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”.

You could be interested

Cryptocurrency license in Singapore

Singapore has consolidated its position as one of the preferred fintech destinations for foreign investors around the world.  It thanks to a favorable taxation system and a modern regulatory framework that covers a wide range of activities related to the financial industry. One of the newest and most in-demand types of businesses is related to...

APIs in the UK

We can assist you in gaining the UK Authorized Payment Institution License if you desire to propose various options for clients such as funds transfers, processing of payments, or supplying opening accounts. UK government’s API and Ordinances The corporation is obligated to receive a permit from the FCA to process payments as an API in...

Trust in Cyprus: overview

Cyprus has one of the most attractive legislation systems for international tax planning. A low corporate tax rate, exemption from taxes on dividend income, tax transparency, and double taxation treaties with an array of industrialized countries – all these factors create favorable conditions to carry out activities on the island, especially using the structure of...

Specificities of getting a crypto license in Lithuanian jurisdiction

To be able to operate in cryptocurrency field in this state, an entrepreneur must go through a separate process and get a special crypto license. Lithuanian jurisdiction provides fairly loyal conditions for cryptoorganizations working with cryptocurrency exchanges and wallets. In addition, a normative legal basis has been created and maintained for such firms in Lithuania,...

Crypto regulation in Slovakia

In the country that we will consider today, crypto is regulated by EU law, so a license is needed mainly to meet AML/CFT demands. Although national powers have recognized the significance of fresh technologies and even shed light on digital money taxation, they currently favor a liberal approach to digital currency regulation, which means that...

Company registration in Slovenia

Slovenia is at the highest level of development among the Balkan countries economically. That is why foreign entrepreneurs want to live in this state and conduct business there. Legally, foreigners are practically unlimited in investments. A non-resident is allowed to own 100% of the organization’s property, however, only on the condition that it is related...
Fill the blank:


Dreikonigstrasse, 31A, Stockerhof


Baseina street, 7


Grosvenor Gardens, 52


Lochrin Square, 1


Jacovides Tower, 5 floor


Kesklinna linnaosa, Tuukri 19


Esplanade, 7 floor


Gediminas Avenue, 44A

New York

New Rochelle, Huguenot St, 175


20 Martin Place


3 Fraser Street, #08 DUO Tower

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai


2609 Avenida da Boavista


Revaz Tabukashvili Str., N 45, area N 7