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ANDORRA

The Principality of Andorra is a dwarf state located in Western Europe between Spain and France. It is not part of the European Union, but the Euro is used there. In terms of financial system and tax policy, Andorra is a tax haven. It attracts by its favourable taxation as well as the absence of taxes on income and investment. Financial activities in the country are controlled by the National Finance Institute (INAF). Andorra has minimized governmental interference in the business sector. Just ten years ago it was difficult to open an account in this country, but after the introduction of several legislative acts by the authorities, this procedure has been greatly simplified.

There are seven banks operating in the country, namely: Banc Sabadell d’Andorra, Andorra Banc Agricol Reig, Banca Mora, Banc Internacional, Banca Privada d’Andorra, Credit Andorra and CaixaBank Andorra. The banking institutions of the country are considered to be among the most stable and reliable in the world. The main distinguishing feature is their high solvency. They are not offshore, quite loyal to Russian business and have no problem opening accounts for clients from the Russian Federation.

ADVANTAGES OF OPENING A BANK ACCOUNT IN ANDORRA

The advantages of the banking system in Andorra are the following:

possibility to handle different currencies, namely: US and Canadian Dollars, Euros, Russian Rubles, British Pounds, Swiss Francs, etc.;
usage of modern technologies;
favourable fees for exchange operations;
no restrictions on funds transfers.

ACCOUNT OPENING PROCEDURE IN ANDORRA

To open an account in an Andorran bank, you have to submit a set of documents and meet certain requirements, which may differ depending on the bank.

The standard set of documents includes director, company owners and other attorneys-in-fact ID cards as well as the original statutes (apostilled).

The verification process by a bank institution and direct opening of an account usually takes 14 days or more. It depends on the requirements of the chosen bank.

Please contact us if you ever need to open an account in Andorra. Our specialists have extensive experience in working with local banks and are ready to help in choosing the proper bank for your business as well as assist in preparing the necessary documents.

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