How to Open a Bank Account in Armenia for a Company (2026 Guide)

Can You Open a Bank Account Remotely?

In most cases, no. Document preparation can be done remotely, but the account opening process itself typically requires an in-person visit to the bank by the director or beneficial owner.

The main exception is Ardshinbank — in practice this is the only bank in Armenia where fully remote onboarding is possible in certain cases, provided the compliance requirements are fully satisfied and documentation is prepared correctly.

Which Banks Are Available?

Armenia has more than a dozen licensed commercial banks. For corporate accounts opened by foreign-owned companies, the realistic shortlist is smaller. Here is what you need to know about the main options:

• Ameriabank — the largest private bank in Armenia and the most internationally recognized. It typically requires an in-person visit by the director or UBO. Best suited for larger businesses with a clear revenue history and a well-documented business model.
• Ardshinbank — the main option to consider when remote onboarding is a priority. In certain cases, the compliance team reviews the application remotely. However, requirements are strict and documentation must be thorough.
• Evocabank — a modern bank with a well-designed digital banking interface. In-person visit is required. A practical choice if you are already traveling to Armenia or planning to be based there.
• Inecobank — well-suited for small and medium-sized businesses. An in-person visit is preferred. Known for a relatively straightforward onboarding process for SMEs with clear business descriptions.
• IDBank — suitable for startups and early-stage companies. More flexible in terms of operational history, but compliance requirements are the same as at any licensed bank.
• All Armenian banks operate under the supervision of the Central Bank of Armenia and comply with international AML/KYC standards. There is no option to bypass due diligence by choosing a smaller bank.
• MOSTAR recommends a specific bank based on your business type, country of residence, and operational setup. The wrong bank choice can add weeks to the process or result in rejection.

Required Documents

Banks in Armenia typically request the following for a corporate account application:

• Certificate of registration from the State Register
• Company charter (Articles of Association)
• Passport of the director
• Passport of the Ultimate Beneficial Owner (UBO)
• Proof of residential address (utility bill, bank statement)
• Description of business activity
• Business plan and explanation of source of funds

Additional documents may be requested under the bank's AML/KYC procedures.

The Key Requirement: Proof of Real Business Activity

All banks in Armenia require evidence that the company is genuinely planning to operate in the country. This is typically demonstrated through:

• Lease agreement for office or commercial space
• Contracts with clients or partners
• Preliminary commercial agreements or letters of intent
• Detailed operational business description

For newly incorporated companies with no operational history, this is often the main challenge in the banking onboarding process. Preparation is critical.

What If Your Company Is Brand New?

This is the most common real-world challenge. A brand-new company has no transaction history, no signed contracts, and often no employees yet. Banks are aware of this — and they are also aware that new companies are a common vehicle for money laundering attempts. They will look at your file more carefully, not less.

What actually helps when you have no history yet:

• A detailed description of your business model written in plain language. Not legal language. Explain what your company does, who pays you, and why Armenia makes sense as the place of incorporation.
• Names of expected clients or partners, even if contracts are not signed yet. A letter of intent, an email thread, or a draft agreement all demonstrate that business activity is real and imminent.
• A personal statement from the director explaining the business rationale — why this company, why now, why Armenia. One or two clear paragraphs written in your own words carry more weight than a generic template.
• Evidence of existing revenue from your previous entity or freelance work — invoices, payment confirmations, or bank statements from a personal or prior business account. This shows you are a real operator, not a shell.

What does not help:

• Vague descriptions like 'consulting' or 'IT services' with nothing further. Every second shell company describes itself this way. If your business genuinely is consulting or IT, explain it in specific terms — what kind, for whom, and at what scale.
• Source of funds listed simply as 'personal savings' with no further explanation. Banks want to know where those savings came from — salary history, a previous business sale, an inheritance. The more specific, the better.

The bank's compliance team is not trying to reject you. They need enough information to satisfy their own internal procedures. The better your file, the faster the approval — and the fewer rounds of follow-up questions.

Account Opening Process

1. Select a bank (Ameriabank, Ardshinbank, Evocabank, and others)
2. Initial compliance review (KYC/AML screening)
3. Prepare and submit the full document package
4. Bank interview (often required — in-person or video)
5. Final compliance approval by the bank's compliance department
6. Account activation and online banking access

Timeline

• Initial compliance review: 2–5 business days
• Bank assessment and decision: 5–10 business days
• Total process: typically 1–3 weeks

Currencies and What the Account Can Do

Before opening an account, it is worth understanding what you are actually getting. An Armenian corporate bank account is a fully functional international banking instrument — not a restricted local account.

• Armenian banks offer accounts in AMD (Armenian dram), USD, EUR, and often RUB and other currencies. Most businesses operating internationally hold accounts in USD and EUR as their primary working currencies.
• All major Armenian banks support SWIFT transfers for international payments. You can send and receive wire transfers from clients and partners in Europe, the United States, Asia, and the Middle East.
• Online banking is available at all major Armenian banks. Once your account is active, you can manage it from anywhere in the world — no need to be in Armenia to make payments or review statements.
• Corporate payment cards (Visa and Mastercard) are available for the account. These can be issued to the director or other authorized signatories and used for business expenses internationally.
• Armenian banks can receive payments from international clients, including wire transfers originating from European, US, and Asian banks. There are no general restrictions on incoming foreign currency transfers for legitimately operating companies.
• Some Armenian banks integrate with accounting software. MOSTAR's accounting team works directly with the banking systems used by Armenian banks, which simplifies bookkeeping and tax reporting for our clients.

Common Reasons for Rejection

• Unclear or insufficiently explained source of funds
• No evidence of real business activity or operational intent
• High-risk jurisdiction of the owner or beneficial owner
• Nominee or inconsistent management structure

In practice, the absence of proof of real operational activity is the most common reason for rejection, particularly for newly registered companies.

How MOSTAR Helps

We support companies throughout the entire banking process, which significantly increases approval chances:

• Preparing the complete documentation package to bank standards
• Structuring business descriptions and operational narratives for compliance
• Drafting lease agreements and partner contracts where needed
• Coordinating communication with the bank through the entire process

Frequently Asked Questions