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Struggling to Open a Bank Account in Armenia? Here’s What You Need to Know
For foreigners looking to open a bank account in Armenia, the process can be daunting and time-consuming. However, with the right guidance, it’s possible to navigate the challenges and unlock the benefits of banking in this Eastern European country.
Benefits of Banking in Armenia
Armenia offers several advantages for those considering opening a bank account. These include:
- Higher deposit interest rates
- Easier account opening process compared to other jurisdictions
- Acceptance of non-resident clients
- Remote account opening is possible
- Deposit compensation guarantee fund
- Access to multiple currencies
- Armenia banks are non-AEOI (for now)
While these benefits may be attractive, it’s essential to consider the challenges that come with opening a bank account in Armenia.
Challenges of Opening an Account in Armenia
One of the biggest hurdles is the longer processing time for non-resident applications. Additionally, some Armenian banks may request additional documents or translation of forms into Armenian, which can result in extra costs.
How to Open an Account in Armenia
The account opening process varies from bank to bank, but there are certain documents that are typically required for both personal and business accounts. These include:
- Two forms of identification
- Proof of local address (proof of rental accommodations also accepted)
- Proof of income and source of wealth
- Demonstration of your need to bank in Armenia
For business accounts, the following documents may be requested:
- Copy of certificate of incorporation
- Two forms of identification (all beneficial owners and signatories)
- List of shareholders
- Company’s statutory documents
- Certificate of good standing (no older than 6 months)
- Company’s financial statement
- Some banks require three years of audited financial reports
- Details of the corporate ownership structure
Remote Account Opening
Some Armenian banks offer remote account opening, which can be completed via email and video call. However, this may require additional identification documents to meet compliance requirements.
Conclusion
Opening a bank account in Armenia requires careful consideration and preparation. It’s essential to research the different banks, their requirements, and challenges before applying. With GlobalBanks Insider, you can access expert guidance and support to help you successfully open an offshore bank account.