Can a non-resident open a business account in Spain?
Communication Team
Communication Team

January 05, 2023

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Can a non-resident open a business account in Spain?

Yes, it is possible for a non-resident to open a business account in Spain. However, there may be certain requirements and documentation that you will need to provide in order to do so.

Generally, you will need to provide proof of identity, such as a passport or national identification card, as well as proof of address and proof of business activity. You may also be required to provide information about the purpose of the account and the expected volume of transactions.

It is a good idea to contact a bank or financial institution in Spain to inquire about their specific requirements for opening a business account as a non-resident. It is also a good idea to consult with a financial advisor or attorney to ensure that you are complying with all relevant regulations and laws.

Another option is to choose fintech solutions to open a business account. In this way, you can open an account much easier and faster. In addition, these accounts tend to be much more small-business friendly and accessible than traditional bank accounts.

How to open a business account as a non-resident in Spain

To open a business account as a non-resident in Spain, you will generally need to follow these steps:

Choose a bank or financial institution: Research different banks and financial institutions in Spain to find one that offers business accounts and meets your needs.

Gather required documentation: You will need to provide proof of identity, such as a passport or national identification card, as well as proof of address and proof of business activity. You may also be required to provide information about the purpose of the account and the expected volume of transactions.

Contact the bank: Contact the bank or financial institution to inquire about their specific requirements for opening a business account as a non-resident. They may have additional documentation requirements or may ask you to provide additional information about your business.

Schedule an appointment: Many banks in Spain require in-person appointments to open a business account. Schedule an appointment at the bank or financial institution to complete the account opening process.

Complete the account opening process: Bring all required documentation with you to the appointment and be prepared to provide any additional information that the bank may request. The bank will review your documents and may ask you to complete additional paperwork. Once all requirements have been met, the bank will open your business account.

It is a good idea to consult with a financial advisor or attorney to ensure that you are complying with all relevant regulations and laws when opening a business account in Spain as a non-resident.

As an easier option, you can open a business account with wamo. You can open a business account online without having to go to Spain, and without the hassle of excessive paperwork or checks. Moreover, tio initially qualify for a wamo account you only need to fill out the online application form, which takes just 10 minutes. Check out the wamo website for more information.

What do you need to open a business account in Spain?

  • To open a business account in Spain, you will generally need to provide the following documentation:
  • Proof of identity: This may include a passport or national identification card.
  • Proof of address: This may include a utility bill or rental agreement.
  • Proof of business activity: This may include a business licence or registration certificate, articles of association, or other documents that demonstrate the existence of your business.
  • Information about the purpose of the account: this may include information about the expected volume of transactions and the types of transactions that you will be making through the account.

In addition to these documents, you may also be required to provide additional information about your business, such as the nature of your business, the number of employees, and any relevant financial information.

It is a good idea to contact a bank or financial institution in Spain to inquire about their specific requirements for opening a business account. They may have additional documentation requirements or may ask you to provide additional information. It is also a good idea to consult with a financial advisor or attorney to ensure that you are complying with all relevant regulations and laws.

What to do if you want to open your business account easily with wamo:

Have the director’s, and ultimate beneficial owner's details ready. Install the wamo app from Google Play or App Store Once you’re on the app:

  • Enable Face ID and set a passcode (or use TouchID) - this is more secure.
  • Select your business type, country, and industry
  • Enter your company name, address and registration number.
  • Next you’ll add your director’s name (or names) and details
  • Add the company’s Unique Beneficial Owners (UBO) details: name, residence, date of birth.
  • Choose the account holder and scan their ID You will then receive a confirmation email and be able to log in to see your completed application. For more information, check wamo website and learn more. If you have any questions, feel free to contact us.

Read: How can I reach wamo customer services?

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