How to Open a Bank Account in Armenia for Business

Learn how to open a bank account in Armenia for business: what documents you need, what banks require, and how to prepare for your visit.

Why Banks in Armenia Are Stricter with Individual Entrepreneurs

Banks evaluate individual entrepreneurs more strictly than individuals — essentially treating them as small businesses. They want to see:

• Real business activity (client contracts)
• Proof of residence in Armenia
• Legitimate source of income

Documents for Opening an IE Account

Required documents:

• Passport (preferably international)
• Notarized translation of passport into Armenian
• IE certificate
• Social Security Number (SSN / social card)

Additional documents:

• Client contracts — confirm real business activity
• Bank statement from previous country (6+ months)
• Proof of residence in Armenia

Proof of Residence in Armenia

Banks require showing proof of residence or plans to live in the country. Suitable documents:

Primary:

• Rental agreement
• Registration in Armenia
• Property ownership certificate

Additional:

• Border crossing stamps in international passport
• Residence certificate

Rental agreement requirements:

• Simple agreement format — address, passport details of parties, basic rights and obligations are sufficient
• Can be in Russian, Armenian, or English
• For multiple tenants — full name and passport details of each are required

⚠️ Important: banks evaluate actual residence, even short-term, as a key indicator for individual entrepreneurs.

Client Contracts — Key Argument

Even if your clients are foreign platforms (Upwork, Fiverr, YouTube, etc.), their standard agreements with developers or content creators will work.

The bank needs to see that you're actually running a business and have a source of income.

Popular Banks for Individual Entrepreneurs in Armenia

Terms and requirements may vary. We recommend checking current information directly with banks:

• Ameriabank
• ACBA Bank
• Ardshinbank
• Evocabank
• Inecobank

Tips Before Visiting a Bank

1. Prepare all documents in advance — notarized passport translation, SSN, IE certificate
2. Bring client contracts — even if they're standard platform agreements
3. Prepare proof of address — rental agreement or residence certificate

We'll Help with Accounting After Opening Your Account

After you open a bank account in Armenia, EasyTaxes will handle the accounting routine:

• Automatic document processing
• Real-time tracking of legal entity status
• Submitting reports to the tax office
• Consultation with a specialist on request

One price for any turnover, any number of invoices and declarations.