Business Bank Account in Europe
Legal assistance in opening a corporate bank account in Europe for your business. Fast & cost-effective.
LegalBison’s experts and FinTech lawyers will glady invite you to a free consultation.
Certified ACAMS consultant with 5+ years experience in compliance and FinTech regulations.
Opening your corporate bank account in Europe
Our specialists will help you decide what the best country to open a bank account is, what bank to choose and what type of bank account is the most suitable for your business.
LegalBison’s experts and FinTech lawyers will glady invite you to a free consultation.
+44 20 4577 0974
Certified ACAMS consultant with 5+ years experience in compliance and FinTech regulations.
+44 20 4577 0974
Assistance in finding the best suitable corporate account for your project
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Initial consultation
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Incorporating a company (if needed)
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Choosing the right jurisdiction
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Choosing the best suitable bank
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Assistance with opening the account
30 minutes consultation with a corporate services professional
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Initial consultation
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Incorporating a company (if needed)
-
Choosing the right jurisdiction
-
Choosing the best suitable bank
-
Assistance with opening the account
What you need to know about business banking in Europe
Europe’s banking system has been made famous for building upon the Euro currency which is the official currency of twenty EU countries and its Single Euro Payments Area (SEPA) system. Europe is home to a third of the biggest banks in the world, including behemoths such as BNP Paribas, Deutsche Bank, UBS, and Santander to name just a few.
Subsequently, the European banking system and its actors are highly trusted for their solidity and efficient services. Opening a corporate bank account in Europe is then a proven way to facilitate business operations and gain trust towards your customers in Europe and all over the world.
Here is what you need to know before getting started.
- Difficulty of opening
- Banking networks
- Loans for business
- Fees
- Online banking
- Usual requirements
How hard is it to open a corporate account in Europe?
It’s easy to open a bank account if you live in Europe. However, opening a bank account for non-residents in Europe can be challenging. It’s a very complex process that has many difficulties and requires a lot of effort. The problem is that many European banks consider non-residents as "high-risk" clients.
A bank requires non-residents to prepare certain documents for opening a bank account in Europe. Foreigners have to provide a bank with a valid identity document, proof of address, residency documents, and proof of employment or income. It’s necessary to prepare a full package of documents in advance.
From there, the difficulty of opening a business account depends a lot on the country. For example, it’s much easier for foreigners to open a bank account in countries like Estonia and Portugal. There, the process of opening a bank account is much easier compared to other European countries. Non-resident owners have to deal with the varying banking and regulatory requirements and the EU laws.
However, things will go easy if you choose the right jurisdiction and get the right assistance. At LegalBison, we are always ready to recommend the best European bank account options to help you pick a bank that meets your needs in the best possible way.
Banking networks in Europe
Banking networks play a very important role in the European banking system. They bring the banks together and organize a stable cooperation between them. SEPA (Single Euro Payments Area) and SWIFT are the most common banking networks used in Europe.
SEPA allows customers to make euro payments via credit transfer and direct debit. The network has members from the European Union and non-EU countries. Among the authorities that support the SEPA network are the European Commission and the Euro system.
SWIFT is the Society for Worldwide Interbank Financial Telecommunications. The banking network brings together banks and financial institutions from all over the world. SWIFT plays a very important role in international banking by making communication effective, and by facilitating the transfer of funds between banks. It serves as the global messaging network and financial communication platform. SWIFT has become popular among banks, corporations, regulatory authorities, and international entrepreneurs.
Getting a business loan for your project in Europe
Banks offer loans to fund new or existing businesses. There are different reasons why businesses may have to apply for a loan. Sometimes, businesses need to take loans to purchase equipment or to cover other operating expenses.
Loans provide businesses with the financing they need to invest in their marketing and advertising strategies, grow a business, and expand into new markets. There are different types of loans for businesses. Different types of business loans have different repayment terms. Each type of business needs a certain type of loan.
Business loans have lower interest rates compared to traditional loans (also known as personal loans). It’s more difficult to apply for a business loan and a pre-qualification process takes more time. A business has to meet certain criteria to get a loan approval. When a business owner applies for a loan, a lender checks their credit history as well as credit score.
Fees for opening and operating a bank account in Europe
Opening and operating a bank account in Europe involves some costs. European banks apply various fees for their services. Actually, you don’t have to pay any fees when opening a bank account in Europe. However, you have to pay fees for managing your bank account. It’s necessary to pay a so-called monthly maintenance fee, wire transfer fees, transaction fees, chargeback fees, overdraft and insufficient funds fees, account closing fees, fees for international payments, etc.
You don’t need to pay any ATM withdrawal fees if you use the ATMs of your bank. On the other hand, it’s necessary to pay ATM withdrawal fees only if you use ATMs of other banks in Europe. The fees that a person has to pay for a bank account depend on various factors such as the country of a bank, the bank, the type of bank account that you own, and others. For example, banks in such countries as Italy and Spain have higher fees compared to the fees that banks in other European countries apply. And of course, you have to know what fees a bank charges before opening a bank account.
Online banking services for professional accounts in Europe
Online banking has a fast-growing popularity among European banks and that’s why there is no shortage of digital banks in Europe. A lot of freelancers, entrepreneurs, and the owners of small businesses prefer to take advantage of online banking these days. Digital banks in Europe provide their customers with all the necessary services and offer effective online solutions for any financial needs.
It’s also important to note that the digital banking market in Europe constantly develops and expands its activities. That means that more and more banks in Europe allow their clients to use their services online. It’s easy to create an account in an online bank and this process doesn’t take too much time. Most importantly, online banking makes it possible to get access to an online business bank account in Europe and use its services flexibly at any time of the day.
Requirements to open a corporate account in Europe
When opening a bank account, you have to meet the basic requirements, which are specific to each European bank. The most basic list of possible requirements includes but is not limited to:
- Proof of identity of the business owner (passport or another form of government-issued photo ID);
- Personal and contact information of the business owner;
- Proof of address (a utility bill or a bank statement);
- Business registration documents as proof of the business activity;
- Minimum balance requirements, if applicable (a requirement to make a deposit when opening a bank account).
Advantages of opening a bank account in Europe for your business
Below, we’ll outline the top benefits of opening a bank account in Europe for a business.
High reputation
- Solid financial system
- Stable economy
- Top-rated banks
Online banking
- 24/7 access to a bank account
- Convenience and flexibility
- Easy money transfers
Good quality of service
- Various banking options
- Wide range of financial services
- Good customer service
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Study cases per country
Corporate account in Germany
Germany is one of the best countries to open a bank account in Europe as a non-resident. Germany is the obvious choice if you are looking for stability. This country has a strong economy and offers stability to non-residents. Germany’s banking system is very convenient and secure, with multiple credible financial institutions to choose from. It is required for business owners in Germany to segregate their own funds from their corporate bank accounts.
Having the reputation of some of the safest banks in the world. Commerzbank, Finom, and Kontist are considered good choices for business accounts in Germany.
Corporate account in Estonia
Estonia has established a reputation as an economically and politically stable country. It’s also important to note that Estonia has the reputation of the fastest-growing IT hub in the world. The country is well-known for its mode of advanced and remote banking system. Banks in Estonia allow non-residents to open a bank account and get access to their services online. It’s important to note that Estonia has recently renovated its e-residency program.
If you choose to open a business bank account in Estonia, you’ll have access to low-cost SEPA transfers. Estonia is one of the easiest countries in Europe where you can open a business bank account. It is also worth mentioning that banking fees in Estonia are higher compared to other European countries. You should know that Estonia banks have fewer branches and ATMs compared to banks in other European countries.
There are two types of bank accounts available for businesses in Estonia. These include: accounts at conventional commercial banks and accounts through online payment service providers. Among the best banks for business accounts in Estonia are SEB Bank and Nordea Bank.
Corporate account in Jersey
Jersey is known for its renowned financial and banking sector. It’s one of the most stable banking sectors in Europe. Jersey offers an advantageous jurisdiction for tax and business. Banks in Jersey offer profitable solutions to businesses: for instance, non-residents who open business bank accounts in Jersey can decrease their taxes. Besides, having a bank account in Jersey allows businesses to avoid certain taxes, for example, the wealth tax.
There are many banks in Jersey that allow non-residents to open bank accounts. These include The Royal Bank of Scotland International Limited, Standard Bank, and others.
Corporate account in Switzerland
A lot of people choose to open a business bank account in Switzerland and they do this for obvious reasons. The country has a well-developed banking sector and a streamlined process of opening a bank account. That’s why foreigners find it easy to open a bank account in the country. Swiss banks offer a wide range of financial services to locals and foreigners. It’s worth noting that banks in Switzerland have gained huge popularity among the high-net-worth individuals in the United States.
Switzerland has a sophisticated banking network. Swiss banks are known for their strictest privacy policy and a high level of asset protection. Neon and Migros Bank are worth considering if you are going to open a bank account for business in Switzerland.
Corporate account in the United Kingdom
There is no doubt that the UK is one of the best countries to open a business bank account. According to UK laws, non-residents can open a business bank account in the United Kingdom. However, in reality, opening a bank account as a non-resident in the country can be challenging. Oftentimes, banks in the United Kingdom don’t accept applications from foreigners because of fraud concerns.
Nevertheless, there are several banks in the United Kingdom that offer good options to foreigners. It makes sense to try to open a business account in such banks as Monese and Monzo.
- Germany
- Estonia
- Jersey
- Switzerland
- United Kingdom
Corporate account in Germany
Germany is one of the best countries to open a bank account in Europe as a non-resident. Germany is the obvious choice if you are looking for stability. This country has a strong economy and offers stability to non-residents. Germany’s banking system is very convenient and secure, with multiple credible financial institutions to choose from. It is required for business owners in Germany to segregate their own funds from their corporate bank accounts.
Having the reputation of some of the safest banks in the world. Commerzbank, Finom, and Kontist are considered good choices for business accounts in Germany.
Corporate account in Estonia
Estonia has established a reputation as an economically and politically stable country. It’s also important to note that Estonia has the reputation of the fastest-growing IT hub in the world. The country is well-known for its mode of advanced and remote banking system. Banks in Estonia allow non-residents to open a bank account and get access to their services online. It’s important to note that Estonia has recently renovated its e-residency program.
If you choose to open a business bank account in Estonia, you’ll have access to low-cost SEPA transfers. Estonia is one of the easiest countries in Europe where you can open a business bank account. It is also worth mentioning that banking fees in Estonia are higher compared to other European countries. You should know that Estonia banks have fewer branches and ATMs compared to banks in other European countries.
There are two types of bank accounts available for businesses in Estonia. These include: accounts at conventional commercial banks and accounts through online payment service providers. Among the best banks for business accounts in Estonia are SEB Bank and Nordea Bank.
Corporate account in Jersey
Jersey is known for its renowned financial and banking sector. It’s one of the most stable banking sectors in Europe. Jersey offers an advantageous jurisdiction for tax and business. Banks in Jersey offer profitable solutions to businesses: for instance, non-residents who open business bank accounts in Jersey can decrease their taxes. Besides, having a bank account in Jersey allows businesses to avoid certain taxes, for example, the wealth tax.
There are many banks in Jersey that allow non-residents to open bank accounts. These include The Royal Bank of Scotland International Limited, Standard Bank, and others.
Corporate account in Switzerland
A lot of people choose to open a business bank account in Switzerland and they do this for obvious reasons. The country has a well-developed banking sector and a streamlined process of opening a bank account. That’s why foreigners find it easy to open a bank account in the country. Swiss banks offer a wide range of financial services to locals and foreigners. It’s worth noting that banks in Switzerland have gained huge popularity among the high-net-worth individuals in the United States.
Switzerland has a sophisticated banking network. Swiss banks are known for their strictest privacy policy and a high level of asset protection. Neon and Migros Bank are worth considering if you are going to open a bank account for business in Switzerland.
Corporate account in the United Kingdom
There is no doubt that the UK is one of the best countries to open a business bank account. According to UK laws, non-residents can open a business bank account in the United Kingdom. However, in reality, opening a bank account as a non-resident in the country can be challenging. Oftentimes, banks in the United Kingdom don’t accept applications from foreigners because of fraud concerns.
Nevertheless, there are several banks in the United Kingdom that offer good options to foreigners. It makes sense to try to open a business account in such banks as Monese and Monzo.
BUSINESS COMPANY & ACCOUNT
Company Formation in Austria
from 1.800 €-
Prestigious standing
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Competitive tax rate in EU
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Completely remote
Company Formation in Cyprus
from 1.950 €-
0% taxation of dividends
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Top jurisdiction
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Not considered offshore
Company Formation in Czech Republic
from 3.000 €-
Very low tax
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Foreigner friendly
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Everything remote
Company Formation in Estonia
from 450 €-
Fast incorporation
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0% tax on undistributed income
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Entirely remote
Company Formation in Jersey
on request-
0% Tax
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One-person venture allowed
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High stability
Company Formation in Poland
from 1.500 €-
0% Tax if undistributed
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A fast growing EU state
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Tech savvy workforce
Corporate Bank Accounts in Europe - What you need to know
To open an account in an EU bank means to open the gates of Europe for your company. Not only will you be provided with an IBAN number in a politically stable and financially solid part of the world, but you will be able to freely use the SEPA wire system to send and receive payments almost instantly in Europe. This is a serious accelerator of business that gives you a tremendous advantage on the “old continent”.
Opening a corporate bank account in Europe as a local resident
After you choose the appropriate banking institution (it can be a local, international, or even an online bank), you will have to provide a set of documents outlining your identity, as well as the model, type, and purpose of your company. You will have to specify the type of company and outline the list of its potential activities. Other important factors include:
- Outlining KYC/KYB policies of the company;
- Complying with the AML-CFT laws of the country you are opening the bank account in;
- Applying for a VAT number and comply with the local tax policies;
- Providing proof of solvency and depositing a share of your starting capital (if applicable);
- Submit annual fillings to the bank as part of ongoing compliance (in some countries).
LegalBison gladly assists European residents in successfully meeting all these conditions for opening a bank account. Rest assured that with our help, you will complete the process from A to Z with a professional lawyer supervising each step.
Opening a corporate bank account in Europe for non-resident
Although still possible, it is must more complex to obtain a bank account in Europe as a non-resident. For starters, there is more documentation to be submitted and more regular reporting to conduct. In general, it may be necessary to comply with the following requirements:
- Residency requirement: Some jurisdictions or banks may require you to have a local presence, such as a registered business address, a local director, or a representative;
- Due Diligence: Banks will perform due diligence checks, including anti-money laundering (AML) and Know Your Customer (KYC) procedures, which may be more stringent for non-residents;
- Taxes: You are likely to be required to register with a local tax authority and obtain your own tax payer’s identification code before opening a bank account;
- Fees: Accounts opened by non-residents are likely to have higher maintenance and other fees attached.
There are many other factors to take into account than opening a European bank account as a non-resident. For more precise instructions and a clear roadmap for your business, contact LegalBison for a free primary consultation.
Open a corporate bank account in Europe with LegalBison
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About Europe business bank account
UK businesses that operate internationally have to open a bank account in Europe. Luckily, a UK business owner can open a foreign bank account in Europe if such a need arises.
Some European banks offer effective solutions to businesses in UK. Opening a foreign bank account in Europe makes it possible for UK residents to perform the necessary operations and transactions and get the certain financial services.
In this case, it’s necessary to open a bank account that meets regulations of the United Kingdom and Europe. Generally speaking, a UK business owner has to provide the necessary documentation, comply with the certain regulations, and pay fees for maintaining a business bank account.
Switzerland is a huge financial hub in Europe and all over the world. It’s possible for residents and non-residents of Europe to open a Switzerland bank account. A European company can open a bank account in Switzerland. However, a company has to meet certain regulations and follow certain procedures to open a Switzerland bank account.
What is great about opening a bank account in Switzerland is that Swiss banks allow foreigners to open bank accounts remotely. Banks in Switzerland allow a European company to complete the procedure of opening a bank account online. Keep in mind that it’s impossible to open a bank account online in many other European countries.
When opening a Switzerland bank account, European companies have to provide business registration documents, business plan as well as the information on the company’s activities, prove identity and comply with the Swiss banking regulations.
Yes, every country in Europe has its own regulations and requirements that businesses need to follow to open a business bank account. That’s why you need to clarify what documentation a bank requires, what a minimum deposit you have to make to a bank account and what fees you have to pay.
It’s crucial to be very selective when it comes choosing the best country in Europe to open a bank account for your business. Traditionally, business owners choose to open bank accounts in such countries as Estonia, Lithuania, Germany, Poland, Switzerland and the other EU countries. Every country in Europe has its own laws as well as regulations that businesses need to follow to open a bank account.
It’s worth noting that your choice depends a lot on your project. You have to select a country in Europe and a bank that suits your business specific needs best. The help of experts is immeasurable in this process. That’s why you have to get a consultation from financial experts before opening a bank account in Europe. After analyzing your business needs carefully, professionals will tell you the best country to open a bank account for business.
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LegalBison’s experts and FinTech lawyers will glady invite you to a free consultation.
Certified ACAMS consultant with 5+ years experience in compliance and FinTech regulations.