Opening a Bank Account with a European Bank
Updated on Friday 20th July 2018
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Opening a bank account with a European bank can be a necessity when opening a company or when becoming employed in an EU country but it can also be an option for entrepreneurs who simply want to open a Euro bank account for various purposes. Having a non-resident bank account with an EU bank is possible and will require a few steps.
Investors who wish to open an offshore bank account in Europe or are interested in the process because they plan on locating a business here or becoming employed can reach out to one of our agents who specialize in banking issues.
Opening an EU bank account as a corporation
Having a corporate bank account is an inherent requirement when opening a business in a country in Europe, whether it is a member state or not. For companies established outside the EU who have clients here, international payments can be time-consuming and can hinder the development of the business. Various fintech solutions are available, such as business to business payments and virtual card solutions. These services usually offer payments to non-resident banks at much lower rates, compared to those for wire transfers. Investors interested in offshore company formation can explore these options when deciding to open an EU bank account.
When investors do decide to open a company in Europe, they can choose from one of the low-tax jurisdictions in the EU. Once the company formation process is underway, opening a bank account with an EU bank (in Euros) will be a required step. For this purpose, the company founders or the branch representatives will need to provide:
1. The company documents: the Memorandum and the Articles of Association, as needed.
2. The identity of the company owners: the bank can also request identification documents for the company directors.
Some countries in Europe offer a different type of solution, like Estonia, a country that has implemented an e-Residency programme. Through this special programme, investors can open a limited company through the online portal and then open an IBAN account based in the EU for the company. From there, the company can conduct business worldwide. One of our offshore company formation agents can give you more details.
Opening an EU bank account as a natural person
Opening an EU bank account is relatively simple for natural persons. The following steps are usually required:
- Choose a bank: perhaps your bank of choice already has a branch in Europe and this is an option worth exploring;
- Contact the bank: banks will make it mandatory for the individual to visit the bank; you should be well aware of these requirements.
- Provide the documents: when opening a bank account in Europe, individuals will need to provide their identification documents;
- Choose the type of account: presumably, if you are looking towards opening a bank account in an EU country, you will need a Euro account or one in the local currency; this is also the time to select additional banking services.
Please contact us if you are interested in offshore company set up and want to know more about the various business opportunities in Europe. One of our agents will be able to answer your questions.