In the Republic of Armenia, there are currently not only citizens of Russia, but also citizens of various countries who, having moved to Armenia – the center of their vital and economic interests, have the opportunity to open bank accounts and become customers of the Armenian banks.
However, it is necessary to take into account that:
- Not all banks in Armenia open accounts for non-residents,
- Currently, accounts for non-residents cannot be opened remotely (presence of a physical person in the bank is mandatory). In some cases the bank may consider a notarized power of attorney sufficient for opening a bank account.
- It should be taken into account that opening accounts for non-residents can be a more time-consuming and lengthy process than for residents.
What documents are needed to open a bank account for individuals?
The list of documents for opening a bank account varies depending on several circumstances, such as the applicant’s legal status and origin, type of account, nationality, etc.
When opening an account for foreigners, in addition to the documents mentioned above, some banks may require proof of residence in the form of utility bills, bank and/or tax statements or other supporting documents (information or document about the source of funding or source of income). In each case, the bank is free to request additional documents at its discretion.
Non-resident citizens and/or residents from high-risk countries (Syria, Tunisia, Pakistan, etc.) undergo special customer due diligence under the KYC procedure and may be denied opening a bank account at the bank’s reasonable discretion.US citizens will also be required to complete the FATCA (W9) form.
What documents are needed to open a bank account for legal entities?
Opening an account for non-resident legal entities in the Republic of Armenia is a long and complicated process. The bank may require to submit all the documents that are in any way related to the non-resident legal entity.
Unlike non-resident legal entities, opening accounts for resident legal entities is way easier, even if the founder and/or director are non-resident natural persons.
Since different documents may be required by the bank in each case, after consulting with us, we can choose the appropriate bank for you with its requirements, which will incomparably simplify the lengthy paperwork process.
MB Legal offers legal assistance in connection with opening a bank account, in particular:
- Legal advice on bank accounts and cards,
- Process control,
- Collection of documents, including the preparation of the translation of notarized documents,
- Accompaniment in banks.
How long does it take to open an account?
Usually it takes up to two weeks for document verification depending on the bank.
Is it possible to open multiple accounts in different currencies at once?
Yes, of course it is possible.
Is applicant’s presence also required to receive cards?
Depending on the bank, it is also possible to receive the cards without your presence if there is a notarized power of attorney.
Can we apply to several banks at the same time?
Yes, we can.
*Rejections and/or delays by banks cannot be controlled by the Company in any way. According to the internal regulations of some banks, the grounds and reasons for refusal are not provided either. The company can only guarantee quality and timely legal advice and support.