How to open bank account in Azerbaijan?
- Emil Khudiyev (Lawyer)
- 0 comment
Bank account in Azerbaijan
Azerbaijani citizens and foreigners in Azerbaijan can open several types of bank accounts:
– checking accounts;
– corporate bank accounts;
– savings accounts;
– deposit account (certificate of deposit).
Each type of bank accounts has its own functions and advantages. In this article, I will explain you in detail how foreigner can open a bank account in Azerbaijan.
Opening bank account in Azerbaijan
According to the “Rules for opening, maintaining and closing bank accounts” approved by the Central Bank of Azerbaijan, the opening of bank accounts for non-residents of Azerbaijan is allowed. However, in practice, foreigner, being a physical person, faces with difficulties. First of all the refusal to open a bank account due to the lack of a temporary residence permit in Azerbaijan.
So how can foreigner open a bank account in Azerbaijan?
Method I. Get a temporary residence permit in Azerbaijan. About the methods and procedure for obtaining a TRP in Azerbaijan, I described in one of my recent article “How to get a temporary residence permit (TRP) in Azerbaijan?” and I sincerely recommend you to read it.
Method II. Open an account in a bank with an office in Azerbaijan and in the country of residence of a foreigner. For example, VTB Bank (Russia) is also present in Azerbaijan, Ziraat Bank (Turkey) and YapıKredi Bank Azərbaycan (Türkiye) are also present in Azerbaijan too.
What documents are required to open bank account in Azerbaijan?
According to all written above, to open bank account in banks Azerbaijan foreigners should provide the following:
– Copy of passport;
– Visa to Azerbaijan (if foreigner is a resident of visa regime country);
– Temporary or Permanent Residency in Azerbaijan.
To open corporate bank account for a company (LLC, CJSC, OJSC or other) of private entrepreneur you will need:
– first of all you need to open a company or register as an private entrepreneur;
– submit an application via electronic system of State Tax Service in the name of the company or private entrepreneur;
– stamp of the company (if available, then private entrepreneur also should provide it);
– company documents (charter, TIN, extract from the state register of legal entities, decision of founders/shareholders) or TIN of private entrepreneur;
– ASAN imza.
Advantages of opening corporate bank accounts in Azerbaijan
Comparing to a regular checking account (incl. bank cards), difference of corporate bank accounts (settlement account) is that they are used primarily for business purposes.
In addition, foreigner who is the founder or head (director, chairman) of a company in Azerbaijan is a potential applicant for a temporary residence permit (TRP) in Azerbaijan. After successful obtaining a residence permit in Azerbaijan, foreigner can easily apply to open a checking account and bank card in any bank in Azerbaijan.
How EMZE can help you?
As a specialist in business law and corporate finances with good experience, I am always ready to provide you with legal assistance, help you in opening accounts in banks of Azerbaijan and also advise you on opening a company (business) in Azerbaijan, tax aspects of doing business, obtaining a temporary residency and permanent residency in Azerbaijan & etc.
Want to open a bank account in Azerbaijan? It’s simple. Just Call Emil!
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