Escrow account

Bank “Bai-Tushum” provides services for the opening and maintenance of an Escrow Account – a “guaranteed” account, which is intended for settlements on transactions for the purchase and sale of movable and immovable property. The escrow account gives full protection for buyers and sellers in mutual settlements. This account allows temporarily blocking the funds of a buyer of movable or immovable property until the commercial transaction is made. Upon completion of the transaction and submission of supporting documents to the Bank, the right to own and dispose of the Escrow account is transferred to the Seller.

Account currency: KGS, USD.

Tariffs for Escrow account: 0,15% of the transaction amount, min 1000 KGS, max 5000 KGS

Scheme of work of Escrow account:

• Upon agreement of the parties of the commercial transaction, the Buyer opens an Escrow account
• The buyer transfers money to the account, which the Bank blocks until the transaction is made
• After opening an account, the Bank shall provide a certificate to the Buyer regarding the opening of the Escrow account and the availability of necessary funds on it
• The seller prepares a commercial transaction in authorized institutions (State Registry Institution, Notary) and provides to the Bank documents confirming the fact of registration of real estate in favor of the Buyer
• The seller enters into the sole right to dispose of the Escrow account on the basis of the contract of sale received in the State Register and provided to the Bank.

List of documents for opening an account for legal entities

• permission of the Central Treasury of KR to open a bank account (for state organizations and institutions) financed from the state budget, in accordance with the requirements established by the legislation of the Kyrgyz Republic
• a notarized copy of the Statute registered with the judicial authorities, including changes and additions (for legal entities registered since April 1, 2009, the Statute is certified by the seal of the legal entity and the signature of the authorized person), a copy of the Constituent Memorandum (if any) certified by the seal of the legal entity and Signature of the authorized person
• a copy of the certificate of state registration (re-registration) of a legal entity in the judicial authorities (for legal entities registered in the Free Economic Zone, such a document will be a Certificate of Registration issued by the Directorate of FEZ)
• Legal entities registered in the Free Economic Zone must additionally submit a document confirming the registration of a legal entity in the statistical bodies of the Kyrgyz Republic;
• a copy of the license for the right to carry out activities subject to licensing in accordance with the requirements of the legislation of the Kyrgyz Republic certified in accordance with the established procedure;
• in the event that the legislation of the Kyrgyz Republic provides for the granting of a license after the account is opened, a copy of the license is provided after it has been received
• a document (Decision of the founder or shareholders, Minutes of the meeting of founders or shareholders, power of attorney, order, etc.) confirming the authority of the head of the legal entity to dispose of the funds of the legal entity that determines the scope of powers, if they are not established by the Charter
• Two notarized cards with specimen signatures and stamp imprint
• a copy of the passports of persons authorized to dispose of funds on the account (the original from which the copy is made available)
• copies of passports of participants – individuals, copies of constituent documents of participants – legal entities
• in case if the INN certificate of the state registration (re-registration) of the customer does not contain a copy of the taxpayer’s registration card in the certificate of the Ministry of Justice of the Kyrgyz Republic.
• certificate of the tax service body on the fact of tax registration
• a document confirming the registration of a legal entity in the Social Fund

For individual and private entrepreneurs

• a copy of the buyer’s passport
• A copy of the seller’s passport
• a copy of the document of the established form issued by the authorized body and confirming the fact of passing the state registration (re-registration) as an individual entrepreneur (certificate) or a copy of the document confirming the fact of engaging in entrepreneurial activity without state registration (patent)
• certificate of the tax service body on the fact of tax registration of a taxpayer (if an individual entrepreneur is registered under a certificate)
• two cards with samples of signatures and a seal (if available);

Copies of documents not subject to notary certification are provided for verification together with the originals.