Business Bank Account in Spain: Opening Guide

Published on and written by Cyril Jarnias

Spain, with its dynamic economy and business-friendly environment, attracts numerous foreign entrepreneurs. Whether you’re an ambitious startup or an established company looking to enter the Spanish market, opening a business bank account is a crucial step. In this article, we will explore in detail the process of opening a professional bank account in Spain, the necessary documents, and the best banking options available to you.

Keys to Opening a Business Bank Account in Spain

Opening a business bank account in Spain might seem complex, but with the right information, the process becomes much simpler. Here are the essential steps to follow:

1. Choose the type of account that suits your business: checking account, savings account, or foreign currency account.

2. Select a reputable bank that matches your specific needs.

3. Prepare all necessary documents (we will detail them in the next section).

4. Schedule an appointment with the chosen bank. Some banks allow you to start the process online, but an in-person visit is generally required to finalize the account opening.

5. During the appointment, present your documents and fill out the required forms.

6. Make the initial deposit, the minimum amount of which varies by bank.

7. Wait for your application to be validated and your account to be activated.

It’s important to note that the process can take from a few days to several weeks, depending on the bank and the complexity of your application. Patience is therefore advised.

Good to Know:

Some Spanish banks offer services in English, which can greatly facilitate the process for non-Spanish speaking entrepreneurs.

The Perfect File: Essential Documents to Open Your Account

To open a business bank account in Spain, you will need to provide a series of documents. Careful preparation of these documents is crucial to avoid any delays in the opening process. Here is the list of generally required documents:

  • Company registration certificate (Certificado de Registro Mercantil)
  • Spanish tax identification number (NIF) of the company
  • Company bylaws
  • Passport or ID card of the legal representative(s)
  • Foreigner identification number (NIE) for non-residents
  • Proof of the company’s address in Spain
  • Business plan or detailed description of the company’s activity
  • Recent company bank statements (if the company already exists)
  • Proof of the source of initial funds

It is crucial to note that some banks may request additional documents depending on the nature of your business or your resident/non-resident status. It is therefore recommended to contact the chosen bank directly to obtain a comprehensive list of required documents.

Good to Know:

Official translation into Spanish of some documents may be necessary. Therefore, plan for time and a budget for these translations.

From A to Z: The Detailed Procedure for Creating Your Bank Account in Spain

The process of opening a business bank account in Spain generally follows these steps:

1. Research and bank selection: Compare offers, fees, and services provided by different Spanish banks.

2. Initial contact: Contact the chosen bank to obtain detailed information about their specific requirements.

3. File preparation: Gather all the necessary documents mentioned previously.

4. Scheduling an appointment: Schedule a meeting with a bank advisor. Some banks allow you to start the process online, but an in-person visit is often necessary.

5. Interview and document verification: During the appointment, present your documents and answer the advisor’s questions about your business and activities.

6. Contract signing: If your application is approved, you will be invited to sign the account opening contract.

7. Initial deposit: Make the required initial deposit to activate the account.

8. Account activation: Wait for confirmation of your account activation and receipt of your banking credentials.

9. Online services setup: Set up online banking services to easily manage your account.

It’s important to note that the process may vary slightly from one bank to another. Some financial institutions may have additional steps or specific requirements, especially for foreign companies or non-residents.

Good to Know:

Allow sufficient time for this process, which can take from a few days to several weeks depending on the complexity of your application and the chosen bank.

Spanish Banking Giants: Which Bank to Choose for Your Business?

Spain has several major reputable banks that offer business services. Here’s an overview of the main options, with their respective advantages:

1. Banco Santander – Extensive international network – Advanced online banking services – Special offers for startups and SMEs – Support in multiple languages

2. BBVA (Banco Bilbao Vizcaya Argentaria) – Strong digital presence with efficient online management tools – Specialized services for international businesses – Support programs for entrepreneurs

3. CaixaBank – Wide network of branches in Spain – Innovative banking services and advanced payment solutions – Offers tailored to different business sectors

4. Banco Sabadell – Specialized in services for businesses and entrepreneurs – Attractive offers for non-residents – Dedicated support for business internationalization

5. ING Spain – Online bank with competitive fees – Simplified account opening process – Fully online banking services

Each bank has its own advantages and disadvantages. It’s crucial to carefully compare offers, fees, and services provided to choose the one that best matches your company’s specific needs.

Good to Know:

Some banks offer special packages for newcomers to Spain, including assistance services for relocation and administrative management.

Opening a business bank account in Spain is a crucial step for any company wishing to establish itself in the Spanish market. Although the process may seem complex at first, good preparation and a clear understanding of the requirements will allow you to navigate this procedure effectively.

Remember that every business situation is unique. It is therefore recommended to consult a Spanish business law expert or a tax advisor to ensure you follow all procedures correctly and choose the best banking option for your business.

Spain offers a dynamic business environment and exciting opportunities for entrepreneurs. With the right bank account and a solid financial strategy, your business will be well positioned to succeed in the Spanish market.

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About the author
Cyril Jarnias

Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.

On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.

Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.

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