How to close an IP account in a bank

Any individual entrepreneur may be faced with the need to close a bank account. This may be due to the cessation of entrepreneurial activity, with a change in the servicing bank. The procedure for closing an account is simple and takes a little time. It is only necessary to comply with some of the requirements for closing an IP account with a bank.

You will need

• - application for closing the account;

• - the amount of the balance in the account;

• - approved cash balance limit.

Instruction manual

1

In accordance with the legislation of the Russian Federation, a bank account agreement may be terminated by agreement of the parties, at the initiative of a bank or client. To close a current account, contact the bank with a statement on termination of the bank account agreement. The contract will expire upon receipt by the bank of your application.

2

When closing the current account, the bank will give you the balance of funds in the account, or transfer them to the bank account of the other bank you have indicated. Money or settlement documents received by the bank after closing the account will be returned to senders with a note that the bank account agreement has been terminated.

3

After closing the bank account, report this to the tax office, the Pension Fund and the MHIF. Fill out notifications on account closure according to the approved forms. Examples of forms you can find on the official websites: www.nalog.ru, www.fss.ru, www.pfrf.ru, in the sections information for the taxpayer and information for the employer. Do not forget to inform your counterparties about closing the account, because the details of your account are indicated in the contracts, in order to avoid further incorrect transfers to a nonexistent account.

4

For untimely notification of the closure of the current account of the tax inspectorate, the Social Insurance Fund and the Pension Fund, the legislation provides for a fine of 1, 000 rubles.

note

The notice period for closing the account with the funds and the tax office is 7 days. It is safer to consider this period from the moment your application for closing the account is submitted to the bank.

Useful advice

In order for your cooperation with the bank to be long-term, when choosing a bank to service your account, pay attention to the requirements for payment orders and the terms for transferring funds. This will allow you to avoid difficulties and troubles with payments to contractors, and transferring funds to you.

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