how to open a bank account in Iran for foreigners

 

how to open a bank account in Iran for foreigners ?

• how to open a bank account in Iran for foreigners ?
  • Different Bank Accounts on the Iranian Banking System and the Guideline of Opening a bank account in Iran for foreigners
  • Executive Summary for opening a bank account
  • The procedure of opening of a bank account in the Iranian banks
    • Different types of bank accounts
      • The Interest-free Saving Account (or “Prize-linked Saving Account”)
      • The Interest-free Current Account (in short “Current Account”)
      • The Short-term Saving Account
      • The Long-term Saving Account
  • The different characteristics of the applicants and the required documentations for each group applicants
    • Iranian natural persons
    • Iranian entities
    • Foreign applicants
  • The restriction in terms of the name of the bank account in Iran
    • The eligible person to sign the banking documents and specific restriction imposed to foreigners in terms of signing the documents in the Iranian banking system
      • Natural persons (whether Iranian or foreigner)
      • Legal persons (whether Iranian or foreigner)
    • What is the scope of authority of the person who is eligible to sign the documents in the Bank as the signatory and what is the minimum deposited amount required for opening an account in the Bank?

Different Bank Accounts on the Iranian Banking System and the Guideline of Opening a bank account in Iran for foreigners

The present article has been prepared by Iran Best Lawyer in order to provide the information on the different bank accounts on the Iranian Banking System and the how to open a bank account in Iran for foreigners.

In this article, we are going to answer to the following questions:

1. What is the procedure for opening of a bank account in the Iranian banks?
2. Is there any restriction in terms of the name of the bank account in Iran?
3. For the purpose of opening a bank account, who is the eligible person to sign the banking documents? Is there any specific restriction imposed to the foreigners in terms of signing the banking documents in Iran?
4. What is the scope of authority of the person who is eligible to sign the banking documents and what is the minimum deposited amount required for opening an account in the Iranian bank?

 

Executive Summary for opening a bank account

The required documents for opening a bank account could be different based on the characteristics of the applicant. Indeed, the documents which have to be presented before the Iranian banks by the applicant entity are substantially different from the documents which have to be provided by the natural person.

The Instructions on Opening the Bank Accounts for Foreigners issued by the Council of Money and Credits on January 3^rd, 2017 (the “Instructions”) regulates the manner of opening a bank account for foreign entities and natural person in Iran (Sec. I).

In terms of the name of the account, normally the type of the account and the name of the owner both together form the name of the account in Iran banking system (Sec. II).

The eligible person for signing the banking documents, for natural person, is the principal and her official representative who is appointed through an official Power of Attorney (the “PoA”).

In terms of the entities that are officially registered in Iran before the General Organization of Companies’ Registration (the “GOCR”), the eligible person is the signatories of the entity or a person appointed by the entity as the representative of the latter (Sec. III).

The scope of authority of the eligible person who can sign the banking documents on behalf of the principal owner of the account shall be determined in the PoA through which a person is appointed as the representative of the principal owner of the account. The minimum amount of money required for opening an account in the Bank is IRR 500,000 (Sec IV).

 

The procedure of opening of a bank account in the Iranian banks

The Procedure, is different based on the type of the bank accounts and the characteristics of the applicants.

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how to open a bank account in Iran for foreigners