Open a Corporate Bank Account with the Armenian Bank

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If you value flexibility and personalized service, we invite you to open a corporate account with a bank in Armenia, quickly and securely. Our offer is relevant to companies worldwide looking for a foreign business account.

Open a foreign business account remotely or in-person by choosing the most suitable bank for your needs and submitting an application to the professional experts of our website!

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Check the list of required documents, and get the details of the process, terms, and costs.

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Advantages of the Armenian banking system

Armenian banking legislation establishes strict control and licensing of banking activities. The laws are effective in terms of enforcing rigorous control while also creating favorable conditions for business operations.

Armenian banks offer the following advantages:

• reliable and well-capitalized banking and financial system
• stable economic growth and exchange rates, allowing for improvement lending quality each year
• securities portfolio consisting mainly of sovereign bonds, with minimal investments in securities
• transparent tax regime
• advantages of the customs union
• association agreement with the EU
• extensive network of bilateral double taxation agreements
• high level of confidentiality.

Armenian banks provide high-quality services for corporate and private clients, low fees, and a wide range of modern banking services.

Explore the opportunities for obtaining Armenian citizenship.

Banking services in Armenia for foreign companies

The bank we recommend has been operating since 2001 and is the first banking institution in the country to place its shares through an initial public offering (IPO) on the Armenian Stock Exchange (AMX). The institution’s branch network includes 51 branches, 14 promotional points, 40 POS terminals, and 122 ATMs.

Among the services available to corporate clients from different countries, the bank offers:

• business loans
• deposits
• money transfers without opening an account
• safe deposit boxes
• mobile banking
• settlement and cash services
•  international transfers
• brokerage and investment services.

Note: Companies engaged in pawnbroking or gambling activities can open an account with a bank in Armenia.

Available banking operations and tariff policy of the bank in Armenia

By opening a corporate account with the proposed bank in Armenia, businesses can access modern international banking operations at a relatively low cost.

The bank’s tariffs for corporate account servicing in 2023 are as follows:

Additionally, the bank offers demand deposit accounts with favorable interest rates and provides brokerage services for trading securities.

Corporate account opening documents for the Armenian bank

To open a corporate account, you will need to provide the following documents:

• Certificate of Incorporation or extract from the Commercial Register
• Certificate of Company’s Registered Address
• current list of shareholders
• Trust Agreement or Trust Declaration
• KYC application form
• Certificate of Good Standing (not older than six months)
• Memorandum and Articles of Association
• copy of passport or another identity document of the director, shareholders, and beneficial owners
• document confirming the place of residence of the director, shareholders, and beneficial owners
• document confirming the legality of the source of funds (only for ultimate beneficial owners)
• investment profiles or complete CVs of ultimate beneficial owners
• financial statements for the last two years
• company’s tax certificate
• copies of valid contracts with major counterparties
• bank statement with a detailed breakdown of payment purposes (for the last 12 months).

In addition, the following information will also be required:

• full company’s name, its jurisdiction, and registration date
• company’s website
• detailed description of the business activities
• expected volume of deposits into the account within a month
• projected average balances of the accounts
• required volume of foreign currency usage per month
• information about counterparties (including their jurisdictions, websites, payment requisites, and registration dates)
• complete CVs of the beneficial owners.

All statutory documents must be translated into English, notarized, apostilled, or certified by the Armenian consulate if the country is not a party to the convention (for example, companies from the UAE).

How is opening a corporate bank account in the Armenian bank?

Opening a corporate bank account in Armenia involves several stages:

• submitting a request to open an account
• preparation of documents upon request
• personal consultation with a bank manager
• signing a service contract for a legal entity
• opening a corporate account.

In 2023, the Armenian bank requires clients to visit its office to sign contracts and documents personally. More detailed information on the conditions can be obtained through a personal consultation by sending a request to info@qwealthreport.com.

Corporate account opening timeframe

The procedure of opening a corporate account takes from 4 to 10 working days from the moment of receiving a complete and correctly filled package of documents. Additionally, the bank offers the possibility of urgent corporate account opening, with a service fee of EUR 500 and the timeframe of only 2-3 working days.

What kind of clients are served by the bank in Armenia?

According to the institution’s internal policy, the desired client profile is a company with outgoing payments amounting to USD 10 million annually. However, private non-resident individuals and legal entities, including those engaged in pawnbroking and gaming activities, can also open accounts for their businesses.

What language is used to communicate with clients?

The website of the Armenian bank is available in two languages – Armenian and English.

Technical support from bank managers is available in Russian and English.

Is it possible to order a corporate card?

The bank provides for the ordering and use of Visa Business cards for non-resident companies. Tariffs for legal entities wishing to open a Visa card at the Armenian bank are as follows:

• Card issuance – AMD 150,000.
• Annual maintenance – AMD 120,000.
• Reissuance of a lost card – AMD 120,000.
• Additional card – AMD 100,000.
• Monthly statement for the card account – free.
• Cash withdrawal in AMD at bank cash points – 0.3%.
• Cash withdrawal in AMD at other banks – from 1.3%.
• Providing cash in foreign currency from the card account through the bank’s POS terminals (USD, EUR, RUR) – 2%.

If you are interested in anonymous bank cards for travel and cash withdrawals abroad, we suggest studying the offer in more detail.

Procedure for opening a corporate account in the bank in Armenia

• Contact us at info@qwealthreport.com to schedule a free consultation.
• Answer all the clarifying questions of our specialist. This will allow us to assess the possibilities for successfully providing this service.
• Pay for the service – from EUR 3999 EUR.
• Fill out and provide all necessary documents.
• After receiving all the documents, we will provide a full range of services for opening the account.
• After a positive response from the bank and passing the verification procedure, you will gain access to the financial tool.

For more detailed information, please contact us at the above email.