Business Bank Account in Paraguay: Opening Guide

Published on September 30, 2025 and written by Cyril Jarnias

Paraguay offers an attractive economic environment for foreign entrepreneurs looking to establish themselves in South America. With favorable taxation and simplified procedures, opening a corporate bank account in Paraguay can be an excellent opportunity to develop your activities in the region. Here is a detailed guide to help you navigate this process.

Key Steps to Opening Your Business Account in Paraguay

To open a corporate bank account in Paraguay, several essential steps must be followed:

1. Choose Your Company’s Legal Structure Before any banking procedures, you must establish your company in Paraguay. The most common forms are S.A. (Sociedad Anónima) and S.R.L. (Sociedad de Responsabilidad Limitada).

2. Obtain Your RUC Number The RUC (Registro Único del Contribuyente) is equivalent to the SIRET number in France. It is essential for any commercial activity in Paraguay.

3. Select a Bank Research banks that offer services tailored to foreign businesses. Some are more open than others to non-residents.

4. Schedule an Appointment Contact your chosen bank to set up an appointment with a business advisor.

5. Prepare Your File Gather all necessary documents (see next section) before your appointment.

6. Make the Initial Deposit Once your file is accepted, you will need to make an initial deposit to activate your account.

The Winning File: Documents Required for Opening Your Account

To maximize your chances of account opening, ensure you have the following documents:

• Company bylaws registered in Paraguay
• RUC registration certificate
• Identification documents for directors and shareholders (passports)
• Proof of company address in Paraguay
• Minutes of directors’ appointment
• Business plan or detailed description of activities
• Bank references from your home country
• Proof of source of funds to be deposited

Watch out for translations! All documents not written in Spanish must be translated by a certified translator in Paraguay.

From Theory to Practice: The Step-by-Step Procedure

Here is the typical process for opening a corporate bank account in Paraguay:

1. Initial Contact Send an email or call the bank to express your interest and obtain preliminary information.

2. Meeting with an Advisor During this meeting, present your project and submit your complete file.

3. File Review The bank examines your application, which can take from a few days to several weeks.

4. Request for Additional Information If necessary, the bank will contact you for clarifications or additional documents.

5. Validation and Contract Signing Once your file is approved, you will be invited to sign the account opening documents.

6. Initial Deposit and Activation Make the required initial deposit to fully activate your account.

7. Receipt of Payment Methods The bank will provide you with your online credentials, bank cards, and other management tools.

The Best Banks for Your Business in Paraguay

Here is a selection of the main banks offering services to foreign businesses in Paraguay, with their respective advantages:

1. Banco Itaú Paraguay – Strong international network – Advanced online banking services – Expertise in supporting foreign businesses

2. Banco Continental – Wide range of financial products for businesses – Significant presence throughout the country – Customer service known for its quality

3. Banco Regional – Specialization in agricultural and agro-industrial sectors – Offers tailored to SMEs – Strong local presence

4. Banco GNB Paraguay – Part of an international group – Efficient multi-currency services – Expertise in international trade

5. Sudameris Bank – Personalized approach for businesses – Modern cash management tools – Support for investment projects

Expert Tips for Successfully Opening Your Account

To optimize your chances of success, follow these recommendations:

• Prepare a flawless and complete file from the first appointment
• Be transparent about the source of funds and the nature of your activity
• Anticipate questions about your projects in Paraguay and your development strategy
• Consider hiring a local specialized lawyer to assist you with the procedures
• Remain patient and responsive throughout the process

Pitfalls to Avoid When Opening Your Bank Account

Here are some common mistakes to avoid:

• Neglecting the preparation of your file
• Underestimating the importance of physical presence in Paraguay
• Ignoring local cultural and linguistic specificities
• Choosing a bank based solely on cost criteria
• Failing to verify the compatibility of banking services with your specific needs

By following this guide and preparing meticulously, you will maximize your chances of successfully opening a corporate bank account in Paraguay. This crucial step will allow you to develop your activities serenely in this country with numerous economic opportunities.