Corporate Bank Account Opening | Euroaccounts Madrid

Law 10/2010 on the prevention of money laundering and terrorist financing requires Spanish banks to apply enhanced due diligence (KYC) measures when opening accounts for companies with non-resident beneficial owners — a process that without professional intermediation can take 4 to 8 weeks or result in outright rejection. Euroaccounts, from its Madrid office and with over 500 international companies advised since 1996, manages corporate bank account openings with the main Spanish banks, preparing the KYC/AML documentation in accordance with the Fifth Anti-Money Laundering Directive (5AMLD, Directive 2018/843/EU) and accompanying the company throughout the process until the account is fully operational. As members of INPACT Global, we coordinate with home-country banks when international banking references are required.

Full management of the opening process with Spain's major banks
Preparation of all KYC/AML documentation under Law 10/2010 and 5AMLD
Target timeline of 2-4 weeks with professional support
Multi-bank strategy to minimise rejection risk
Resolution of common issues: foreign documentation, UBO, complex activities
Coordination with international banks via INPACT Global network

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Banking Services for International Companies

Each type of entity has specific requirements with Spanish banks

Account for Company in Formation

Opening a bank account in the name of the company being incorporated for the deposit of share capital (minimum EUR 3,000 for an SL). The bank issues the deposit certificate required for the notarial deed. This is the first operational step and typically the one that presents the most difficulties for foreign companies without a banking history in Spain.

Operating Account for Incorporated Subsidiary

Opening the main operating account for the subsidiary once registered at the Commercial Registry. Includes setup of online banking, corporate cards, direct debits for tax and Social Security payments, and the payment/collection services needed for daily operations. Euroaccounts negotiates banking terms based on the projected transaction volume.

Account for Branch or PE

Branches and permanent establishments of foreign companies face additional KYC requirements, as the account holder is the non-resident entity. Banks request parent company documentation (articles of association, UBO, financial statements), increasing complexity. Euroaccounts prepares and files all documentation to each bank's standards.

Multi-Bank Strategy

For subsidiaries with complex operational needs (international collections, financing, currency management), we design a multi-bank strategy that diversifies risk and optimises services. This includes negotiating conditions with each bank and managing simultaneous openings to ensure operational readiness from day one.

Corporate Bank Account Opening Process

Proven methodology with over 500 international companies

1

We assess the subsidiary's operational needs: payment/collection volumes, currencies, financing, online banking, card terminals, direct debits. Based on the profile, we select the most suitable banks (not all Spanish banks accept the same type of foreign company) and prepare the approach strategy.

2

We compile and prepare all KYC/AML documentation: articles of association of both parent and subsidiary (apostilled and translated), identification of Ultimate Beneficial Owners (UBO) with direct or indirect shareholding of 25% or more, parent company financial statements, description of business activity and source of funds, and international banking references. Each bank has specific forms that we complete on behalf of the company.

3

We submit the application along with all documentation to the selected bank. We accompany the company's representatives to the in-person meeting with the bank manager (usually required). We manage additional information requests from the bank's compliance department, which is typically the most unpredictable phase of the process.

4

Once the opening is approved, we configure online banking, corporate cards, direct debits for taxes (AEAT) and Social Security, and payment/collection services. We verify the account is fully operational for the subsidiary's activities and train designated staff on online banking.

REGULATORY FRAMEWORK

KYC/AML Requirements for Foreign Companies at Spanish Banks

Spain’s anti-money laundering framework centres on Law 10/2010, of 28 April, and its implementing regulation (Royal Decree 304/2014). This legislation transposes the European anti-money laundering directives, currently the Fifth Directive (5AMLD, Directive 2018/843/EU), and imposes on Spanish financial institutions obligations of identification, customer knowledge and reporting of suspicious transactions to SEPBLAC (Spain’s Financial Intelligence Unit).

For account openings involving companies with non-resident beneficial owners, banks apply enhanced due diligence (Article 11, Law 10/2010). This entails: formal identification of the legal entity via articles of association and certificate of good standing, identification of all Ultimate Beneficial Owners (UBOs) with direct or indirect shareholding of 25% or more of the capital or voting rights, verification of the source of funds to be deposited, understanding the purpose and nature of the business relationship, and ongoing monitoring.

Identification of beneficial owners is frequently the greatest obstacle. Since the 5AMLD came into force, Spanish banks require documentation evidencing the chain of ownership up to the ultimate natural persons who control the company, regardless of the number of corporate layers. For complex structures with multiple holding tiers, this may require documentation from several jurisdictions. Euroaccounts, through the INPACT Global network, coordinates the procurement of this documentation with local advisers in each jurisdiction.

Since 2020, Spanish banks have significantly tightened their KYC processes for foreign companies. The Bank of Spain and SEPBLAC have intensified inspections of bank compliance departments, which has led many banks to outright reject opening applications that present any additional complexity (higher-risk jurisdictions, unusual business activities, opaque corporate structures). Having a professional intermediary like Euroaccounts, with established relationships with the international business divisions of the main banks, significantly increases the chances of successful opening and reduces timelines.

Foreign documents must be apostilled in accordance with the Hague Convention of 1961 (or legalised through diplomatic channels if the country is not a Convention signatory) and translated by a sworn translator into Spanish. Financial statements must cover the last two closed fiscal years and should preferably be audited. International banking references issued by the parent company’s bank greatly facilitate the process and are practically indispensable for non-EU companies.

Law 10/2010 and RD 304/2014: Spain's anti-money laundering framework
5AMLD (Directive 2018/843/EU): current European standard
UBO mandatory: identification of natural persons with 25% or more control
Enhanced due diligence for non-resident beneficial owners (Article 11, Law 10/2010)
Documents: apostille + sworn translation + audited financial statements

PRACTICAL CHALLENGES

Common Obstacles in Opening Accounts for Foreign Companies and How to Overcome Them

Opening a corporate bank account in Spain for a foreign company is, in practice, one of the most complex and frustrating steps in the establishment process. Based on Euroaccounts’ experience with over 500 companies since 1996, the main obstacles are recurring and predictable, which means they can be anticipated and resolved with professional advice.

The first obstacle is outright rejection without explanation. Many Spanish banks decline applications from foreign companies, especially from jurisdictions perceived as higher risk (even perfectly legitimate countries such as certain US states, the UAE or some Latin American nations). The rejection is usually communicated as “the application has not been approved by the compliance department” with no further detail. Euroaccounts’ strategy is to submit simultaneously to 2-3 banks with which we have direct relationships, ensuring at least one successful opening.

The second obstacle is beneficial owner (UBO) documentation. For groups with complex structures (multiple holding layers, trusts, foundations), identifying and documenting the ultimate natural persons with control can take weeks. Spanish banks do not accept generic declarations: they require supporting documentation for each link in the ownership chain. Euroaccounts coordinates procurement of this documentation with INPACT Global firms in the jurisdiction of each intermediate entity.

The third obstacle is the compliance department timeline. Once all documentation is submitted, the bank’s compliance department can take between 2 and 6 weeks to complete its review, during which it may request additional documentation (activity clarifications, pro-forma invoices, contracts with Spanish clients, justification of projected transaction volume). Each additional request partially restarts the timeline. Euroaccounts anticipates these requests by preparing a comprehensive dossier from the outset that includes: a detailed business description, Spain operating plan, group organisational chart with UBO identification, and international banking references.

The fourth obstacle is the in-person meeting. Most Spanish banks require an in-person meeting with at least one authorised company representative before opening the account. For companies whose directors are based abroad, this may require a trip to Madrid. Euroaccounts can act as attorney-in-fact for the opening if sufficient notarial power is granted, although some banks may still require the presence of the beneficial owner or director. We coordinate the meeting to coincide with other procedures requiring presence in Madrid (deed signing, notary meeting), optimising the trip.

Multi-bank strategy: simultaneous submission to 2-3 institutions
Comprehensive KYC dossier from the outset to avoid additional requests
Coordination with INPACT Global for UBO documentation from multiple jurisdictions
Notarial power of attorney for opening without the beneficial owner present (bank-dependent)
International banking references: managed with the parent company's bank

POST-OPENING OPERATIONS

Banking Configuration and Operational Management of the Subsidiary's Account

Opening the account is only the first step. The operational configuration of the banking relationship determines the efficiency of the subsidiary’s financial operations in Spain and must be planned around the company’s actual needs: domestic and international payments/collections, currency management, financing, and compliance with tax and Social Security obligations.

Tax payment domiciliation is one of the first configurations needed. The AEAT allows (and recommends) direct debit payment of taxes from a bank account, which simplifies compliance and avoids late-payment surcharges. Euroaccounts configures the direct debit for all of the subsidiary’s tax forms (CIT, VAT, withholdings, instalment payments) and Social Security contributions. This requires the account to be at an institution participating in the AEAT’s direct debit system, which includes all major banks: Santander, BBVA, CaixaBank, Sabadell, Bankinter and Deutsche Bank, among others.

For subsidiaries carrying out international operations (collections from foreign clients, payments to the parent, intra-group transfers), the choice of bank is particularly relevant. Banks with greater international presence (Santander, BBVA, Deutsche Bank) offer better terms for SWIFT transfers, currency management and trade finance services. Euroaccounts negotiates international transfer fees, which can vary significantly between banks: from 0.1% to 0.5% of the amount transferred, with minimums of EUR 15-50 per transaction.

Corporate online banking is essential for remote account management. We configure access with the necessary user profiles (administrator, signatory, read-only), transaction alerts, integration with the subsidiary’s accounting software, and payment authorisation protocols (joint signatures, daily limits). For companies managing treasury from headquarters, we set up remote access with two-factor authentication enabling account operation from any country.

Euroaccounts also offers treasury management services as part of the comprehensive subsidiary service: cash flow monitoring, bank reconciliation, collection management (SEPA, confirming, factoring), supplier and employee payments, and treasury reporting to the group in the format required by the parent. With over 500 companies managed from Madrid and permanent coordination with banks and group advisers via INPACT Global, Euroaccounts functions as the subsidiary’s local finance department.

Tax and Social Security direct debit setup with Spain's major banks
Fee negotiation: international transfers, currency exchange, maintenance
Corporate online banking with remote access and two-factor authentication
Integration with accounting software and parent company's ERP
Treasury management: collections, payments, reconciliation and group reporting

Frequently Asked Questions

About opening corporate bank accounts in Spain for foreign companies

With professional advice and complete documentation, the process takes between 2 and 4 weeks. Without intermediation, it can extend to 4-8 weeks or result in rejection. The timeline depends on the complexity of the structure (a simple SL subsidiary is faster than a branch of a group with multiple holding layers), the parent’s jurisdiction and the diligence of the bank’s compliance department. Euroaccounts submits complete documentation from the outset and actively manages follow-up with the bank to reduce timelines.

Standard documents include: the parent company’s articles of association (apostilled and translated), certificate of good standing, identification of all UBOs with 25% or more ownership, financial statements for the last 2 years (preferably audited), the Spanish subsidiary’s deed of incorporation (if already formed), ID/NIE of directors and signatories, description of business activity and Spain operating plan, and international banking references. Each bank may request additional documents under its internal compliance policy.

Yes, and it happens more often than one might expect. Spanish banks are free to decline opening applications under their internal risk policy, with no obligation to explain the reasons. Rejections are more common for companies from jurisdictions perceived as higher risk, unusual business activities or complex corporate structures. Euroaccounts’ strategy is to submit simultaneously to 2-3 banks with which we have direct relationships, maximising the chances of opening. In our experience with over 500 companies, the success rate exceeds 95%.

Most Spanish banks require an in-person meeting with at least one authorised representative. However, Euroaccounts can act as attorney-in-fact for the opening if a specific notarial power is granted, which avoids travel in many cases. Some banks accept identification via video conference for EU clients. When physical presence is essential, we coordinate the banking meeting with other procedures requiring presence in Madrid (deed signing, notary meeting) to make the most of a single trip.

UBO (Ultimate Beneficial Owner) is the natural person who ultimately owns or controls the company, directly or indirectly, with a shareholding of 25% or more of the capital or voting rights (Article 4, Law 10/2010). Banks are required to identify UBOs as part of anti-money laundering measures. They must document each link in the ownership chain down to the natural persons. For groups with complex structures, Euroaccounts coordinates procurement of this documentation with INPACT Global firms in each jurisdiction.

The banks with the greatest experience in international corporate banking are Santander, BBVA, CaixaBank, Sabadell, Bankinter and Deutsche Bank Spain. Each institution has its own risk policies and appetite for different types of international clients. Euroaccounts maintains direct relationships with the corporate banking and international business departments of these banks, enabling us to direct each application to the most receptive bank for the company’s specific profile. There is no universally “best” bank: the choice depends on the jurisdiction, business activity and operational needs.

Yes, it is necessary to do so. To incorporate an SL you need to deposit the share capital (minimum EUR 3,000) in a Spanish bank account and obtain a deposit certificate to present to the notary. Banks open an account in the name of “company in formation,” which becomes the definitive account once the company is registered at the Commercial Registry. This pre-incorporation opening has its own KYC requirements (documentation of founding shareholders) and is frequently the first bottleneck in the establishment process.

Fees vary significantly between banks and are negotiable. The most relevant are: account maintenance (EUR 0-50/month), domestic SEPA transfers (EUR 0-0.50), international SWIFT transfers (EUR 15-50 + 0.1%-0.5% of the amount), currency exchange (0.3%-1.5% margin on interbank rate), and certificate/document issuance (EUR 10-50). Euroaccounts negotiates terms based on projected transaction volume and the group’s overall relationship with the bank, typically securing preferential conditions compared to standard tariffs.

Insights

International Specialist Team

The Euroaccounts team in Madrid manages dozens of corporate bank account openings annually for international companies, maintaining direct relationships with the corporate banking and international business departments of the main Spanish banks. With over 500 companies advised since 1996 and coordination with international banks through the INPACT Global network, we know each institution's compliance requirements and prepare documentation to their specific standards.

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Open Your Corporate Bank Account in Spain Without Complications

We manage the entire bank opening process: KYC documentation, submission to the bank, compliance follow-up and operational configuration. Request a no-obligation initial consultation to assess your case.

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Trilingual team: ES · EN · FR
+500 companies advised since 1996
Member of INPACT Global — 60+ countries

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91 991 84 80 · info@euroaccounts.eu

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Corporate Bank Account Opening and KYC Compliance in Spain

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