PayPal came 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 for an online store, so 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 - I want to share all this with you.

Start collecting documents about your business activities.

Hello, @@@@@@@@@@@!
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We are contacting you because you have a registered PayPal account of the Business category in Russia. In accordance with the requirements of the Russian legislation, we need to obtain additional information about your commercial 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 provide additional information and instructions on how to submit documents.

Here is a list of documents you need to prepare:

Personal data:

• Passport details of a PayPal account holder.
• If the account holder is not the General Director, the 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 the address of registration.

Company Information:

• OGRN certificate;
• TIN certificate;
• licenses (if available);
• list of directors;
• data of an extract from your bank account in a Russian bank, as well as an INN, OGRN and KPP 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 continue to use your PayPal account and new features in Russia, you will need to submit documents by mid-September.

If you are unable to fulfill this requirement by mid-September, we will be forced to limit your account activity, including the withdrawal function, until you submit the documents and the requirements of the legislation are not met. Despite this legal commitment, we look forward to our future cooperation and help you go through the process of verifying documents as quickly and conveniently as possible. Up to this point, you will still be able to withdraw the balance to a US bank account, spend money on online purchases or send to another PayPal account.

Thank you for your cooperation.

Respectfully,
paypal team

What are the conclusions?

• A set of documents for a Business Account PayPal in Russia is fully consistent with the same for opening an account in a Russian bank.
• PayPal's full-scale work in Russia begins in mid-September 2013.
• It is very likely that for Business Accounts it will be possible to withdraw funds only to the settlement account of the legal entity.

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