How to Open a Bank Account in Armenia for a Legal Entity
Below we describe the requirements of banks, the advantages of Armenian banks, and the cost of services.
Bank Requirements for Opening Corporate Accounts
After registration, to begin operations, it is necessary to open bank accounts. Personal presence of the director is mandatory for this process, and in some cases, the presence of all shareholders may also be required.
For sole proprietors or legal entities where the shareholders and the director are non-residents or foreign nationals, Armenian banks usually require contracts with counterparties and proof of the seriousness of their business intentions. Additionally, for certain types of businesses, it may be necessary to demonstrate qualifications and experience in the respective field. The more reputable the bank in terms of business services, the stricter its requirements may be. Each business project is unique, and the requirements can vary significantly. However, with proper preparation for communication with the banks, the process can usually be resolved without major difficulties.
Advantages of Armenian Banks
Many Armenian banks are well-integrated into the global financial system. While this is proportionate to the scale and capitalization of Armenian banks, the number of foreign companies entering the Armenian market is steadily growing. The development of the country’s banking system in recent years provides a solid foundation for a swift transition to servicing larger sums of money—both by Armenian businesses abroad and by foreign businesses operating in Armenia. It’s worth noting that since Armenia’s independence, there has not been a single case of bank bankruptcy.
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