Procedure of opening current hard currency accounts for legal entities and physical persons-residents and non-residents in authorised banks
Legal entities - residents exercising activity on the territory of the Azerbaijan Republic, according to the Law of the Azerbaijan Republic “About currency regulations” dated 21 October, 1995, governmental decrees, By-Laws of said legal entities and normative acts of National Bank of the Republic may open accounts in hard currency and operate them.
1.1. To open current hard currency account legal entities - residents must present to the bank the following documents:
a. application with indication of full name, legal address, telephone, fax, No of telex; application should be signed by the Director and Chief Accountant and confirmed by the seal of the enterprise (Supplement No 1);
b. By-Laws or Regulations approved by the Ministry of Justice (mass media organisations must be registered in State Committee of Information and Publishing, educational institutions - in the Ministry of Public Education, rented enterprises and farms in local bodies of executive power, insurance companies - in State Insurance Inspection);
c. Constitutional agreement or decision of higher body about establishment of legal entity (copy witnessed by the notary);
d. signatures of persons authorised to operate accounts and specimens of signatures confirmed by the enterprise' seal (2 copies witnessed by the notary or approved by Main Department);
e. Certificate of registration as a taxpayer in tax inspection;
f. if legal entity opens hard currency account in a bank other than that where it keeps manat account, said legal entity must present reference from the latter. The reference should confirm absence of hard currency account in the bank with manat account or other bank, and registration of the enterprise in tax inspection body.
1.2. Physical persons involved in business activity without establishment of legal entity, to open current hard currency account should present the folowing documents:
a. application for opening of the account;
b. copy of license permitting business activity issued by tax inspection and witnessed by the notary;
c. if legal entity opens hard currency account in a bank other than that where it keeps manat account, said legal entity must present the reference from the latter. The reference should confirm absence of hard currency account in the bank with manat account or other bank, and registration of the businessman with tax inspection body;
d. specimen of signature witnessed by the notary.
Permission for opening of the account in foreign bank to legal entity - resident is issued by the National Bank of the Republic.
Legal entity - resident may have one current account for each foreign currency.
The enterprise itself chooses the kind of currency for its account.
2.1. To open current hard currency account legal entities non-residents present the following documents to the bank:
a. application with indication of full name, legal address, telephone, fax, No of telex of legal entity non-resident; application should be signed by the Director or authorised representative of higher body approved by the seal of the enterprise (Supplement No 1);
b. Copy of By-Laws confirming that non-resident carries out activity as legal entity (should be translated into Azeri and approved by the Embassy or Consulate of the Azerbaijan Republic);
c. Certificate of Registration by the Ministry of Finances of the Azerbaijan Republic;
d. international humanitarian organisations and other foreign representations carrying out charitable activity must present the copy of Certificate of Registration by the Ministry of Foreign Economic Relations witnessed by the notary;
e. Certificate of Registration as a taxpayer in tax inspection body;
f. signatures of persons authorised to operate accounts and specimens of signatures confirmed by the seal of the enterprise (2 copies witnessed by the notary);
g. if hard currency account or manat account is opened in a bank other than that where the first account has been opened, then reference from the bank with the first account should be presented. The reference should confirm absence of hard currency account or manat account in the bank that issued said Reference or in other banks and fact of registration of non-resident with tax inspection body.
3.1. Physical persons may open current hard currency accounts and savings (deposit) accounts.
3.2. To open bank accounts physical persons present to the bank:
a. application for opening the account (according to the form given in Supplement);
b. specimen of signature of a person opening account (with check against the passport).
3.3. Physical persons may open the following hard currency accounts:
a. current accounts of “A” type - are opened for persons who have the right to export and to transfer abroad any sums of hard currency, with all necessary custom formalities;
. current accounts of “A” type - may be opened on names of diplomats and other officials.
b. current accounts of “A” and “Á” types are opened for persons who have the right to export and to transfer abroad limited sums of hard currency;
. current accounts of “Á” type - may be opened for foreign citizens and stateless citizens;
. current accounts of “B” type - are opened for persons having citizenship of the Azerbaijan Republic.
c. deposit accounts of “Ô and “Å” types;
. deposit accounts of “Ô type - may be opened for physical persons - residents;
. deposit accounts of “E” type - are opened for physical persons - non-residents.
Numbers of mentioned accounts and procedures of carrying out operations with hard currency are established in accordance with respective instructions of National Bank.
The Chairman of Board of Directors
of National Bank of the Azerbaijan Republic
E.S. Rustamov
9 August, 1995
