Opening Rial Deposit Bank Account for Foreign Individuals and Legal Entities
According to the” Executive Direction for Opening Rial Deposit Bank Account in Iran for Foreign Individuals and Legal Entities” ratified at 227th meeting of Money and Credit Council dated January, 03, 2017, the following persons are able to open a bank account in Iran:
- Resident foreign individuals including foreign individuals who obtain residence permit and foreign individuals who have Asylum Book issued by the Police Force of Iran or Identity Card or Amayesh Card issued by the Ministry of Interior are allowed to open without any interest (Gharzolhasaneh) bank accounts including current deposit account without any cheque book, saving deposit account and long term investment deposit account in Iran. For foreign individuals with resident permit of certain geographical aria such as specific province, the credit institutes are obliged to open the bank account merely in that specific sector.
- Resident legal entities who established branch or representative office in Iran would be in a position to open the bank account by submission of the required documents (i.e. registration documents) before the relevant credit institute. For opening the aforesaid bank account, presence of the authorized signatories at the relevant credit institutions is indeed required.
- Non- resident foreign individuals including foreign individuals with valid visa inserted in their passport and issued by the Foreign Ministry of Iran, foreign individuals with valid passport of countries which their countries have visa waiver with Iran and inserted valid stamp for entering into the country in their passport and foreign individuals with extended visa issued by the Police Force and inserted in their passport are allowed to open without any interest (Gharzolhasaneh) bank accounts including saving deposit account and long term investment deposit account in the Iranian credit institutes. For opening the aforesaid bank account, presence of the individual at the relevant credit institutions and providing the valid passport is required.
- Non-resident legal entities are legal entities which have not registered branches or representative offices in Iran. In relation to opening bank account for such entities, providing the documents for establishment and registration of the company as well the Articles of Association which approved by Iranian representative in the country of origin are mandatory. By furnishing credit institutes with the aforementioned documents, non-resident legal entities could open without any interest (Gharzolhasaneh) bank accounts which include saving deposit account and long term investment deposit in the Iranian credit institutes. The presence of the authorized signatories at the relevant credit institutions is also required.
- It shall be mentioned that while the aforementioned documents are needed, each bank also has its own circulars and producers in which some banks request for the company’s registration notice before the Corporate Registration Bureau in Iran.
- Taking note to the above, observing money laundering laws and regulations would be mandatory with regards to opening the bank account for foreign individuals and legal entities in Iran.
- Coordinated by Dr. Mahnaz Mehrinfar and Ms. Khatereh Shahbazi