Corporate bank accounts in Spain
Opening a corporate bank account as an expat in Spain
Why having a Spanish bank account makes sense
Conducting business in Spain is much simpler with a Spanish bank account. Having a local bank account is essential if you are planning to incorporate a company in Spain. It allows you simply deposit the share capital that’s required to start a company. However, beyond being able to access financial services smoothly and simply, it has a range benefits for those who aren’t opening a business.
Making wire transfers to Public Institutions in Spain is faster with a Spanish bank account because other financial institutions will recognise the bank. For self-employed workers or freelancers, it helps simplify and manage your business finances by separating your business activities and managing your income and expenses.
What's needed to open Spanish bank account
The following are the most common requirements for opening a corporate bank account:
For foreign companies:
- Proof of having a valid Tax Identification Number.
- Proof that the company is active and trading in its country of origin.
- Good Standing Certificate from the country of origin to proves the company’s registration.
- Deed that identifies the beneficial owner of the company.
- Identification details of the Directors, such as Passport and NIEs.
- Power of Attorney to open the account on someone else’s behalf.
For Spanish Companies:
- Incorporation Deed duly registered with the corresponding Commercial Registry.
- A “036 form” which informs the Tax Office of the company’s starting date of activities.
- Deed that identifies the beneficial owner of the company.
- Identification details of the Directors, like a Passport and NIE.
- Power of Attorney to open the account on someone else’s behalf.
Top 3 best banks in Spain
Spanish bank accounts are available to both residents and non-residents. Here are some of the best financial institutions:
BBVA, CaixaBank and Banco Sabadell are some of the top traditional banks in Spain for international companies and Spain’s most renowned financial institutions.
- BBVA BANK – Digitally focused with a wide range of easy-to-use online services, including opening accounts.
- CAIXABANK – Spain’s second-largest bank and a strong suite of online services.
- SABADELL BANK – Popular with freelancers and small businesses as commissions are low and online banking is simple.
How can a lawyer help me?
Banking in Spain can be very bureaucratic, while the websites and services may be confusing and difficult to navigate for expats.
Moreover, the process of bank account opening requires a mountain of paperwork and many translations, which are often inaccurate. Having a lawyer by your side to assist and guide you through the whole process will ensure you get everything right, quickly.
¨We will be with you each step of your journey.¨
– Immigration Team
Find you Corporate Lawyer
Héctor Lopez Vazquez
Head of Corporate DepartmentMadeleine Cadwell
LawyerFrancesca Coluccio
TraineeLuisa Rivera
TraineeFrequently Asked Questions
It is a mandatory requirement. The law states that the initial capital share of any Spanish company must be deposited in a bank account or the shareholders will be held jointly liable for the any debts the entity may incur.
The coronavirus pandemic encouraged Spanish banks to simplify their processes, which allowed foreign investors to open banks account remotely. They just require a Spanish e-signature which is issued by the Spanish Tax Office and identifies the holder as Director of a Spanish/foreign entity.
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