Open a European Bank Account for your Corporation
Updated on Thursday 26th July 2018
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Investors doing business in the EU may find that their activities require that they open a European bank account for the corporation. Bank account creation is allowed for EU residents who wish to do so in a different country. In this situation, they are permitted to open a basic payment account and the respective bank is not generally allowed to refuse the application for this basic type of account. For companies, bank account creation will generally involve several steps, however, foreign investors in Europe can choose to set up a type of account that suits their business needs.
Investors who need to open an offshore bank account in a country in Europe like Cyprus, Malta, Switzerland or other jurisdictions, can reach out to our team of offshore company formation experts.
General requirements for corporate bank account creation in Europe
Opening a corporate bank account is a necessary step when incorporating a business in an EU country. The expansion of the business can be an opportunity that cannot be neglected, especially for businesses that are already established on other large markets. The list below includes the general steps to take into consideration when opening a corporate bank account in Europe:
- having a registered business: the company that applies for a corporate bank account will, in most cases, need to provide proof of registration in that country or in another EU country.
- having a business address: the bank account will be linked to a physical business address in the EU, which is also mandatory for business registration; this can be the actual address of the resident EU company, otherwise, investors have the option of using a virtual office.
- being present in person: some banks will require the personal presence of the company representative or director; in other cases, a power of attorney may suffice.
- tax identification: the registered company will have its own tax identification number which will also be used for banking purposes.
Opening a bank account is part of the offshore company formation process. If you are interested in knowing more about this, you can reach out to one of our agents.
Open a corporate bank account in Cyprus
A Cyprus bank account for a company is opened after the legal entity is registered with the Registrar of Companies. The required documents include the Articles of Incorporation, the registration certificate and others when the company is not incorporated in the country (such as proof of registration elsewhere or banking resolutions).
Offshore company setup is a simple process in Cyprus and one of our local experts can assist you during the process of incorporation and for the purpose of opening a bank account.
Malta corporate bank account creation
Opening a corporate bank account in Malta will demand much of the same requirements in terms of company documents. Whenever possible, it is advisable for foreign companies to select the same bank with which they already have a corporate bank account when opening its equivalent in Malta.
Contact our offshore company formation agents for more details on opening a corporate bank account in Europe.