What information do i need to open a business bank account 2023? See now

This article addresses your question of what information do i need to open a business bank account?

If you are about to start a business or already have one, you should seriously consider opening a business account . This applies to freelancers who have a personal account.

Business accounts are intended to meet the needs of the self-employed and companies . In addition to offering the same services as an account for individuals, they have additional features that are adapted to the characteristics of a business.

Recommended: Know this open a business bank account requirements 2021

By law, legal entities are required to open a business account in order to start operations. In it, they must deposit their social capital. 

For limited companies, the minimum amount is three thousand euros and, for public limited companies, sixty thousand.

What information do i need to open a business bank account 2021?


Depending on the bank, you will have to present certain documentation and meet some requirements for your business account to be approved and remain active.

Documentation necessary to open a business account

First of all, you must deliver:

• Proof of the last three monthly payments paid to Social Security.

• Most recent model of self-assessment of VAT, personal income tax, Economic Activity Tax or Corporation Tax.

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• Copies of payroll vouchers from the previous quarter.

Additionally, the self-employed have to present these documents:

• National Identity Document (DNI),

• Form 036 that validates the registration with the Treasury.

For legal persons, the following is requested:

• certificate of real ownership,

• DNI of the account holder or, failing that, of the legal representative together with a power of attorney,

• company articles of incorporation,

• Tax identification with Tax Identification Number (NIF).

Requirements to open a business bank account

On the other hand, banks demand to comply with some additional requirements and accept certain commitments. 

Although these may differ depending on the institution, the most common are:

• Maintain a minimum salary of 2,500 to 15,000 euros.

Make an income of at least 1,500 euros per month or 9,000 per quarter.

• Carry out, from time to time, a minimum amount of movements with the debit card of the bank account.

• Domicile contributions to Social Security, tax payments or payroll remittances.

• Use the dataphone or POS of the bank.

Choosing the type of ownership in business accounts


To open a business account, the signature of one or more holders is required, that is, the people who own the funds deposited or assume responsibility for a debt.

As a general rule, a self-employed person will be the owner of their own account, unless, due to disability, they need to appoint an authorized person. The situation changes when dealing with legal persons. 

To open the account, the presence of the representative of the company is required. Although this person will have the power to manage the account, this does not make them the owner of the money.

On the other hand, civil partnerships, community assets, and other associations that occur in small businesses can open a multiple-ownership account.

This means that two or more people (generally, there is a limit of five) have the same rights to manage the account and dispose of funds. 

Within this modality, there are two alternatives:

Indistinct . Those who sign at the time of opening can make full use of the account without requesting the express authorization of the other holders.

Jointly . The signature of all the holders is required to be able to dispose of the funds or carry out other operations.

How to choose the ideal business account for you

There are several options in the market when it comes to business accounts, and it is no longer just traditional banking. 

In recent years, fintech banks have burst in with interesting proposals. In order to decide the alternative that is best for you, you must bear in mind the needs of your business .

If you have a physical or online store, it would be good for you to contract an account that gives you access to a dataphone or a virtual POS. Does your company import or export merchandise frequently? 

A financial product that applies discounts or grants facilities in international transactions would be the most viable in this case.

In case you want to simplify your business accounting, you will be pleased to know that there are mobile banking applications that allow you to automatically separate VAT from your sales and are automatically integrated into accounting management programs.

You should also verify that the entity has the online banking services that you are actually going to use, that the commissions are within your reach and that the associated cards offer just what you need (insurance, financing, bonuses, etc.).

There is no doubt: business accounts are a great ally in the administration and finances of a successful company.

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