🇪🇸 Is a Business Bank Account Required in Spain?
Yes — to incorporate an SL company or operate as a freelancer with significant turnover, you’ll need a dedicated business account with a Spanish bank.
✅ Mandatory for SL company incorporation (for depositing €3,000 share capital)
✅ Required for payroll, taxes, and VAT payments
✅ Essential for managing invoices and business expenses
🏦 Best Banks for Business in Valencia
| Bank Name | Foreign-Friendly? | English Support | Online Banking |
|---|---|---|---|
| CaixaBank | ✅ Yes | ✅ Yes (via HolaBank) | ✅ Yes |
| BBVA | ✅ Yes | Partial | ✅ Yes |
| Sabadell | ✅ Yes | ✅ Yes | ✅ Yes |
| Banco Santander | ✅ Yes | ❌ Limited | ✅ Yes |
| N26 Spain (Fintech) | ✅ Yes (freelancers only) | ✅ Yes | ✅ 100% app-based |
We help you choose the most suitable bank based on your company’s needs and language preferences.
📋 Documents Needed to Open a Business Account
| For SL Companies | For Freelancers (Autónomos) |
|---|---|
| NIE of all shareholders | NIE |
| Company formation documents | Tax registration (Modelo 036 or 037) |
| Notarized deed of incorporation | Proof of business activity |
| CIF (tax ID) from Agencia Tributaria | Passport or national ID |
| Proof of company address in Valencia | Valencia address or virtual office |
📌 Banks in Valencia require physical or virtual addresses in Spain.
🤝 Can You Open the Account Remotely?
Yes — through Power of Attorney (POA), we can open a business account in your name or company’s name without you being present in Spain.
✅ Available for both residents and non-residents
✅ Works for all major banks with proper documentation
✅ Capital deposit certificate issued remotely
We coordinate with Valencia notaries and banks to ensure a smooth process.
📆 Typical Timeline
| Step | Duration |
|---|---|
| Document preparation & NIE | 2–5 business days |
| Account appointment (in-person/POA) | 3–5 business days |
| Account approval + activation | 1–3 business days |
| Certificate of capital deposit (SL) | 24–48 hours after deposit |
💶 Banking Fees & Considerations
| Feature | Common Practice |
|---|---|
| Account maintenance | €6–€15/month |
| Foreign transfers | SWIFT fees may apply |
| Digital-only banking | Often free or low-fee (e.g., N26) |
| Dual signature support | Available for SLs with multiple admins |
| Multicurrency accounts | Offered by some banks (e.g., Sabadell) |
💡 Some traditional banks may require in-person KYC visits for foreign company directors.
❌ Common Banking Mistakes in Valencia
⛔ Using a personal account for company transactions
⛔ Forgetting to request the capital deposit certificate for incorporation
⛔ Not declaring the account with the Spanish tax authorities
⛔ Failing to maintain sufficient balance for payroll/VAT deadlines
⛔ Opening the account in another city (must be linked to Valencia)
🧑💼 Our Banking Support Services
Borderless Lawyers helps:
✅ Choose the right bank in Valencia
✅ Prepare and translate documentation
✅ Coordinate POA and notary setup
✅ Open the account remotely
✅ Obtain capital deposit certificate
✅ Ensure compliance with AEAT and Mercantile Registry
📞 Need to Open a Business Bank Account in Valencia?
We make banking easy for foreign founders — online, in person, or by POA — with expert legal support every step of the way.
👉 Contact us to open your Spanish business bank account in Valencia.