Opening a business bank account

Overview

A Spanish company (sociedad limitada or similar) needs a dedicated business bank account — not just for convenience, but because Spanish company formation itself typically requires depositing share capital into one as part of incorporation.

Requirements

• A company in formation or already formally registered, with its own NIF (company tax ID, distinct from an individual's)
• Identification for all company directors/administrators and, in many cases, significant shareholders

Step-by-step process

• If you're incorporating a new company, open the account during formation, since the initial share capital deposit typically needs to go into a business account as part of the notarial incorporation process
• Provide the company's formation documents, or its registration details if already incorporated
• Provide identification for all relevant directors and major shareholders
• Complete the bank's business account application and any additional compliance checks, which are often more thorough than for a personal account

Required documents

• Company NIF (or proof of the pending application, if the account is needed during incorporation)
• Incorporation documents or registration certificate
• ID for directors/administrators and significant shareholders
• Proof of the company's registered address

Common mistakes

• Assuming a business account can be opened exactly like a personal one, without extra company documentation and compliance checks
• Not opening the account early enough in the incorporation process, when the share capital deposit is actually required at notarisation

Practical tips

• Compare business account fees carefully, since these are often higher and more variable than personal account fees, particularly for transaction volume
• Some banks offer dedicated business banking teams or advisors — worth asking about if you're setting up a company for the first time in Spain

How Tuchati can help

Tuchati can help you understand the business banking requirements alongside the wider company formation process.