In Azerbaijan, both local citizens and foreign nationals have the option to open various types of bank accounts, including checking accounts, corporate bank accounts, savings accounts, and deposit accounts, each offering unique functions and benefits. This article delves into the process for foreigners to establish a bank account in Azerbaijan.
How to open a bank account in Azerbaijan?
To start a bank account in Azerbaijan, it's important to be aware of the Central Bank of Azerbaijan's rules, which permit non-residents to open accounts. Nevertheless, foreigners often encounter challenges, such as being denied an account due to the absence of a temporary residence permit. To overcome this, there are a couple of methods:
Obtain a temporary residence permit (TRP) in Azerbaijan. The process and details for acquiring a TRP are covered in a previous article titled “Temporary Residence Permit (TRP) in Azerbaijan".
Open an account with a bank that has branches in both Azerbaijan and the foreigner's home country. For instance, VTB Bank from Russia and Ziraat Bank as well as YapıKredi Bank Azərbaijan from Turkey have a presence in Azerbaijan.
Which documents must be provided to open bank account in Azerbaijan?
For opening a bank account in Azerbaijan, foreigners typically need to provide a passport copy, an Azerbaijani visa (if from a visa-required country), and proof of temporary or permanent residency in Azerbaijan.
To establish a corporate bank account, one must first register a company in Azerbaijan or as a private entrepreneur, submit an application through the State Tax Service's electronic system, and provide additional documents like company charter, TIN, and a company stamp if available.
Benefits of opening corporate bank accounts in Azerbaijan
Corporate bank accounts in Azerbaijan, distinct from regular checking accounts, are primarily used for business transactions. Foreign entrepreneurs or company heads in Azerbaijan may find it easier to obtain a TRP, subsequently facilitating the process of opening personal checking accounts and obtaining bank cards in any Azerbaijani bank.