We are offering our services of opening a corporate account in a bank of Armenia remotely, which is especially beneficial for those who appreciate flexibility and individual approach. Armenian banking legislation establishes strict control and licensing mechanisms for banking activities. Laws are effectively applied in terms of tight control as well as in terms of creating an enabling favourable environment for doing business. Rest assured your company will get the most out of this collaboration.
Advantages of the banking system in Armenia
Largely due to the innovations primarily fostered by Russian banks, the Armenian banking sector has turned out to be stronger than one would expect from a country with 3 million inhabitants and relatively low GDP. Access to financial instruments offered by Armenian banks entails a number of advantages, in particular:
- the country adheres to a prominent level of transparency and accountability
- reliable and well-capitalized banking and financial systems
- stable economic growth and low fluctuations in exchange rate, which allow for improving the quality of lending year-on-year
- the securities portfolio is comprised sovereign bonds, and investments in securities are insignificant
- transparent tax regime
- advantages of membership in Customs union
- an association agreement with the EU
- extensive network of bilateral treaties on elimination of double taxation, including with the Russian Federation
- high level of confidentiality
- lack of currency controls
Armenian banks offer high quality services for corporate and private clients, low commissions, and a wide range of modern banking services.
About the bank which we offer you to cooperate with in Armenia
The bank where we offer you to open a corporate account remotely has been operating since 2001. It is the first banking institution in the country to place its shares through an IPO (Initial Public Offering) on the Armenian Stock Exchange (AMX). The branch network of the financial institution is quite extensive: it includes 51 branches, 14 promotional points, 40 POS terminals and 122 ATMs .
The institution is one of the three leaders in POS lending in Armenia. The market capitalization is $ 98 million, and according to the agency Moody ‘ s Investors, the organization was assigned a reliability level of B2, which means stable. The bank is included in the list of the 100 best taxpayers. The institution specializes in providing services for clients operating in the corporate and retail segment.
The bank operates Armenia in line with the requirements of the KYC (Know Your Client) policy and the 4th EU AML Directive (Anti-Money Laundering). Thanks to the presence of a professional team with many years of experience in banking services in the EU and the Eurasian Union, the bank offers a flexible and individual approach, as well as high-quality services, including speed in opening a corporate account remotely, without visiting the bank.
Available banking services and tariff policy offered by the Armenian bank
A corporate account in the bank provides businesses with access to modern international banking services at a relatively low cost.
Having access to these services you can make international transfers, open deposits, pay for goods and raw materials, logistics services and storage of goods, carry out transactions related to the purchase or sale of shares and also, international transfers in USD, EUR, RUB, GBP and CHF. For more details on all available services, you are encouraged to contact us at firstname.lastname@example.org.
The tariff policy for servicing a corporate account is presented in the table below
|Service||The cost in euros is indicated taking into account the exchange rate as of July 20, 2020.|
|Opening a corporate account||120 000 AMD / 200 EUR|
|Opening an account in a priority period (1-3 business days after receiving a full package of documents)||280 000 AMD / 500 EUR|
|Minimum deposit and account balance||n/a|
|Annual account maintenance||150 000 AMD / 270 EUR|
|Transfers within the bank||Free of charge|
|external transfers in EUR / USD / RUB||0.3 % (min 30,000 AMD, max 90,000 AMD for EUR) (min 15,000 AMD, max 87,000 AMD for USD) (min 17,000 AMD, max 42,000 AMD for RUR)|
|Provision of a bank statement:|
at the bank
via Internet banking
AMD 5,000 / EUR 9 free
Also, the bank opens demand deposit accounts with favorable interest rates. It also provides brokerage services for securities trading.
Documents required for opening a corporate account in the Armenian bank
In order to open a corporate account remotely, you will need to provide:
- Certificate of company registration or extract from the commercial register
- Certificate of registered address of the company or Articles of Association (indicating the current registered address of the company), or Extract from the commercial register, or any official document indicating the registered address.
- An up-to-date list of shareholders, also take into account, if the structure of the company turns out to be complex, it will additionally be necessary to provide a certificate of registered shareholders or other similar document for companies participating in the client’s ownership structure and owning directly or indirectly the authorized capital of the client.
- Trust Deed / Declaration of Trust (if there are nominee shareholders)
- KYC application form
- Certificate of Good Standing – (not older than 6 months)
- Memorandum and Articles of Association
- Copy of passport or other identity document of director, shareholder, beneficiary
- Document confirming the place of residence of the director, shareholder, beneficiary
- A document confirming the legitimacy of the source of origin of funds (only for ultimate beneficiaries)
- Investment profile or full CV for the ultimate beneficiaries
- Financial statements for the last 2 years
- Tax certificate for the company
- Copies of existing contracts with major counterparties
- Bank statement with a detailed breakdown of the purpose of payments (for the last 12 months)
You may also need to additionally provide:
- full company name, jurisdiction and date of incorporation
- company website
- detailed description of business activities
- the amount of estimated receipts on the account during the month
- the estimated average balances of accounts
- required volume of foreign currency usage per month
- information about counterparties, their jurisdictions, websites, payment details, date of their registration
- full CV of the beneficiary
We would like to draw your attention to the fact that all statutory documents must be translated into Armenian, notarized, apostilled or at the consulate of Armenia, if the country is not a party to the convention (for example, companies from the UAE).
What is the procedure for opening a corporate account in the Armenain bank?
The procedure for remote opening of a corporate account and client identification is carried out using an interview via Skype or Zoom with a passport in hand. As a rule, online communication includes a short interview with a detailed description of the client’s business and answers to questions from bank managers.
Time required for opening a corporate account
The procedure for opening an account takes from 4 to 10 business banking days from the date of receipt of a complete and correctly completed package of documents, the bank also provides an opportunity for urgent opening of a corporate account, the cost of the service is € 500 (see also in the tariffs above), and the time required is 2-3 business days.
Which customer segment is recommended to open a corporate account?
According to the internal policy of the financial institution, the desired client profile is a company with outbound payments in the amount of $ 10 million per year.
Restrictions on business types
The bank does not establish business relations with companies whose activities are related to:
- adult business
Who can remotely open a company account?
All citizens of the CIS countries can open an account in this bank operating in Armenia remotely. Restrictions on the establishment of business relations are set for citizens of countries such as Venezuela, Iran, Afghanistan.
What language is used in communication with the client?
The bank’s website is available in two languages - Armenian, English.
Technical support for bank managers is available in Russian and English, which is especially relevant for citizens from the CIS countries.
Is it possible to order a corporate card?
The Bank provides corporate cards exclusively for non-cash transactions. Withdrawing cash from a corporate card is not possible with a corporate card
It is possible to receive Visa and MasterCard types of cards.
The procedure for opening a corporate account in an Armenian bank remotely
- Contact us at email@example.com to require an appointment for free consultation.
- Answer all clarifying questions of our specialist, which will allow us to assess the best options for the provision of this service.
- Pay for the service in the amount of 3999 EUR.
- Complete and submit all required documents.
- After receiving all the documents, we will proceed with the process of opening an account.
- After receiving a positive response from the bank and successful verification procedure, you will get access to your corporate account.
For more information, please contact us at firstname.lastname@example.org.