How to open a business bank account in Spain in 10 minutes?
Communication Team
Communication Team

January 20, 2023

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How to open a business bank account in Spain in 10 minutes?

Spain has been taking steps to make the country more attractive to foreign investors and businesses, which includes making it easier to open a bank account.

If you’re planning to open a business banking account as a non-resident in Spain there are a few key steps to think about. This blog post will walk you through each step to make sure you’ve considered your options and have all relevant documentation ready.

Current banking structure in Spain for non-residents

Banks and fintech companies in Spain are now more open to working with non-residents, and many continue to try to streamline their processes for opening business accounts. The Spanish government has also implemented several measures to attract foreign investment, such as reducing bureaucracy and offering tax incentives. However, regulations and requirements change often so it is important to do your research beforehand to ensure the process runs as smoothly as possible for you.

While the current banking structure in Spain for non-residents generally includes a range of services that are similar to those offered to residents, including business accounts, loans, and trade financing, you will probably need to provide extra documentation as a non-resident. This might include proof of ID and residence when opening your business account.

If you’re thinking about opening your account at a traditional or ‘high street’ bank as a non-resident you might be required to go through some extra steps.. Some banks in Spain may also have restrictions on the types of businesses they’ll work with, or may require a minimum deposit or turnover. Take some time to research and compare the different banking options to see what fits your company best.

Also read: Can a non-resident open a business account in Spain?

Can you open a business account in Spain online?

The simple answer to this is - yes, you can open a business bank account online while you are in your home country.

There are, however, some banks that don’t provide the convenience of an online business account. The process might be more complicated and require you to provide specific documents that will need to be verified before your account is approved. You could also be required to visit a physical branch to complete the process of opening your account, which ultimately complicates the process and costs you time.

You’ll find this is often the case with larger and more traditional banks, such as Santander and BBVA. If you decide on a bank and need to go this route, make sure to factor in the time and cost of travel when considering whether or not to open an account with that particular institution.

Why do you need a business bank account for your business?

Having a separate business account can help you stay organised and on top of your finances. When all of your business income and expenses are run through one account, it makes it much easier to track your progress and make informed decisions about where to allocate your resources.

Another benefit of having a business bank account in Spain is that it can help establish credibility with suppliers, customers, and financial institutions. You can trade like a local from wherever you are in the world. It can also make it easier to apply for loans and other types of financing.

Lastly, and importantly, having a business bank account can save you money on taxes by allowing you to claim certain expenses as business deductions.

Overall, having a separate business bank account can make your life easier and keep you on top of your game in Spain's fast-paced business world.

How long does it take to open a business bank account in Spain?

The time it takes to open a business bank account in Spain will vary depending on the bank you choose and the type of account you apply for. Typically, it can take anywhere from a few days to a few weeks. The process may be quicker if you are able to provide all of the required documentation and information in a short space of time, while also making sure everything is correct. .

As mentioned previously, if you are choosing a popular bank in Spain, the requirements might be stricter. This could mean it would take much longer than a week to get your business bank account up and running. This is why It's important to research different banks and compare their process and requirements for opening a business account before deciding the right path for your company.

It’s well worth looking at newer and more small-business friendly options. It’s becoming increasingly popular for some banks and financial service providers like Wise, wamo, and Revolut, for example, to offer faster, simpler account opening processes. They have fewer requirements, provide straightforward processes and tend to be much more flexible than traditional banks.

How to open a business account with wamo in 10 minutes

Unlike traditional banks, at wamo we aim to provide ultimate flexibility and ease when it comes to opening a business account in Spain (or anywhere!). As a fintech company, wamo operates differently than traditional banks, with services tailored especially for small businesses and entrepreneurs and their unique needs.

To open a business account with wamo, all you will need to do is complete the online application form and provide some basic information about your company. Once your application is approved, you can access your account and start using it immediately. The entire registration process can take as little as 10 minutes.

Required documents to open a business account with wamo

Depending on where you’re located and the type of business you run, the requirements for opening an account may vary. However, in general, you will likely need to provide the following documents to open a business account with wamo:

Necessary Documents

  • Memorandum and Articles of Association (M&A)
  • Proof of shareholder structure
  • Proof of company address

Not necessary, but can be required at a later stage

  • Registry extracts
  • Certificate of Incorporation (COI)

Once you’ve finished uploading your documents and sharing some basic details about you and your business your application will be ready for verifying and, if everything looks good, it will be approved and ready for business within 24 hours! If you need any help or have any questions it is always possible to speak to a wamo team member by emailing support@wamo.io or by using the chatbox on the website.

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