Armenia acquires the status of a financial center due to its geographical location, the convenience of services offered, and affordable prices.At the same time, Armenia offers to open not only personal and corporate accounts for local companies, but also for foreign (non-resident) companies. This allows you to open a bank account in Armenia.
Why open a bank account in Armenia
If you have an account, we recommend that you hedge your bets and open an additional account. As the practice of Latvia and other jurisdictions in the era of deoffshorization and sanctions has shown, an account can be blocked at any time for a minimal reason. This means stopping business, delayed payments, not being able to accept payment, and generally – a crisis for the company.
Who can open a bank account in Armenia
Despite their apparent simplicity, Armenian banks remain reliable institutions, which means that they thoroughly check their clients before starting cooperation.
Therefore, any interaction with them is often divided into two steps:
- Get a preliminary confirmation for opening an account (with your own set of documents);
- Open an account.
What documents are required at the preliminary decision stage?
Documents that must be submitted to the bank in order to open an account:
- Company’s statutory documents;
- Statutory documents of constituent companies (if any);
- Passports of nominee holders with apostille not older than 1 year;
- Extract from the register not older than 6 months (Certificate of incidence and/or certificate of good standing);
- Passports of beneficial owners and signatories to the account – notarized copies, and if it is the passport of a member country of the Hague Convention – then it should be apostilled;
- If the company has a seal, attach it to the documents. It will be returned with digipass.
For an ordinary company:
- Certified and apostilled scanned copies of corporate documents: certificate of registration, minutes of the first meeting, General power of attorney (if present), Company Charter (founders ‘ agreement, bylaws, or articles of association).
- Certified and apostilled scan copy of the statement from the register not older than 6 months (certificate of incidence and/or certificate of good standing).
- Scanned copy of the document with the company’s tax number.
- Scanned copies of passports of beneficiaries and authorized persons.
- If there are nominee directors of constituent companies – notarized and apostilled passports with an apostille no older than 1 year.
After this stage, the bank examines the documents and makes a decision. In case of preliminary confirmation that they are ready to open offshore account, a new set of documents must be prepared and sent to Armenia.
The cost of the service includes the preliminary examination of documents and opening an account.
Benefits of Armenian offshore bank account
Some people are afraid to open a bank account for fear of losing their money in the event of bank failure. In fact, there is no such threat. Although it would be wrong to completely exclude the possibility of bankruptcy, however, in Armenia, the activities of banks are strictly controlled by the Central Bank, which immediately takes the necessary measures in case of any problem.
However, even if you consider the worst-case scenario when the bank is not able to fulfill its obligations and return your money, you will still get it thanks to the bank deposit compensation guarantee fund. The fund considers all your funds available to the bank as a single deposit and will be ready to compensate you in case of problems with the bank.
How do we choose Armenian banks
If you plan to use the card only on the territory of Armenia, you should definitely make a choice in favor of a dram card. Otherwise, money is lost on conversion, as well as when paying for purchases in stores and when cashing out at ATMs. Even if you have a currency card, only drams can be received in cash at ATMs in Armenia.
The currency can be withdrawn either directly from the card account in the bank, or through the POS-terminal, but in the bank branch and for a certain commission. On the contrary, when traveling abroad, the dram card is not profitable because of the conversion, so you need a card in a foreign currency.
If you often travel abroad, then a multi-currency card is the most convenient option. This card is good because it is linked to several accounts, and you do not need to take several cards. In this case, the account in the currency of the country in which you are currently located is used.
It is only important to top up the corresponding account on time. Not all Armenian banks offer multi-currency cards. Four bank accounts in different currencies (in drams, dollars, euros, and rubles) are attached to the card at the same time, and you can use the card to minimize losses from currency conversion.
Bank accounts for non residents
With a limited partnership (LP):
- Scanned copies of certified and apostilled statutory documents: certificate of registration, minutes of the first meeting, shares, general power of attorney (if any), Company Charter.
- Certified and apostilled copies of Directors ‘ passports.
- Certified and apostilled Certificate of incidence and / or certificate of good standing not older than 6 months.
- You will also need to provide contracts with partners for incoming and outgoing payments within the company’s activities.
How to open bank account in Armenia
You send documents by mail to us in Armenia. At the same time, you have three options for how to act:
- Prepare copies of these documents, notarize them in the country where the company is registered, put one apostille on the entire cross-linking and send it to us.
- Prepare a full set of original corporate documents to send to us, we will prepare translations and certification, and then submit them to the bank. This is an additional service and depends on the amount of translation.
- You can send the original documents to the bank and leave them for storage in the bank.
According to the banks’ rules, an Armenian translation is not required if the documents are provided in English.
Types of bank accounts you can open in Armenia
In Armenia, a bank account can only be opened in a bank. If you have already decided which bank you plan to keep your funds in, then you need to visit one of the divisions of the bank, fill out an application for opening an account, submit your documents and sign a bank account agreement. At the same time, before signing the document, read it carefully, as well as all the terms and conditions to avoid unpleasant surprises. As a rule, the agreement on opening an account is made in several copies, one of which you receive and will certainly save it.
After signing the agreement, a bank account is opened in your name in the currency you selected. By the way, you can open accounts in several currencies at once (if you need it), for example, in drams and dollars. If you are going to receive a salary in drams and make any transactions in dollars, this will be very convenient for you.