By opening a corporate account in Armenia in one of the top banks you will get an effective instrument for managing your own assets, a full range of banking services and complete data confidentiality. Our proposed financial institution has been a leader in Armenia in terms of financial performance since 2015 and is a stable and sustainable organization with low inflation and regulated currency rates.
Our company Offshore Pro Group provides full legal support in opening corporate accounts for non-resident companies in Armenia. The cost of the service starts from 400 EUR, (legalization and apostilization of necessary documents is charged separately).
Next, we will consider what tariffs for servicing non-resident companies are offered by one of the largest banks in Armenia, as well as a full package of documents for opening corporate accounts.
Open a corporate account in the largest bank of Armenia with a personal visit – general information about the financial institution
According to the average annual growth rate over 5 years, the bank reached a financial indicator of 20% (above average), which indicates the stability and reliability of the financial institution. Here the best corporate governance practices are applied according to the system and business processes implemented professional, experienced managers. The Bank has excellent service which is well-positioned to satisfy any needs of international and local businesses.
Having in mind to have an establishment in Armenia as a financial instrument for your business, it is worth considering the following facts:
- it is one of the largest universal banks in Armenia, offering corporate, investment and retail banking services;
- it is the first in the market in terms of basic financial indicators – assets, capital gains, liabilities, profits;
- it is acknowledged as the main institution to have extensively contributed to the development of the banking sector of Armenia;
- it is recognized globally as reputation institution providing financial services;
- It has the highest possible credit ratings among existing banking institutions in Armenia.
Opening a corporate account in the largest bank in Armenia with a personal visit is to fully protect your own assets from possible economic and political fluctuations, to receive a full range of banking services for individual needs and the highest level of service.
Other important benefits of the financial institution are as follows:
- multi-channel distribution platform with advanced remote banking capabilities;
- fully automated online lending system;
- fast turnaround of customer registration and cooperation/integration with the most active payment and settlement organizations;
- increased efficiency in servicing customers and managing corporate accounts of non-resident legal entities;
- An extensive network of branches and ATMs with the option to accept cash (cash – in ATMs);
- bank guarantees, factoring, collection;
- large-scale financing of creditworthy business projects in Armenia;
- pre-investment legal research (due diligence);
- operations with share purchase agreements, etc.
Open a corporate account in the largest bank in Armenia with a personal visit –which jurisdictions are eligible to use the service?
An important point in selecting a bank by a foreign investor or legal entity is the ability to remotely manage assets and minimize the time spent on travel and flights to provide the necessary documents.
One of the most important advantages of large Armenian banks is the ability to remotely manage a corporate account from anywhere in the world, open to non-resident legal entities of the republic. However, it should be borne in mind that transactions are processed only on working days and hours of the bank according to Armenian time.
Resident companies of the following countries can open a corporate account in Armenia in one of the best banks.
|Region||List of countries|
|North and South America||Antigua and Barbuda, Barbados, Bahamas, Saint Vincent, Saint Kitts and Nevis, Belize, Cayman Islands, Dominica, British Virgin Islands, US Virgin Islands, Turks and Caicos Islands , Antilles, Aruba, Cuba, Panama, Montserrat, Costa Rica, Curacao, Saint Lucia, Saint Martin|
|Pacific||Marshall Islands, Cook Islands, Samoa, Vanuatu, Nauru, Tonga|
|Europe||Andorra, Anguilla, Bermuda, San Marino, Gibraltar|
|Asia||Maldives, Macau, Pakistan, Iran|
|Africa||Seychelles Islands, Mauritius|
Each company registered outside Armenia, regardless of the jurisdiction of its location, is considered a non-resident, therefore the opening of a corporate account for this company is governed by special conditions.
Open a corporate account in the largest bank of Armenia with a personal visit – special conditions for non-resident legal entities
The first and most important aspect is the translation of all corporate documents into Armenian and notarization with an apostille. To open a corporate account in Armenia, you will be required to provide :
- company charter or memorandum;
- certificate of registration;
- a decision on the appointment of directors/managers or a Certificate of Directors depending on jurisdiction;
- copies of share certificates and/or extracts from the register of share certificates, depending on the jurisdiction;
- any other decisions of the Board of Directors affecting the ownership structure and/or ownership of the company;
- certificate of stable condition of the company with the details of directors/secretaries / shareholders, dated back no more than 3 months from the date of opening the account;
- power of attorney (if the signer is different from the director or other director of the company whose powers are defined in the constituent documents);
· copies of passports of the following persons :
1. directors ;
2. shareholder ( s ) for individuals;
3. authorized person ;
4. ultimate beneficial owner (UBO).
- copies of apostilled constituent documents (charter, certificate of registration), corporate shareholders (if any).
After consideration of the above documents, the financial institution may, at its discretion, request additional documents and / or certificates. Next, you need to fill out forms on the form of the bank and send them for preliminary verification.
To open a corporate account in Armenia, it is necessary to indicate the following information in the questionnaire:
- complete data on sources of funds;
- ultimate beneficial owner;
- a detailed description of the company’s activities, planned activities, potential partners;
- any other information necessary for the correct implementation of the compliance procedure in accordance with international standards.
Attention: our lawyers carry out the bulk of the processing with documents, however the right to decide whether to accept or reject the application to open a corporate account in Armenia belongs exclusively to the bank after having conducted a thorough background check of the client.
Open a corporate account in Armenia at the largest bank in Armenia with a personal visit – additional details
Documents and forms for opening an account to non-resident legal entities must be personally signed by an employee of the company (duly appointed manager, managing partner, director, etc.) acting on the basis of a power of attorney. Such a document is signed by an official of the company, notarized, affixed by apostille and must also be certified by authorized bank employees directly upon the personal visit of the client.
Next, we will consider service tariffs offered by the largest financial institution in Armenia for those who plan to open a corporate account for a business with a personal visit.
Tariffs of one of the largest banks in Armenia:
|Service||Cost (in AMD)|
|Opening an account with a service package (the package includes an account in AMD and / or foreign currency accounts, Internet Bank / Mobile Banking – free of charge; one Visa Business or MasterCard Business card – without a service charge for the first year)||40 000 (EUR 77.39 one-time)|
|Serving a non-resident corporate account (per year)||340 000 (657.79 EUR)|
|Corporate account management (per month)||25 000 (48.37 EUR)|
|If the turnover on customer accounts is the equivalent of at least 300,000 AMD for 1 calendar 6-month period, or the average daily account balance is over 100,000 AMD RA||Free|
|If the turnover is less than 300,000 AMD on any customer account within 1 calendar 6-month period, or if the average daily account balance is less than 100,000 AMD (6-month period)||10 000 (19.35 EUR)|
|Closing an account at the request of a client:· Within one year from the date of opening an account (with the simultaneous closing of several accounts, the commission provided for one account is charged);· After a year or more from the date of opening an account||10 000 (19.35 EUR)|
The bank offers an option for remote management of corporate accounts of non-resident companies by using a special generator of digital QR codes . Each time a client logs in, the system generates a new digital code that can be stored on the phone. The device for authorizing transactions involves an annual payment of 20,000 AMD (38.68 EUR) for 2 devices.
You should also consider:
- when connecting users, starting from the third user and further, the fee will be 1,000 AMD (1.93 EUR) monthly;
- in case of loss of the generator and/or replacement after damage – 3,000 AMD (5.80 EUR).
Open a corporate account in Armenia with a personal visit – a list of accounts available for opening
The financial institution we offer in the Republic of Armenia opens corporate accounts for non-resident companies only after the applicant has been fully identified through the Know Your Customer system. Additionally, the bank may request information and documents to confirm that the company is a US taxpayer (according to the Foreign Account Tax Compliance Act (FATCA)).
If necessary, you can open here:
- corporate account for non-resident legal entities;
- depersonalized metal accounts ;
- escrow -Accounts to minimize the risks of commercial transactions;
- personal accounts in Armenian drams, euros, US dollars, Russian rubles, British pounds sterling, Swiss francs, UAE dirhams, Canadian dollars, Japanese yens.
In addition, we consider other tariffs of the bank, including extracts, inquiries, and other important points in corporate services:
1. account statements dating back up to 1 year are provided free of charge;
2. statements in the SWIFT MT 940 format – 1,000 AMD (1.93 EUR ) for each document;
3. issuance of guarantee certificates – 10,000 AMD (19.3 EUR);
4. information on the account turnover in the telephone mode – 10 000 AMD (19.3 EUR) per year;
5. SMS banking about the exchange rate – 10,000 AMD (19.3 EUR) per year.
Also, when planning to open a corporate account in Armenia for a non-resident company, it must be borne in mind that replenishment of the current account in cash does not envisage commissions for three currencies – Armenian drams , euros and US dollars. You can also withdraw funds replenished in cash in the same currencies at branches of the financial institution for free.
Open a corporate account in Armenia with a personal visit – remittance tariffs
All bank transfers within the selected financial institution and any other bank in Armenia are free. The commission is charged in the following amounts:
- transfers in Russian rubles, USD, EUR – 0.1%;
- transfers in USD and EUR on behalf of in paper form – 0.15%, electronic – 0.1%;
- transfers in a currency not quoted by the bank – 0.2%.
If you need to open a corporate account in a large Armenian bank, please contact our lawyers by e-mail email@example.com. We will prepare the necessary documents, including legalization and apostilization. You will need a one-time visit to Armenia for affixing signatures on the questionnaire and bank documents, while all preparatory work can be processed remotely. The cost of the service of opening a corporate account to non-resident legal entities in a reliable Armenian bank starts from 400 EUR.
What documents are required to open a corporate account in an Armenian bank?
This financial institution in Armenia accepts documents exclusively in Armenian with legalization and apostille. The list of documents includes:
1. certificate of registration of the legal entity, charter;
2. orders or other documents on the appointment of a director;
3. extracts from the register of shareholders or copies of share certificates;
4. copies of passports of shareholders, director, beneficiary;
5. documentary evidence of the stability of the legal entity with account statements (no later than 3 months from the date of opening accounts);
6. decisions on modifications in the structure of the company (if any).
In the presence of an authorized representative specified in the charter of the company, a power of attorney is issued in the latter’s name.
What information is indicated in the application form?
When submitting a questionnaire – application for opening a corporate account for a non-resident company, the bank in Armenia obliges to indicate the following information:
· types and description of the activities of the legal entity;
· details of the beneficiary;
· information about the sources of funds;
· Additional information required for bank’s compliance procedures.
It should be noted that Armenia has signed an agreement with the CIS countries on the exchange of tax information. Within the country, banking secrecy is maintained for residents of the republic. Legal assistance consists in preparing documents for submission to the institution, and the bank reserves the right to make the decision to approve or reject the opening of an account.
What accounts can be opened with an Armenian bank of a non-resident company?
In one of the largest Armenian banks with a stable market position, the following types of accounts can be opened for non-resident legal entities and individuals:· corporate with an additional service for servicing non-resident companies;
· escrow accounts for depositing funds for a certain period (for example, when buying real estate, mutual settlements with contractors, etc.);
· personal accounts in any currency, including those not quoted by the bank;
· accounts in precious metals.
Additionally, a financial institution allows you to rent bank safe deposit boxes on attractive terms.