The account opening is made in accordance with disposition of Resolution No.76 “Proceeding for account opening in freely Convertible Currency by legal entities” in force on December 26, 2000 by Banco Central de Cuba.
Such disposition is applicable only for this kind of operation in such currency in the national territory and it also establishes, the subjects excepted from this proceeding, the types of accounts through which entities can operate and for which it is required a general, temporary or specific license and the documentation to be presented for requesting any kind of such licenses.
On the documentation for a General License:
When State entities present to BNC a requesting for a General License, for account opening in freely convertible currency, they must provide the Operation Management with the following documentation:
- A requesting letter to Banco Central de Cuba´s Direction of Operation, signed by the maximum representative of the entity, which must additionally state the Tax Identification number (NIT), type of account to be operated, as well as how to contact the person authorized by the entity to execute the formality procedures required, registering the telephone number, fax and address.
- A letter from the Minister who attends the entity certifying it is authorized to operate in freely convertible currency.
- Resolution for the entity creation by its correspondent Ministry.
Cuban corporate entities of full Cuban capital should present, accompanied by the opening account requesting, the following documents:
- A letter from the Maximum representative of the entity certifying it is allowed to operate in freely convertible currency.
- A certified copy of inscription in the Central Registry of Public Limited Companies.
- A form model “Know your Client” for legal entities.
- Name of authorized persons to carry on financial operations at BNC
- A Current Account Contract or Escrow Account, as it corresponds.
- BNC attends the client´s request of opening escrow accounts and funds committed in order to manage the funds transferable to these accounts for meeting the payments of documentary credit obligations contracted from which BNC is issuer.
- General License in freely convertible currency initially allows state entities, mercantile companies, trading entities of full Cuban capital, joint trading companies with Cuban or companies of full foreign capital, non-banking financial institutions, the parts of an International Economic Association Contract and the cooperative production sector (UBPC, CPA, CCS) to operate a current account, sight deposit or escrow account (Articles 6 and 7 from Resolution No. 76/2000 of Banco Central de Cuba)