Short answer: A foreign-owned LLC or a branch of a foreign company can open a current account with an Azerbaijani bank in both manat and foreign currency. The core documents are the charter, a registry extract, the tax ID (VÖEN) and specimen signatures. The director can apply in person or through a representative holding a notarised power of attorney. After opening, the bank notifies the tax authority within 1 business day, and no outgoing payments are possible until the tax authority confirms.
Who can open an account — and what this guide does not cover
Under the Central Bank of Azerbaijan's Rules on Opening, Maintaining and Closing Bank Accounts, accounts are opened for legal entities and also for their branches and representative offices. A foreign company therefore has two routes:
- Local LLC with foreign shareholders — as an Azerbaijani legal entity, on resident terms.
- Branch or representative office of a foreign company — once it has been registered in Azerbaijan.
This guide covers corporate accounts. Personal accounts for foreign individuals, loans and deposits, and currency control are separate topics. The company must be registered and hold a tax ID first — see company registration in Azerbaijan for foreign companies.
Documents you will need
| Document | Local LLC | Branch / rep. office |
|---|---|---|
| Constitutional document | Notarised copy of the charter | Copy of the branch or representative office regulations |
| Registry extract | Extract from the Azerbaijani state register (reflecting latest changes) | Extract from the parent's home-country register (reflecting latest changes) |
| Tax registration | Tax registration certificate (VÖEN) | Tax registration certificate (VÖEN) |
| Signatures | Specimen signature and seal card | Specimen signature and seal card |
| If a representative applies | Notarised power of attorney | |
This is the minimum set by the Central Bank rules. Under "know your customer" procedures, banks may ask for more: the foreign shareholder's corporate documents (apostilled and translated), passports of the director and beneficial owners, a description of the business and expected transactions.
Step-by-step process
| Step | What happens | Timing |
|---|---|---|
| 1. Choose a bank | Currency needs, international transfers, online banking, fees | Your decision |
| 2. Initial contact | Obtain the bank's document list and KYC questionnaire | — |
| 3. Submit documents | Director in person or a representative under power of attorney | — |
| 4. KYC and beneficial owner checks | The bank traces ownership up to the ultimate individual owners | Bank-dependent; longer for complex structures |
| 5. Account opened | The bank opens the account and notifies the tax authority | Within 1 business day |
| 6. Tax authority confirmation | No outgoing payments until confirmation arrives | Fully active after confirmation |
Note: the rules set no deadline for the bank's decision. Actual timing depends on the bank's internal review and the complexity of your ownership structure.
Can the account be opened remotely?
The Central Bank rules allow banks to open accounts for legal entities remotely, using an enhanced electronic signature (such as ASAN İmza) and customer identification. This is an option for banks, not an obligation — not every bank offers it to foreign-owned companies. In practice, the first account is often opened at a branch, in person or by proxy.
Five mistakes foreign companies make
- Not being able to show the beneficial owner. Banks trace ownership to the ultimate individual. Multi-layered foreign structures without a clear shareholder register stall the process.
- A stale registry extract. The rules require an extract reflecting the latest changes — if the director or shareholders changed, update the register first.
- A power of attorney without notarisation or apostille. A POA signed abroad needs an apostille (or consular legalisation) and translation to be used in Azerbaijan.
- Planning payments on day one. Outgoing payments are blocked until the tax authority confirms — plan payroll and supplier payments accordingly.
- Understating the expected transaction profile. Large foreign transfers not disclosed at onboarding trigger extra reviews and delayed payments later.
Frequently asked questions
Can a foreign-owned company hold a foreign currency account?
Yes. The rules allow accounts in both national and foreign currency.
Does the director have to travel to Azerbaijan?
Under the rules, an authorised representative with a notarised power of attorney may apply. Some banks' internal policies may still require the director in person — check in advance.
Can we open the account online?
The rules permit remote opening for legal entities with an enhanced electronic signature, but availability depends on the bank.
Can we make payments right after opening?
No. The bank notifies the tax authority within 1 business day, and outgoing payments are blocked until confirmation.
How much does it cost to open a corporate account?
Opening and maintenance fees are set by each bank's tariff; there is no statutory amount.
How we can help
Affidacons supports foreign companies from registration through to a working bank account: preparing the document package, explaining the ownership structure to the bank, powers of attorney and apostilles, and liaising with the bank. See our banking and financial services. For tax obligations after set-up, read taxes for foreign companies in Azerbaijan, or contact us.
This article is for general information and is not legal advice. It is based on the Central Bank of Azerbaijan's Rules on Opening, Maintaining and Closing Bank Accounts (as amended in 2022 and 2023), as of September 2026; rules and bank requirements may change. Obtain advice on your specific situation before making decisions.
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