Summary answer: Opening of a bank account for a company is possible within 3 days after registration of the company. For the procedure, a notarized sample of the company seal and signature of the director are required. Additionally, an electronic tax certificate duplicate must be sent to the bank 2 days in advance of the opening of a bank account.
For the opening of a personal bank account in Azerbaijan, banks require a passport and the document which proves the customer's local registration. Some of the Azerbaijani banks provide modern e-banking services, which provide tools to control over the account from abroad, as well.
The same rules apply while the opening of bank accounts by foreigners. A foreign citizen without a residence permit in Azerbaijan is authorized to open and maintain a bank account in Azerbaijani banks.
Regarding companies owned by foreign companies (legal entities), the ultimate beneficiary owner (individual person) shall be identified in most of the cases. Where this is impossible due to reasonable grounds, board of directors and management board member identification shall be sufficient.
Full answer:
The opening of bank accounts of residents and non-residents in national and foreign currency (except for correspondent accounts of foreign banks) on the territory of the Republic of Azerbaijan is carried out legally without any problem. Bank accounts are opened for state and municipal bodies, legal entities, their branches, representative offices and other divisions, as well as entrepreneurs engaged in entrepreneurial activity without creation of legal entity, and also individuals (hereinafter - clients). Clients (account holders) they are independent in selecting banks, opening accounts in one or several banks. Bank accounts in foreign currency can be opened only in authorized banks. Banks have the right to open correspondent accounts in national currency (manat) only at the Central Bank.
Bank accounts are divided into the following types:
- current accounts;
- current sub-accounts;
- loan accounts;
- savings accounts;
- Correspondent accounts.
Current accounts shall be opened for banking operations related to the financial and economic activity of state and municipal bodies, legal entities, their branches, representative offices and other separate divisions, and also physical persons engaged in business activity without the establishment of legal entity (hereinafter - individual entrepreneurs).
Current subaccounts can be opened to local entities that are not affiliated with a branch or representative office for their regional activities. Funds included in these accounts should be transferred to the current account of the parent entity within the period determined by the bank account agreement with the parent, except for the salaries of the employees of the local authorities and the payment of the required utility costs that would ensure the operation of these entities.
Loans are opened to record bank loans to customers, and, in the cases provided for in the loan agreement, to carry out banking operations related to the use and repayment of credit funds.
Deposits accounts are opened in accordance with the Civil Code of the Republic of Azerbaijan for the execution of banking operations of clients under a bank deposit (deposit) agreement.
Correspondent accounts are the accounting records of banks and their clients. Correspondent accounts are opened for banks.
Bank accounts can be opened in the national currency of the Republic of Azerbaijan and in any foreign currency. The current foreign exchange regime must be observed when opening non-residents' foreign currency loan accounts. Non-resident legal entities can open bank accounts in the national currency of the Republic of Azerbaijan (manat) only in banks with branches or representative offices in the territory of the Republic of Azerbaijan. Deposits for non-resident legal entities can be opened regardless of this condition. Non-resident legal entities and individuals may open bank accounts in foreign currency without restrictions.
However, there is no special requirement for a non-resident in the opening procedure of bank account in Azerbaijan.