Knowledge base / Banks and accounts
Business bank account for a sole proprietor (IE) or LLC in Armenia
Step by step
- Register your IE or LLC
Without a state register extract and a tax ID, the bank will not open an account. - Choose a bank
Ask in advance whether it currently works with clients of your profile. - Gather your documents
See the list below. Foreign company documents must be apostilled. - Write a business description
One page: what you do, who your clients are, and where your money comes from and in what currency. - Visit a branch
Foreigners are usually identified in person. Plan the visit into your trip to Yerevan. - Go through the checks
The bank looks at your source of funds, counterparties and beneficial owners. Reply to its questions quickly. - Set up online banking
Configure signatories and statement exports for your accountant.
Timing and costs
- Formally, an account can be opened in one business day. That is what Ameriabank's rules say for fully identified clients.
- If the founders are foreigners, in our experience it takes from several business days to several weeks.
- IDBank's fee for residents: opening at a branch costs 3,000 drams, and via IDBusiness it is free (per the bank's website, October 2026).
- IDBank's fee for non-residents, foreign IEs and companies that are 50% or more foreign-owned: 20,000 drams to open and 100,000 drams a year for maintenance (per the bank's website, October 2026).
- Compare the full tariff: maintenance, SWIFT transfers and currency conversion.
What to prepare
- The passport of the owner or director, and of everyone who will sign payments.
- A public services number (ՀԾՀ) or a certificate that you do not have one.
- An extract from the Unified State Register.
- A tax ID certificate (ՀՎՀՀ), if the tax ID is not shown in the extract.
- For an LLC: the charter with all amendments.
- For an LLC: details and passports of members holding 10% or more and of beneficial owners.
- For a foreign IE: proof of address (a registration certificate, a lease agreement or a utility bill).
- A FATCA form and CRS self-certification. You fill these in at the bank.
- A one-page business description.
Banks usually accept Russian and Belarusian documents in Russian. Documents in languages other than English need a notarized Armenian translation.
For what else you need at the registration stage, see documents for a sole proprietor (IE) in Armenia.
How to choose a bank
- Your profile. Whether the bank currently accepts founders from your country. This matters especially for founders from Russia or Belarus.
- The full tariff. Opening, maintenance, SWIFT transfers and conversion, not just the opening fee.
- Currencies. Whether you need accounts in dollars, euros or rubles, and how the bank handles those payments.
- Online banking. A Russian or English interface, signatory roles and statements for your accountant.
Many business owners keep two accounts at different banks: a main one and a backup. If one bank holds up a payment, you can keep working through the other.
Common mistakes
- Writing just "IT" or "consulting" in the bank questionnaire, with no clients or sources of funds.
- Hiding Russian counterparties. The bank will see them in your payments anyway.
- Delaying your reply to a bank request. This is a common reason for an account being blocked.
The bank may ask for additional documents or refuse without giving a detailed explanation.
Frequently asked questions
What documents do I need to open a business bank account in Armenia?
You need the passport of the owner or director, a public services number or a certificate that you do not have one, and a state register extract. An LLC also needs its charter and details of members holding 10% or more and of beneficial owners.
How long does it take a foreigner to open a business account in Armenia?
Formally an account can be opened in one business day for fully identified clients. If the founders are foreigners, it usually takes from several business days to several weeks because of the bank's checks.
How much does IDBank charge non-residents to open a business account?
Per the bank's website in October 2026, IDBank charges non-residents, foreign IEs and companies 50% or more foreign-owned 20,000 drams to open an account and 100,000 drams a year for maintenance.
Should I keep business accounts at two different banks in Armenia?
Many business owners keep a main account and a backup at different banks. If one bank holds up a payment, you can keep working through the other.
Opening an account for your IE or LLC?
Team2B will prepare your documents and business description and find a bank that fits your profile. We speak English and Russian.
Sources: Ameriabank, list of documents · Ameriabank, account opening procedure · IDBank, business account · Inecobank, list of documents