If you are self-employed or have a company, you will need to have a business account to be able to manage your income and expenses more easily.
Fortunately, thanks to the arrival of a wide variety of digital banks, more and more financial institutions are offering you the possibility of opening a business account with reduced commissions and minimal costs, which has also contributed to making the conditions offered by bank for small business, large traditional banks in Spain.
Find out below what you need to open a business account, who can do it, and how you can carry out this process quickly, easily and without even leaving home.
Who is required to open a business account?
Although business accounts are intended for anyone who does business, the truth is that not everyone who owns a business needs to open a business account.
In this sense, business accounts are mandatory for SLs, SAs and associations, but they are not essential for self-employed workers, who can opt for other alternatives such as a personal account.
However, a business account is really convenient for you, because they usually have numerous advantages, including lower commissions and lower maintenance costs, which is why the vast majority of freelancers in Spain opt for this solution.
What do you need to open a business account?
The requirements to open a company account vary depending on the type of entity to which it is associated.
They can essentially be classified in two ways: for entities and for the self-employed.
Requirements for entities
The necessary requirements to open a business account if you have a company or an association are the following:
- Deeds that prove the constitution of the company or association (for example, the Statutes).
- CIF of the company or association.
- Document accrediting the activity of the company or association (for example the IAE).
- Document accrediting the power of attorney of the person who opens the account on behalf of the company or association.
Requirements for the self-employed
The documents needed to open a business account if you are self-employed are similar, but somewhat simpler.
- Document proving your self-employed status, generally the Single Electronic Document (DUE).
- NIF of the self-employed person and identity document (DNI or NIE).
- In some cases, a document that certifies the type of activity you carry out as a freelancer.
Economic requirements
In addition to the documents that must be submitted to open the account, each bank can request a minimum monthly income in it to keep it open without charging commissions.
These minimum monthly incomes are usually around 700 euros, so they are quite affordable for any freelancer or company.
On the other hand, it is also possible that your bank requests the direct debit of at least one receipt in your account, or, in the case of self-employed workers, or the collection of the self-employed quota and/or personal income tax in it.
The procedure for opening a company account
Although in traditional banking it is still usually necessary to go to a physical office to open a business account, banks such as EVO, Qonto or N26 allow you to do it completely digitally and in just a few minutes.
Although the steps vary from bank to bank, they can be broadly summarized as follows:
- Selection of the type of account you wish to open in online banking.
- Completion of the digital form for opening the account, entering the data of the entity or self-employed worker under whose name it will be.
- Uploading the supporting documents necessary to open the account, generally in PDF or JPG format.
- Verification of the identity of the person opening the account.
No comments yet