Eternity Law International News Opening a bank account in Armenia 2023

Opening a bank account in Armenia 2023

November 7, 2022

Different banking institutions having local or external origin operate in Armenia. The jurisdiction has created a favorable environment for the development and support of the banking sector as a whole. In particular, the state apparatus takes the strictest measures to protect the interests of monetary means holders. Opening a bank account in Armenia is possible for residents and external enterprises.

Benefits of having account in Armenian bank

Jurisdiction provides great possibilities for holders, particularly, next-mentioned.

  1. Strong and stable banking system in the state (all institutions are licensed and operate under the strictest control of state authorities).
  2. There are no commissions (or they are very low) for maintenance.
  3. Extended list of useful services.
  4. Support for main other currencies (euro, US dollars, etc., and papered-gold of 999.9).
  5. Deposits’ protection (up to AMD 10 million and 5,000 million in other-state currencies).

Opening a bank account in Armenia

Documentation entrepreneurs submit depends on applicant’s official status, accounts’ type and certain additional details. Often, Armenia banks for non-residents demand passports and cards (or police letters about its absence) or an identity certificate, but for foreigners this procedure is complicated. Other-countries citizens, in addition to documentation mentioned earlier, can be asked to give residential proof.

At bank’s judgment, claim to create account may be rejected if the entrepreneur has the citizenship of jurisdiction that does not comply with global banking requirements, or a state that has the reputation of a high-risk jurisdiction. In such cases, person needing to have account may also be covered by more stringent checking under KYC procedures. All US entrepreneurs are demanded to complete FATCA Form.

Open offshore bank account in Armenia: documents needed

All firms founded locally or abroad must send next-mentioned documentation:

  • registration certificates;
  • Articles of Association or Memorandum or similar documentation;
  • TIN (if any);
  • distribution of job responsibilities within company;
  • copies of documents proving identities (sometimes addresses confirming) of shareholders who own a large percentage of the shares.

Sometimes, as part of KYC, enterprises that aren’t founded in Armenia can be asked to give complementary fiscal documentation for beneficials.

Financial statements

  1. Audit report for the last 3 years.
  2. Documents confirming organizational form.
  3. Confirmation certain policies presence (AML, ets.).

Documentation submitted by foreign enterprises must be approved by a notary.

Applying procedure

Often, director’s physical presence is required. But there are also establishments where representatives can create accounts using power of attorney.

If you are a resident, opening process lasts less than an hour. But for those who are not residents of Armenia, it will take much longer: about 2 weeks of documentation is submitted.

When can I close my account?

It may happen in such cases:

  • at client’s request. It can be done when it’s convenient for you by presenting a notice and after paying off all duties;
  • for bank’s wish, if client violated any local rules and norms, or if account hasn’t got any means, or no transactions have been made through it for more than six months.

The term for account’s deactivation is 3 days after complete package of documentation is submitted. If there was any working capital on account that was closed, they would be sent to owner, or provided to any other specified accounts.

Our experts provide professional assistance if businesspersons intend to open a personal and a business bank account in Armenia. Our team fully accompanies clients until they get affirmation for this request. Contact us right now, and we will also offer you many profitable options for selecting a ready-made company for sale in a particular jurisdiction, in accordance with your commercial plans and wishes.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Banks for sale” and “Licenses for sale”.

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