Azerbaijani law allows for opening of bank accounts by non-resident natural persons and the legal entities founded by foreign persons in national and foreign currencies. Opening bank accounts by foreigners in the Republic of Azerbaijan is mainly governed by the Regulations on “Opening, Operating, Closing Bank Accounts”, dated January 1, 2013 (the “Regulations”).Foreign natural persons can open current bank accounts (for receiving and sending amounts) upon submission of their passports or temporary or permanent residence permits or tax identification certificate (for business accounts opened by individual entrepreneurs) to a bank. Please, note that a bank may ask for additional identification documents.

Foreign legal entities and branch or representative office of foreign companies may open bank accounts in local and foreign currencies upon registration with the relevant executive authority (Ministry of Taxes). The following documents will be submitted to the bank:

  • notarized copy of the regulations of the branch or representative office of foreign companies;
  • notarized copy of the extract from the commercial register of legal entities;
  • legalized copies of the incorporation and registration documents of a foreign legal entity of which translation into Azerbaijani must be notarized;
  • notarized signature and seal/stamp specimen sheet in 2 originals;
  • when the international treaties acceded to by the Republic of Azerbaijan so provide, a special permission to establish the account from the relevant foreign state authority (central bank or another competent authority);
  • an application to the bank signed/stamped by the director or representative;
  • notification (certificate-duplicate) to the bank issued via the electronic system of the Ministry of Taxes; and
  • FATCA and questionnaires (to be provided by the bank).

Please note that the Regulations allow the bank to require additional documents for the identification and due diligence purposes.

Bank account usually become operative within 3 days. It should also be noted that some banks may apply small fees (USD 15-30) per account for opening the bank accounts.

Further, a legal entity wishes to authorize a representative of the legal entity (branch or representative office) other than the director to be a signatory over the bank accounts, a special power of attorney must be signed by the director (head of the executive authority) for this purpose. Most of Azerbaijani banks do not have on-line banking systems, therefore, we advise the signatory to be a resident in Azerbaijan.

Azerbaijani law firm Baku Attorneys & Consultants, a team of highly experienced attorneys, is strongly specialized in rendering various expert services to foreign natural persons and legal entities in Azerbaijan, including preparation of legal documents to opening foreigners’ bank account. Please, feel free to reach us via to further discuss your case and provide a cutting-edge advice to ensure and protect your future presence and business in Azerbaijan.


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  • by Cyrus Molavi Posted February 23, 2020 10:40 am

    Dear Sir / Madame,

    I would like assistance in registration of a local company in Az along with supporting bank account.

    My company is an business development and investment advisory company.

    We have offices in the UK and HK and I would like a presence in the CIS region.

    Please kindly let me know what information you require, and what is the cost for this service.

    I would like to be visiting Baku in April and therefore I would like to have the company set up and then visit banks with your help to get accounts set up.

    I look forward to hearing back from you.

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