receive the proceeds, i.e. corresponded with a partner, demanded money, received in return the client's assurances of prompt payment and delay due to his fault. provided a copy of the correspondence. Case closed, penalty 0.

    Another aspect is that the violation can be punished no later than a year from its commission. I had a funny episode with customs, when they wrote me letters and requested a bunch of documents in the old episode, and in the end. Before transferring the case to the RFM, they asked what excuses I had - I replied in a letter that there were none, that everything was so. They were joyfully surprised, but when I turned their attention to the fact that 14 months had passed since the episode, they were very upset and disappeared from the horizon, closing the case on their own.

    A couple of recommendations from experience:
    - when considering a case at the RFM, it will help you if you indicate that you have already tried to provide ways to timely receive revenue in the contract, namely, a partial (or full) prepayment is prescribed. In addition, it is good if late fees are clearly indicated.
    - Penalties for late payments must be charged before going to the RFN and presented as proof of your intentions.
    - carefully look at your bukh - I saw a director under review with a bouquet (9 pieces) of violations of the currency legislation, simply because his bucket learned about the peculiarities of the currency legislation at the same time from it.
    It was sad to look at him.


    Here, in general, all the main "shoals" that can be accomplished without even realizing it.
    What can be advised globally?

    Firstly, to be on the alert in the process of activity, the check is carried out for the previous year - when it happens you will not be able to fix anything, just come across a fact.

    Secondly, when the verification itself takes place, try to communicate normally with the inspectors - there are people there who, in principle, simply comply with the laws, understanding their imperfection.

    Thirdly, and this is a radical option, remember the 9.5 rules for conducting safe IT business in Russia :)

    Thank you for your attention and sorry for some confusion, I hope this post helps someone.

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