Current Account for Sole Proprietors in Armenia in 2026: Documents, Costs, Steps

To open a current account as a sole proprietor in Armenia, bring your passport, extract from the state registry confirming SP registration, tax number, public services number (or certificate of its absence), beneficiary declaration, and KYC form. IDBank charges non-foreign SPs ֏3,000 in-branch; online opening is free. For foreign SPs, their special tariff is ֏20,000 to open the account and ֏100,000 annual service fee. Fast Bank charges ֏5,000 at a branch; opening online is free.

Data is collected from the official bank pages; the anti-money-laundering law is based on the translation at the Central Bank's site. Banks may change tariffs, so always check before applying.

Why a Sole Proprietor Needs a Bank Account

Law restricts cash transactions. As a rule, you may not pay or receive more than ֏300,000 in cash per transaction and no more than ֏3,000,000 per month for such transactions (Tax Code, Art. 386 Part 1). Exceptions include salary and payments to individuals for personal income, representation expenses, retail sales to individuals who are not SPs (up to ֏3 million per transaction), among others (Art. 386 Part 1 p. 3, Part 4). The Law “On Non-Cash Transactions” (Art. 4) is stricter: transactions between SPs and legal entities, notaries, or attorneys must be paid non-cash in any amount; with private individuals, amounts over ֏300,000 must be paid non-cash; consultancy and legal services are accepted only by non-cash payment. SPs working with companies need an account immediately. International payments are also processed via banks. For accepting cards and receiving international transfers, see card payments and SWIFT transfers.

What to Prepare

Registration of SP

First, register as a sole proprietor. Registration is confirmed by an extract from the unified registry, sent to your email and available online by code (Law on State Registration, Art. 27 Part 8). For the registration procedure, see SP registration.

Bank Documents

Sources: IDBank list and Fast Bank list. The IDBank PDF does not specify dates. Banks may request other documents; “not listed” does not mean “will not require.”

Fast Bank’s “proof of business interests” may include: information on partners (including Armenian), registered employees, lease or ownership documents for premises, and evidence of real activity in Armenia such as customs declarations.

For foreigners and non-residents, banks may require a notarized translation of the passport and copies of visa and entry/exit pages (Fast Bank, note 5). Originals must be presented or provided electronically (note 2). Fast Bank requires the public services number document if not available in the EKENG or bank database; see social number and tax number for more info.

Legal Requirements

By law, the bank must identify the SP and verify their identity using documents. For SPs, it also obtains the registration number and tax number (AML law, Art. 16 Part 4 p. 1). The bank must determine whether the client is acting in their own interest and establish the beneficiary (Part 5), understand the business profile and purpose of the relationship (Part 7). For foreign clients, the bank must establish and record their center of vital interests (Art. 18 Part 4). If requirements cannot be met, the bank must refuse relations (Art. 27 Part 1).

What It Costs

Tariffs IDBank, Fast Bank, and Evocabank were checked on 11.11.2026. Evocabank also charges 0.5% on incoming non-cash funds and outgoing client transfers under this program. Ardshinbank’s rates for residents were valid until 07.01.2026; no update found.

Other fees: For IDBank, an inactive account costs ֏5,000 per year; account closure is free. At Fast Bank, transfer to another Armenian bank is ֏200 at a branch, free online; cash withdrawal 0.25%, min ֏1,000. Fast Bank requires clients with an active POS terminal, whose field of activity (MCC code) is listed in Annex 1 to CB Decision No. 27-N of 09.02.2026, to maintain a minimum balance: ֏4,600 in Yerevan, ֏3,000 in regional cities, ֏1,000 in villages. Bank comparisons: comparison of banks.

Step by Step

1. Register as a sole proprietor and obtain the extract from the registry.
2. Make sure you have a tax number and public services number, or get a certificate of its absence.
3. Select a bank according to your category (IDBank applies a special tariff for foreign SPs).
4. Request an up-to-date list of required documents from the bank. Foreigners should prepare proof of business interests and source of funds.
5. Apply online or at a branch. Fill in the application, KYC form, and beneficiary declaration.
6. Wait for a decision. The bank may request additional documents if necessary.
7. After opening, set up online banking and review transfer fee rates.

When the Bank May Refuse

The law requires banks to refuse relations if they cannot establish the client’s or beneficiary’s identity, or the purpose and nature of business (Art. 27 Part 1 of AML law). Published terms show possible stumbling blocks (we have no statistics on refusal reasons):

• No confirmed connection to Armenia: partners, employees, premises, real business activity (Fast Bank’s requirement for foreign SPs)
• No source of funds confirmation
• Incomplete set of documents or discrepancies between registry and application data

The final decision is at the bank’s discretion, and it may request further documents. If refused, ask which document was missing and apply to another bank, accounting for its terms. For tax notifications about accounts, see tax authority notification.