What are the documents required to open a business bank account in France
Communication Team
Communication Team

December 29, 2022

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What are the documents required to open a business bank account in France

So now that you are already in the process of opening a company in France or maybe you are planning to start one - no matter what stage you are at, you might need a business bank account.

A business bank account might come in handy if you want to get a loan from the bank, as well as for conducting your day-to-day business activities such as invoicing, receiving payments and so on.

Please note that opening a company bank account is not mandatory, but it can certainly be helpful in many cases - so do consider it if you don't have one already.

In this blog, we'll walk you through the process of opening a business bank account in France, and provide you with some tips to make the process as smooth and hassle-free as possible.

Also read: Why a personal bank account and a business bank account should be kept separate?

Required documents to open a business bank account in France

There is no one-size-fits-all answer to this question since the specifics of each case will vary. However, generally speaking, you'll need:

  • A financial/business plan
  • Articles of Association
  • Organization/structure chart including Ultimate Beneficial Owner
  • Certificate of the register of UBO
  • The Balance Sheet or Profit & Loss Account for the last 2 years
  • A company presentation document
  • Identity document like a passport
  • Proof of address like a utility bill

Know your Customer (KYC): Why is it an important part of the process?

In order to open a business bank account in France, you'll first need to undergo a KYC process. This means you will have to provide the bank with some documents that show your identity and bona fides as an entrepreneur.

The purpose of this verification is twofold: on the one hand, it's important for protecting the interests of both yourself and the bank; after all, if somebody were to fraudulently open up multiple accounts using false information, it could do serious financial damage not just to themselves but also – perhaps more importantly –to other businesses who may be legitimate customers of the bank.

On the other hand, if you're opening a business bank account in France in order to receive financial support from the bank (either through loans or other forms of credit), it's important that your identity is verified so that you can be reasonably certain that any such credit is going towards legitimate activity and won't just end up being wasted on extravagant spending. After all, banks don’t want to lend money to businesses that might go bankrupt soon after taking out a loan; by verifying your identity, they can ensure that this doesn’t happen.

What services do French banks provide to their customers?

There is a wide variety of services available through French banks, including online banking, international money transfers, and automated bill payments.

Can non-residents open a business bank account in France?

With France's easy laws to launch a company in the country, there are countless entrepreneurs who have been able to establish an entire business online in France. And when it comes to a business bank account, obtaining one is no different. No matter where you are, you can open a business account in France without having to travel to the country.

It is important to note that some popular traditional banks in France might require you to visit in person to open a business account. But you can always look for alternatives like wamo, Wise, N26 etc. to open a business account. With such fintech companies, it's usually a more straightforward process, faster and less expensive than traditional banks. Additionally, these institutions are safe and secure as they are regulated by the country's laws and authorities.

You might also like to read: Wise vs wamo: which is better?

Things to keep in mind when opening a business account in France

There are a couple of things to keep in mind, though: first and foremost, you'll need to have an active physical office or business presence in France. Secondly, French banks tend to be more conservative when it comes to lending money to businesses compared with their counterparts in other European countries; so if your business isn’t yet earning a significant level of revenue, don’t be surprised if you need to wait a while before your application is approved.

Open your business account in France with wamo

wamo is a fintech service provider established for small and mid-sized business owners to open a business account without the hassle. While new entrepreneurs are supported to open a business bank account in France, there are times when traditional banks might reject your application due to one or more reasons. If you are looking for a fast, easy and affordable way to open your business bank account in France, take a look at wamo.

Get started with the account opening process right away, it takes just 10 minutes. Download the wamo business app from Google Play or Apple Store or simply start the process on wamo’s website.

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