Corporate bank account in Portugal

Opening a corporate bank account in Portugal can be a complex process for non-resident legal entities. In this article, we recommend two banks, Caixa Geral de Depósitos and NOVO BANCO, SA, that offer different levels of convenience and requirements. The procedure involves preliminary approval, personal interviews, and the submission of various documents, all of which may vary depending on the chosen bank and its branch. We provide valuable insights into the required documents, the timeline for the account opening process, and the associated costs, empowering you with the necessary information to navigate this undertaking effectively.

We recommend two banks in Portugal for opening corporate bank accounts for non-resident legal entities:

• Caixa Geral de Depósitos (the procedure of account opening will be somewhat less burdensome);
• NOVO BANCO, SA (account opening is more complicated, however this bank is very convenient in terms of banking service).

PROCEDURE OF ACCOUNT OPENING IN PORTUGUISE BANKS

First step - Preliminary approval

At this stage we apply to the bank to get a preliminary approval for account opening. We provide the bank with scanned copies of documents and information.

As a result, the bank manager makes a personal appointment with the company’s representative (Director or Attorney acting under POA) in the premises of the bank.

Second step – Approval

The bank manager meets in person with the company’s representative and conducts an interview regarding the company’s business and purported use of the bank account. At this point original corporate and other documents should be presented to the bank (the one’s which have been already provided in scanned copies during the First step).

As a general rule, the banks usually require a non-refundable deposit in the amount of EUR 100-1000. The deposit is non-refundable, provided the bank rejects account opening. The amount of the deposit depends on the risk profile of the client determined by the bank.

Once the personal meeting is finished, the bank manager makes a final decision regarding account opening within several weeks.

NB! The procedure as indicated above may slightly differ depending on the chosen bank, local branch of the bank and the bank manager who processes the applications for account opening. The bank may also introduce new requirements which cannot be reasonably foreseen beforehand.

Read about opening bank accounts in Spain

REQUIRED DOCUMENTS FOR OPENING A BANK ACCOUNT

Documents of the company:

• Set of corporate documents (apostilled and translated into English or Portuguese):
• Memorandum & Articles of Association;
• Certificate of Incorporation or another substituting document;
• Documents confirming the actual directors and shareholders: extracts from the registry, Certificate of Incumbency or another substituting document;
• POA provided that the company is represented by an Attorney and not by the Director;
• Signed ownership chart;
• Same documents as above regarding each corporate entity in the structure (provided the company has a multi-tier ownership structure or a corporate director).

NB! The above documents should not be older than 1 year

Documents regarding each individual person in the company (director, shareholder, beneficial owner):

• Notarized copy of passport;
• Utility bill confirming address (Internet bills or cell phone bills do not suffice);
• Detailed CV;
• Proof of funds and proof of wealth documents – confirming ownership of real estate, movable property, bank deposits, tax declarations etc.;
• Certificate of non-conviction may be sometimes requested

NB! Notarized copy of passport should not be older that 1 year. Certificate of non-conviction should not be older than 3 months.

Information regarding company’s business:

• Website;
• Detailed description of business (including turnover, number and amounts of incoming and outgoing transactions, average transactions);
• Contracts with clients and customers (2-3 contracts, invoices for incoming and outgoing transactions);
• Financial Accounts (if the company is an existing one).

Proof of connection with Portugal (depending on the model of operation, b2b or b2c – different information and documents may be required):

• Marketing plan oriented for local customers:
• Contracts with Portuguese customers or contractors;
• Website translated into Portuguese;
• Internet traffic from Portugal.

NB! Depending on the model of operation it may be required to present AML policies, Privacy Policy, Terms of Use, etc. on the website.

CONDITIONS PRECEDENT FOR ACCOUNT OPENING

In order to open a corporate bank account in Portugal, the company itself and the company’s representative should obtain a tax number (NIF).

We assist our clients remotely with obtaining tax numbers.

TERMS OF ACCOUNT OPENING

• Obtaining tax numbers – 5-10 business days;
• Pre-approval – 1-3 months;
• Approval – 1 day for visiting the bank in person plus 1-2 weeks for the final decision.

WHY COOSE TAXTERS TO OPEN A BANK ACCOUNT IN PORTUGAL FOR YOUR COMPANY

Choosing our services for opening a corporate bank account in Portugal offers numerous benefits and expertise that can streamline the entire process. Firstly, our deep understanding of the requirements and procedures involved ensures a smooth and efficient account opening experience. Secondly, we provide remote assistance in obtaining tax numbers, saving you time and effort. Lastly, our comprehensive support, from document preparation to application submission, minimizes the risk of errors and maximizes the likelihood of successful account opening, giving you peace of mind and allowing you to focus on your core business activities.

Written by Pavlo Dubynskyi, July 2023