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.
Jurisdiction provides great possibilities for holders, particularly, next-mentioned.
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.
All firms founded locally or abroad must send next-mentioned documentation:
Sometimes, as part of KYC, enterprises that aren’t founded in Armenia can be asked to give complementary fiscal documentation for beneficials.
Documentation submitted by foreign enterprises must be approved by a notary.
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.
It may happen in such cases:
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.
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