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ABOUT OPENING A CORPORATE BANK ACCOUNT IN EUROPE

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).
Rengang 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 Rengang for a free primary consultation.

GENERAL INFORMATION ABOUT BANKING IN EUROPE

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.

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 Rengang, 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).

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