Foreigners and the legal entities established by foreigners are well eligible to open a bank account in Azerbaijan either for their personal or business use.
With this blog post will be informative for those planning open bank accounts for themselves or their companies operating in Azerbaijan. Furthermore, if you require consulting and legal services regarding the process of opening bank account in Azerbaijan, remember that you can apply for DLB Consulting’s services.
Types of Bank Accounts
There are following types of bank accounts foreign individuals and local companiess can apply and get a bank account:
- Current accounts;
- Current sub-accounts;
- Savings or deposit accounts;
- Correspondent accounts.
Opening bank account for the companies established by foreign founders
Foreigners have the same right as locals to register a company and start the business activities in Azerbaijan. With the same way the same rights applly to the foreigners who want to open bank accounts in Azerbaijan for their use of company. So, to open bank account for your company in Azerbaijan you just simply apply after the registration of your company. For your information to open a company for your business use you are not required to obtain a residence permit in the country.
Opening bank account for the companies established by foreign founders
Foreign individuals have also right to simply apply and have the bank accounts in Azerbaijan. Same as in business bank accounts they are not required to have residence permit to open an account. They just simply apply with their passport and a documents proofs foreigners local registration.
For your information some banks, may require a residence card to open an account in Azerbaijan if their policy require.