If you conduct business in Spain, even if you are not a resident, you may need to open a bank account. This is typical, for instance, when you need to pay your company VAT tax, since they ask you to do it from a Spanish bank account to make things easier. In this post we will take a look at what you need.
Do I Need to Travel to Spain?
You can take the firsts steps by mail or email, but in the end you will need to travel to sign some papers and show identification. If you cannot travel or just don’t want to travel, you will need to create a power of attorney to someone that will.
What Documents Will I Need?
They will ask you for these three documents, for sure:
- Certification of incorporation of the company
- Your own personal identification
- Something that shows that the company is still active (Usually this is done with a tax document like your VAT tax statement or the corporation tax statement.)
In addition, and in case it is not included in the certification of incorporation, you will need a document that shows that you or the person opening the bank account is a legitimate representative of the company. This means the statutes of the company where the company representatives are named or a power of attorney.
Do I Need to Translate Everything?
Generally, you will need a certified translation of the certification of incorporation of the company and likely of the statutes or documents that show the legitimacy of the person opening the bank account. It is less likely that you will need to translate the tax statement.
However, before you start translating anything, always call the bank office and ask them directly. They should be able to speak to you in English.
Where Should I Go?
You will need to go in person to any bank office that is convenient for you.
Is This Valid for All Types of Companies?
In general, in order to open a business account in Spain, you will need to differentiate between big companies and SMEs. Banks usually have a special branch of offices that serve big companies. The definition of big varies from bank to bank. For example, at the moment we wrote this article, BBVA asked for more than 5 million euros on sales or balance and Banco Santander for more than 2 million euros. In order to find these offices, you will have to ask or search for “banca de empresas” plus your bank brand.
If you are a small company, then you can just go to the general offices for individuals, and they will be able to help you with the entire process.
Always Ask Before Travelling
Banks work with computer applications that ask the worker several things in the process of opening an account. It is important to know what documents they will ask you for. If you do not know, you may travel without some necessary papers, and, as a result, you will need to travel again. Thus, when you call, always emphasize that you are taking a plane only to open this bank account and that you need to do everything at once.
If you need help or advice with any of the above please get in touch.
