We create the right case for legal entities when opening bank accounts. We successfully pass internal checks in Spanish banks, oversee the account opening process, and ensure its timely activation.
Each year, the process of opening accounts in Spanish banks becomes more complex for foreign citizens who decide to establish their own SL (Sociedad Limitada) or purchase a ready-made business.
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We will select the most convenient and beneficial bank for you, depending on the nature of your business.
You can open a bank account with a notarized power of attorney without the need for a prolonged stay in Spain.
Our experts will support you at every stage, from document collection to account activation.
Purchase of Commercial Real Estate
Purchase of Commercial Real EstateDetermining the purpose of opening a bank account
Obtaining approval for account opening and agreeing on the document package
Collecting and verifying the accuracy and relevance of documents
Submitting documents to the bank
Monitoring the processing timeline and administrative requirements
Receiving approval from the bank and activating the account
Done! The account is now open
Submit a request, and the experts at Tax & Development Consulting will help resolve the issue at any stage.
If you plan to do business in Spain, the first step should be opening a bank account. This is the only way to legally and smoothly conduct transactions with counterparties, including those from other European countries, make required payments, pay taxes, pay salaries to employees, and carry out any operations aimed at scaling the business.
We always advise our clients that it is not advisable to open business accounts in any foreign banks with branches operating in Spain. The process will take longer, more documents will be required, and there is a high probability of refusal. Moreover, it often happens that a bank promising to open an account remotely suddenly demands the applicant’s presence in Spain, which may not always be possible to organize in a timely manner. It is definitely recommended to choose banks in Spain that are friendly to foreigners, including many large ones.
To avoid any problems both when starting a business and while conducting operations, it is recommended to study the local market, including taking into account the latest geopolitical situation. Our company closely monitors the situation, so we confidently recommend the best financial institutions for doing business, based on our clients’ goals, and provide expert assistance during the account opening process.
Spain attracts foreign entrepreneurs due to the stability of its economic system and the fact that it offers favorable conditions for foreign investors. However, the Spanish Central Bank, as the country’s financial regulator, limits currency transactions and closely monitors the financial and economic activities of companies managed by foreign citizens. In particular, when opening bank accounts, a solid set of documents is required to confirm financial activity and sources of income.
Timeframes: From one week to one month. During this period, the bank carefully examines the provided documents.
Our experts ensure that there are no bureaucratic delays, as they are familiar with every step of the process.
Fees and currencies: Depends on the bank.
We recommend choosing a financial institution that operates in various currencies and provides favorable conditions for international transfers and currency exchange.
Documents for opening an account: There is a standard list of documents, but there may be a need to provide additional documents, including a detailed business plan.
We have encountered this practice and are ready to assist promptly in such situations, ensuring that the waiting period for the bank’s decision does not stretch unnecessarily.
Error resolution: Any doubts from the bank can increase the response time and even lead to refusal.
It is crucial to confirm your intentions and avoid raising unnecessary questions, so all operations of the organization should fully align with its profile. For example, a medical organization should not receive payments for construction services. If you have doubts about the documentation, we can help find a rational solution to prevent any questions from the bank.
To avoid wasting time and money when applying for an account at a Spanish bank, listen to the advice of experts, including considering the bank’s policies regarding non-residents and understanding the criteria used by banks to evaluate potential clients.
We recommend learning in advance:
Another important recommendation that we always give our clients is to consider not only their current needs but also their long-term business development plans when choosing a bank, so that the bank becomes not just a payment tool, but a reliable business partner.
First of all, documents confirming the legal status of the organization and its financial activity are required.
Main list of documents:
Additional documents may also be required. During the consultation, we will assess the prospects of requesting them depending on the specific situation.
Yes, it is possible. For conducting commercial activities and opening accounts in Spanish banks, citizenship is not required.
To open a business account in a bank in Spain, you need to provide the required documents from the list and fill out a form indicating the purpose of opening the account.
Spanish banks are quite conservative, but the pandemic has made some changes. You can open an account remotely if you issue the appropriate power of attorney. It can be done at the Spanish Consulate in the Spanish language, or if done by a Russian notary, an apostille and translation by a sworn translator into Spanish will be required. If you want to be present yourself, we will help you coordinate the date of your visit to the bank in advance to avoid wasting time.
Yes. We will help you choose the right bank for your needs.
Yes, this is possible. This can happen if there are suspicions of legal violations, including if the account is being used for money laundering. In any case, the bank is required to request documents regarding the source of funds and the financial statements of the organization. During the preliminary consultation, we explain all the details of working with accounts in Spanish banks to our clients.