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[Armenia] What is the best way to open a company remotely and register bank account?

DavidS

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Feb 11, 2021
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Interested in opening a company with 1 EU shareholder and 1 RU shareholder in Armenia.

What is the best way to do this remotely?

Is it possible to do it remotely?

In which banks it would be easiest to open bank account remotely?

If impossible remotely, then travel is an option.

Company does IT business.
It won't have substance in Armenia.
 
A CSP, accountant or lawyer in Armenia should be able to advise on this. Have you asked one?
 
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Yes company can be opened remotely with a power of attorney.
Bank account can be opened and maintained if you create a small substance only.
Happy to help with both.
 
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Do they only work with high net worth individuals? Need for a small IT company

It is best to speak to them directly about your personal situation.
 
No minimum balance it seems. Check info below:

https://gsl.org/en/offshore/banks/east-west-united-bank-ewub/
P.S Just wonder whether in current hostile climate it still has its focus.
thank you, I contacted them Friday, will be waiting for them to respond if they do.

AFAIK, EWUB requires at least 500,000 EUR. Lower amounts accepted only as an exception for special cases.
that's a game changer I have not 500K to be deposited :(
 
So what is your suggestion then? What alternatives are there?
If the company is engaged in IT, it is better to implement the business of Georgia. Taxation tends to zero, it is easier to get a business residence permit. Employees can be registered as individual entrepreneurs, and it will be up to 3% tax. I agree with the statement that it will be more difficult with banks than in Armenia, but there is no practice in Georgia to "include an additional tariff for the success of a business."
UAE will be convenient as well. This option will be much more expensive.