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
Lexidy is a modern, dynamic, and innovative law firm. We always put customers at the center of our work and do our best to give an exceptional experience. Our expertise in Spain and Portugal allows us to solve complex problems thoroughly and cut all the risks before they may happen.
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Find you Corporate Lawyer
Héctor Lopez Vazquez
Head of Corporate Department
Madeleine Cadwell
Lawyer
Francesca Coluccio
Trainee
Luisa 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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pawel grochola
10:55 18 May 23
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11:35 09 Apr 23
Lexidy's first submission on my behalf cost 400+VAT. For up to two years, I thought everything was fine. Until I received a notice from the Spanish tax authorities asking for official receipts and translations which were quoted at over 4000 euros. The submission was rejected and my tax liability was re-calculated making me owe thousands..During the process, there was no personal consultation, I had to edit and make several corrections, documents for the wrong year were submitted, the draft cover letter addressed me as a female.A attention to detail and quality control does not exist. I was moved from one advisor to the next and eventually left on my own with Spanish Tax Authorities.Had they given me proper tax advice like I paid them for, I would have been informed as to exactly what documents I should gather and translate for this process. Lack of clarity and communication is evident in the pathetic email chain with this company.They called with an urgent request for an additional 800+VAT and stated that if I did not immediately pay they would not support me any further when the issues has not been brought to resolution at all. How am I to trust this company and pay them another penny when I have been provided with a lack of competence and accountability.I am still waiting to hear back. Not a phone call nor email, even after following up via their website. No reply 🙁
Bob Tricarico
12:34 15 Mar 23
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19:09 11 Jan 23
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12:47 17 Aug 22
Lexidy has helped us so much in both the business and immigration side. We continue to use them for all legal needs and recommend them highly.
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11:49 26 Jul 22
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20:47 25 Jul 22
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RICHARD BRITTON
21:46 29 Jun 22
We contacted Lexidy Law boutique when we recently moved from Cyprus to open a new chapter in our lives to move into a house in Brittany that we had bought 12 years previously. We had underestimated the twists and turns involved in obtaining residency in France - so we contacted Lexidy Law Boutique and were assigned Eleonore, an immigration lawyer well acquainted with French immigration laws. From the very beginning we realised she was determined that we should have a successful outcome and she guided us expertly to avoid all the pitfalls in the process of applying for residency. She even accompanied us to the prefecture and ensured that everything went smoothly - without her presence we might well have not succeeded.We thank and highly recommend Eleonore and Lexidy Law Boutique.
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20:48 01 Jun 22
The Lexidy team is uniquely positioned to provide pan-European business and tax advisory services; what would be complex or impossible for a country-specific advisor is straightforward for Lexidy. They answered in days what would take weeks for other firms.
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13:03 27 Apr 22
Lexidy has been a lifesaver. The entire team has helped us so much on different matters both personal and corporate. Isabel in correcting an error by a previous accountant that was costing us an extra €1000 every month in social security payments! Jose with various matters and tax advice. Diego in helping us get documents notarized in Valencia even though he is based in Madrid. I cannot recommend them enough!
Aleksandar Vorinski
08:12 25 Apr 22
I recently purchased apartment, got NIE and opened bank account with their help. I m satisfied with their service, they are accurate and responsible.
A
17:31 24 Apr 22
I’ve dealt with hundreds of solicitors through business over the years but I must say Cristina and Lexidy Law are really something special. Responsiveness, proactiveness, knowledge and professionalism is, quite frankly, outstanding.M.
Sarah Taylor
11:03 31 Mar 22
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15:50 03 Dec 21
The labour law advice I was looking for. Delivered the answer quoting the law texts in Spanish as requested to make sure I was actually getting the correct answer for my question!These people are worth your money.
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14:53 20 Oct 21
Update: While all of the initial responses were pretty quick, they started getting busy, so I had to constantly follow up. We have since sought assistance elsewhere.My husband and I plan to move from the USA to Porto, Portugal in the spring/early summer of 2023. We didn't know where to start or what to expect. I searched online and found Lexidy Law Boutique. Their website is intuitive, informative and inviting. I emailed the office and Lidiane responded within a few hours. Based on the information in my email, she emailed us appropriate information on our situation. She was very professional and offered to set up a web call if we wanted to. We ended up having our web call today and will be starting our journey of becoming Portuguese citizens. She informed us of the first steps, all of the documentation we need and what the law firm can do for us. Right after our call, she emailed us detailed information regarding pricing and what is entailed in that pricing. So far, the beginning of our journey is a positive one.
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05:20 21 Sep 21
I have started to work with this company which was my friend recommendation. My first experiences have been very good. They are responsive, friendly and cares about their costumers.
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05:16 15 Sep 21
I experienced good, constructive and accurate service by Lexidy in composing my SHA. Thanks Hector and Samual
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07:43 08 Sep 21
Samuel is very professional and patient. Really appreciate.
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