Business Bank Account Opening Europe

Currently, opening a business bank account in a European bank demands a lot of effort due to the increased requirements for the beneficiaries and activities of the companies as well as complex application processing.

Our team here at Regulated United Europe has eight years of experience in helping clients to open business bank accounts across Europe. We use our wide network of trusted partners in the European banking industry to offer the most suitable and efficient options that improve the functioning of the companies we serve.

The benefits of a business bank account include the following:

  • Professional image
  • An opportunity to build a credit history
  • More organised accounting records
  • Online tools for invoicing and other accounting processes
  • Annual tax reporting (it’s imperative to ensure business transactions are separated from any personal transactions)
  • Business account allowances and benefits (a bank can offer reduced fees, free business advice or competitive interest rates to new business account owners)
  • A European bank account enables easier management of funds and transactions within the Single Euro Payments Area (SEPA)

You may consider opening a business bank account if:

  • The amount of the company’s transactions is high
  • The company’s income and expenditure have increased significantly and you need to simplify tax self-assessment
  • You’re preparing to incorporate a limited liability company
  • Your company needs a business credit card
  • If your company intends to accept card payments from clients
  • There’s an intention to apply for a business loan

Things to consider before choosing a bank:

  • Whether it’s friendly to your business area (e.g. crypto) and operational framework (e.g. connectivity with PayPal)
  • Business bank account fees (admin, various types of transactions, etc.) that might seem non-obvious from the first glance
  • The level of customer support (communication channels and whether it can be tailored for you)
  • Interest fees
  • Transfer limits
  • Insurance of the deposited money
  • Offshore banking

Business Bank Account Opening Europe

An Overview of the European Banking Industry

 The European banks are thoroughly regulated and therefore trusted by many international businesses, which can add an extra level of security to your company’s operations. The European Banking Authority is the EU’s regulatory agency whose role is to enforce transparency and integrity across the financial industry and who can override national regulations in order to achieve its goals. Another impactful institution is the European Investment Bank whose purpose is to fund strategic EU projects.

The total of the balance sheet is one of the key indicators of a bank’s success. While you can choose from a huge number of European banks, keep in mind, that the following banks are the largest (and the most successful) with regard to total assets:

  • BNP Paribas (France)
  • HSBC Holdings (UK)
  • Credit Agricole Group (France)
  • Deutsche Bank (Germany)
  • Banco Santander (Spain)
  • Barclays PLC (UK)
  • Societe Generale (France)
  • Groupe BPCE (France)
  • Lloyds Banking Group (UK)
  • ING Group (Netherlands)

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Corporate Banking Services in Europe

Many European banks aim to cater to the varying needs of businesses and thus offer services that boost business efficiency and keep up with technology-led solutions. That said, it’s crucial to evaluate how much your company is willing to spend on banking services prior to making the decision.

Traditional European banks provide the following services:

Service Description
Digital onboarding Simplify the process of opening a business bank account with digital onboarding. This service enables companies to open a company bank account swiftly and securely online, minimizing paperwork and saving time.
Online banking Access your accounts from anywhere in the world. Online banking features include account management, forex and shares trading, and the capability to open business bank accounts for conducting wire transfers internationally.
Credit and debit cards Essential for managing business expenses and cash flow, these cards also facilitate companies looking to open bank accounts for business with access to credit.
24/7 customer service Some banks offer 24/7 customer service to provide support and address any issues or concerns that may arise.
Personalised customer service Offers personalized guidance through a personal banker, ideal for those seeking advice on how to open a bank business account.
Harmonised service and pricing models Simplifies account and finance management for businesses operating across borders, making it easier when they open bank account business operations.
International debit cards For business expenses abroad, supporting businesses as they open company bank accounts for international dealings.
Connectivity with virtual wallets and online payment systems Facilitates transactions with virtual wallets and online payment systems, crucial for businesses intending to open business bank account with EIN only.
Business advice Expert advice to support financial decision-making, beneficial for those exploring how to open a business bank account.
Harmonised reporting formats Streamlines financial reporting across different regions, a plus for businesses aiming to set up a business bank account.

In addition to traditional banks, companies can also explore options within the digital banking industry, which boasts plenty of advantages. The most popular digital banks in Europe, inter alia, are Wise, Monzo, Revolut, Bunq and N26.

 

Pros and Cons of Using a Business Bank Account for Your Company:

Pros Cons
Speedy digital onboarding process:

The convenience of digital onboarding streamlines the process to open a business bank account online, offering a time-efficient start.

Minimum Balance Requirements:

Some banks might require a high minimum balance, a factor to consider when planning to open business bank account.

Streamlined transaction processes:

Reduces administrative costs, a key consideration for businesses deciding how much to open a business bank account.

Higher Transaction Fees:

Can be a downside for companies evaluating the best bank to open a business account.

Borderless multicurrency accounts:

Essential for businesses operating internationally, facilitating the need to open bank account for business transactions in multiple currencies.

Lower Interest Rates:

When comparing options on how to open a company bank account, consider the interest rate offerings.

Exchange Rate Protection:

When you open company bank account, you gain protection against exchange rate fluctuations, crucial for financial stability.

Foreign Currency Transaction Fees:

Important for businesses needing international debit cards to understand the cost implications.

Instant Fund Access and Management:

Offers businesses the agility to manage cash flow effectively, an aspect to consider when you set up business bank account.

Additional Fees for Services:

Businesses seeking to open bank account business accounts must account for potential extra charges.

Comprehensive Account Management:

Easy inspection of balances and transactions simplifies how to open a bank account for a company, offering transparency in financial management.

Higher Overdraft and Insufficient Funds Fees:

A consideration for those exploring easy to open business bank accounts.

Lower Administration Fees:

An attractive feature for those researching what is needed to open a business bank account, compared to personal accounts.

Extra Paperwork:

The requirement for more documentation can be a barrier for those looking to set up a company bank account quickly.

 

European Banks Offer the Following Types of Business Accounts:

Account Type Description
Business current account An active account created for everyday payments, withdrawals, and transfer of funds. This account is essential for businesses looking to manage daily financial operations efficiently. It typically includes features such as online banking, debit and credit cards, and access to cash management services, making it a cornerstone for businesses aiming to open a business bank account.
Business savings account A savings account designed to store extra funds and earn interest. Ideal for businesses aiming to set up a business bank account that allows their surplus funds to grow over time. This account usually offers higher interest rates than a current account and may have additional features such as overdraft protection, serving as a strategic option for businesses focused on financial growth.
Business certificates of deposit (CD) account A savings account with fixed and usually higher than regular interest rates. This account is suitable for businesses with long-term savings goals and typically requires a minimum deposit and a fixed term, which can range from a few months to several years. It represents a more secure investment option for companies looking into business bank account opening with a focus on future planning.
Business money market account (MMA) A savings account that combines features of a current account, such as the ability to write checks and make electronic transfers, with a higher interest rate. This account requires a higher minimum balance and is ideal for businesses that want to open a bank account for business with flexible access to funds and better earning potential.
Merchant account A merchant account is tailored to businesses that need to accept debit and credit payments from customers. These funds are processed and transferred to other business accounts. This account is crucial for businesses aiming to open a company bank account that facilitates a wide range of customer payment options. It typically includes features such as payment processing solutions, point-of-sale systems, and access to cash management services, essential for businesses seeking comprehensive payment solutions.
Foreign currency account A foreign currency account allows businesses to conduct transactions in a currency other than the local currency, helping to avoid exchange rate fees. This account is significant for businesses looking to open a business bank account that facilitates international transactions. It typically includes features such as online banking, wire transfer capabilities, and access to foreign exchange services, offering a strategic advantage for businesses operating on a global scale.

Requirements to Open a Business Bank Account

business bankingGenerally, requirements vary depending on the type of legal business structure, the country where you wish to open a business bank account, as well as your company’s residence status. Banks from various countries usually offer different services to sole traders, limited liability companies, partnerships and other types of businesses.

For a limited liability company, the following requirements may apply:

  • Transfer of a specified amount of capital to a new business account, which enables the registration of the business in that particular country (the required amount varies in each bank)
  • Registration of the company with local authorities (usually a national commercial register)
  • The transferred capital can only be accessed once the company is fully registered with the local authorities
  • The head office should be located at the same place where the registered office is located

While different countries require different sets of documents for resident and non-resident companies, the following documents are generally required to open a bank account in Europe:

  • Articles of Association, Memorandum of Association or other company documents (e.g. partnership agreement)
  • A certificate of company’s registration
  • The company’s business plan
  • Identity documents of the company’s shareholders and directors
  • Proof of company’s registered address
  • Samples of signatures by individuals to use the business account

In terms of requirements by country, Switzerland and Scandinavian banks tend to have the strictest requirements as they are the most regulated in the global context. You’ll normally need to attend a face-to-face meeting in the country where your selected bank is located and also have your background checked in order to open a corporate bank account. If you wish to avoid the pain of having to prepare a mountain of paperwork, we highly advise exploring the possibilities available in Estonia, where the e-residency programme opens doors to foreign non-residents as long as they own an Estonian company.

How to Open a Business Bank Account in Europe

In the digitalized world, you can normally open a bank account for business remotely from any corner of the world. Depending on the selected country, bank, and the number of applications they receive, the process can take from several weeks to several months.

To open a company bank account in a traditional European bank, you should take the following steps:

  • Determine your business needs and the types of accounts your company requires.
  • Choose a European country and a bank where you wish to open a corporate account.
  • Reach out to the selected bank to clearly define specific requirements.
  • Collect required documents.
  • Submit an application to the selected bank.

To set up a business bank account in a digital bank, you should take the following steps:

  • Determine your business needs and the types of accounts your company requires.
  • Research and select a digital bank.
  • Use a corporate email address to create a business account with a selected digital bank.
  • Fill in an online application form – provide your company’s details (company name, legal structure, registration number, registered and trading address, information about directors and ultimate beneficial owners, etc.).
  • Submit the application to the selected digital bank.

Opening a company bank account, whether in a traditional or digital bank, requires careful preparation and understanding of what do you need to open a business bank account. By following these steps and ensuring you have all the necessary information and documents prepared, you can streamline the process of setting up a business bank account in Europe.

If you intend to open a business bank account in one of the European countries, highly experienced consultants of Regulated United Europe will be delighted to assist you. Over the last eight years, we’ve developed a wide network of trusted relationships across the European banking industry, which will streamline your application processing at a selected bank. Book a personalised consultation now to receive advice that will accelerate your business success.

Assistance to open an account for high-risk company 2,000 EUR
Diana

“Is your business in need of a main or an additional bank account? Our experts would be able to assist you in that matter. With the network of our partners, we will be able to find a suitable option for your needs.”

Diana Pärnaluik

SENIOR ASSOCIATE

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FREQUENTLY ASKED QUESTIONS

Opening a business bank account in Europe can provide many advantages, such as access to a stable and well-regulated financial system, the ability to conduct business across international borders, and the opportunity to benefit from competitive interest rates and low fees. Additionally, having a business bank account in Europe can provide credibility and legitimacy to your business, and make it easier to manage your finances while doing business in Europe.

The specific documents required to open a business bank account in Europe can vary depending on the bank and the country. However, in general, you will typically need to provide proof of identification, such as a passport or national ID card, as well as proof of address, such as a utility bill or bank statement. If you are opening a business bank account, you may also need to provide business documentation, such as articles of incorporation or a business license. It’s important to consult with the bank to understand their specific requirements and prepare accordingly.

Yes, our team can help you open a business bank account in Europe. Our team of experienced professionals has deep expertise in helping businesses in a variety of industries find the right bank and navigate the complexities of opening and managing a business bank account in Europe. We can help you prepare the necessary documentation and guide you through the process of selecting the right bank and account type to meet the unique needs of your business. Additionally, for businesses in high-risk industries, such as crypto or gambling, we can help you find a bank that is willing to work with you and provide you with the financial solutions you need to succeed. Contact us today to learn more about our services and how we can help you open a business bank account in Europe.

RUE customer support team

Milana
Milana

“Hi, if you are looking to start your project, or you still have some concerns, you can definitely reach out to me for comprehensive assistance. Contact me and let’s start your business venture.”

Sheyla

“Hello, I’m Sheyla, ready to help with your business ventures in Europe and beyond. Whether in international markets or exploring opportunities abroad, I offer guidance and support. Feel free to contact me!”

Sheyla
Diana
Diana

“Hello, my name is Diana and I specialise in assisting clients in many questions. Contact me and I will be able to provide you efficient support in your request.”

Polina

“Hello, my name is Polina. I will be happy to provide you with the necessary information to launch your project in the chosen jurisdiction – contact me for more information!”

Polina

CONTACT US

At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Vilnius, Prague, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.

Company in Lithuania UAB

Registration number: 304377400
Anno: 30.08.2016
Phone: +370 661 75988
Email: [email protected]
Address: Lvovo g. 25 – 702, 7th floor, Vilnius,
09320, Lithuania

Company in Poland Sp. z o.o

Registration number: 38421992700000
Anno: 28.08.2019
Phone: +48 50 633 5087
Email: [email protected]
Address: Twarda 18, 15th floor, Warsaw, 00-824, Poland

Regulated United Europe OÜ

Registration number: 14153440–
Anno: 16.11.2016
Phone: +372 56 966 260
Email:  [email protected]
Address: Laeva 2, Tallinn, 10111, Estonia

Company in Czech Republic s.r.o.

Registration number: 08620563
Anno: 21.10.2019
Phone: +420 775 524 175
Email:  [email protected]
Address: Na Perštýně 342/1, Staré Město, 110 00 Prague

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