🇪🇸 Do You Need a Business Bank Account in Madrid?
Yes. To start a company (SL) or operate legally as a freelancer in Madrid, a Spanish business bank account is required for:
✅ Depositing share capital (€3,000 for SL)
✅ Managing client invoices and supplier payments
✅ Paying taxes, payroll, and social security
✅ Receiving startup investment or funding
✅ Complying with Spanish financial regulations
🏢 Bank Account for SL Companies
To incorporate an SL (Sociedad Limitada) in Madrid, you must:
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Choose a bank (e.g., BBVA, CaixaBank, Sabadell, Bankinter)
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Open a pre-incorporation account
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Deposit €3,000 minimum share capital
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Obtain a Certificado Bancario confirming deposit
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Use this certificate at the notary during incorporation
📌 After incorporation, the account becomes fully operational under the new company’s CIF.
🧑💼 Bank Account for Freelancers (Autónomos)
While not legally required to open a separate account, most banks and tax advisors strongly recommend freelancers in Madrid:
✅ Open a business-focused account
✅ Avoid mixing personal and professional transactions
✅ Use it to receive payments and track deductible expenses
Banks often offer freelancer packages (cuentas para autónomos) with reduced fees and digital services.
🔑 Can You Open a Business Account Remotely?
Yes — you can open a business account in Madrid without being physically present by:
✅ Granting a Power of Attorney (POA) to a local lawyer
✅ Legalizing documents via the Spanish consulate or Hague Apostille
✅ Working with banks that allow remote onboarding (some do, most still require an in-person meeting or POA)
We act as your legal representative and complete the full process on your behalf.
📄 Documents Required
| For SL Companies | For Freelancers |
|---|---|
| NIE of all shareholders/directors | NIE (Foreigner ID) |
| Company name certificate (RMC) | Modelo 036 or 037 registration |
| Draft company bylaws | Proof of activity |
| Certificado bancario | Proof of address and ID |
| POA (if opening remotely) | POA if applicable |
Some banks may request translated and apostilled foreign documents.
🏦 Top Banks in Madrid for Foreign Entrepreneurs
| Bank | Highlights |
|---|---|
| BBVA | Strong online banking, English-speaking staff |
| CaixaBank | Popular for company accounts, offers POA services |
| Banco Sabadell | Startups & tech-friendly, competitive packages |
| Bankinter | Efficient for both SLs and freelancers |
| N26 / Revolut Business | Not fully accepted for official filings, but useful for startups |
We recommend working with a Madrid branch experienced in foreign incorporations.
💶 What Are the Fees?
Business account fees in Madrid vary but typically include:
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Monthly maintenance fee: €6–€30
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Incoming/outgoing transfers
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Debit or credit card fees
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Add-on services (POS terminals, accounting integrations)
Some banks waive fees for the first year or with minimum monthly balance.
❌ Common Mistakes
⛔ Using a personal account for SL company operations
⛔ Failing to obtain a certificado bancario before incorporation
⛔ Missing tax office registration before opening the account
⛔ Not translating foreign documents when needed
⛔ Assuming all banks offer English service
🧑💼 Our Madrid Banking Assistance Services
Borderless Lawyers helps:
✅ Choose the right bank for your business type
✅ Open the account with or without POA
✅ Obtain the share capital certificate for SL setup
✅ Translate and legalize required documents
✅ Coordinate notary and registry submissions
📞 Need Help Opening a Business Bank Account in Madrid?
Don’t risk delays in your company setup. Let us handle the paperwork and bank procedures with full legal backing.
👉 Contact us to open your business bank account in Madrid quickly and legally.