Business bank account in Spain for an SL: banks, documents, timing and refusals

A Spanish SL needs a business bank account before registration: share capital goes into it, and the bank issues a certificate for the notary, though founders may replace it with a declaration.

The bank checks the deed, NIF, beneficial owner, business and source of funds; the law sets no deadline. Accounts abroad are allowed, with Banco de España reporting.

This guide covers why the account is needed before the company exists, which documents Spanish banks ask for, why they refuse, how a Spanish bank differs from a payment institution with a foreign IBAN, how much deposit insurance covers, and what applies when the SL keeps an account outside Spain.

It is about the company’s account; the owner’s personal account is a separate matter, and the two should not be mixed: an SL’s money belongs to the company, not to its shareholder.

Why an SL needs an account before registration

Since 2022 the minimum share capital of an SL is €1.

But while capital is below €3,000, the company must allocate at least 20% of profit to reserves until reserves plus capital reach €3,000, and on liquidation the shareholders are jointly liable for the gap between €3,000 and their capital (art. 4 of the Capital Companies Act, LSC).

That is why many founders still put in €3,000 or more: it reassures both the bank and counterparties.

Capital and set-up costs are covered in detail in “Cost of setting up an SL in Spain”.

A cash contribution to capital is proven to the notary with a certificate of deposit in the company’s name at a credit institution, attached to the deed; the money can also be handed to the notary.

The certificate is valid for two months.

For an SL it is not required if the founders state in the deed that they are jointly liable to the company and its creditors for the contributions (art. 62 LSC).

Only a bank can issue that certificate: payment institutions and e-money institutions are not credit institutions.

If you open the account with one of them, the start-up route is the founders’ declaration.

At this stage the company does not exist yet, and the account is opened for an “SL in formation”.

The law allows an account to be opened without a NIF, but the NIF must be provided within 15 days, and no transactions may go through until it is (art. 28.3 RD 1065/2007).

A company’s provisional NIF lasts until it files its incorporation documents (art. 24).

The company gets the provisional number after signing the deed and the definitive one after registration in the Mercantile Register; the bank then receives the registered deed and the new NIF.

What documents a Spanish bank asks for

Banks in Spain are obliged entities under the anti-money-laundering law (Ley 10/2010).

They must know who is behind the company and where its money comes from, so the document list is similar everywhere:

• Company documents. For a legal entity: public documents proving its existence, with its name, legal form, address, directors, articles of association and NIF (art. 6.1.b RD 304/2014) — in practice the incorporation deed, a Mercantile Register extract and the provisional or definitive NIF.
• Beneficial owner (titular real). The natural person who directly or through other companies owns or controls more than 25% of the capital or votes; if there is none, the director is treated as the beneficial owner (art. 4.2 Ley 10/2010). A declaration by the client is usually enough, but where risk is above average the bank requires documents or independent sources (art. 9 RD 304/2014). If the SL is owned by another company, the bank will trace the whole chain to natural persons — worth bearing in mind when choosing a holding structure.
• Ownership register. Beneficial ownership data is held in the Central Register of Beneficial Owners (Registro Central de Titularidades Reales, RD 609/2023). Banks can consult it but may not rely on it alone (additional provision 4 of Ley 10/2010) — so the bank will still ask for your ownership declaration.
• Director and shareholders. Passport and NIE of the director and of shareholders above 25%, sometimes proof of address.
• Activity and source of funds. The bank must establish the purpose of the relationship and the nature of the client’s business, verify it reasonably, and then monitor whether transactions fit that picture, including the origin of funds (arts. 5 and 6 Ley 10/2010, art. 10 RD 304/2014). In practice: a business description, website, contracts or business plan, expected volumes and counterparty countries, and for the capital a bank statement plus evidence of where the money came from — sale of a business, dividends, inheritance, salary.

The reporting also runs the other way.

Banks, payment institutions and e-money institutions report every account opening and closing to SEPBLAC, with the holders and beneficial owners (art. 43 Ley 10/2010).

How long it takes and why banks refuse

The law sets no deadline for opening a business account.

Checks take anywhere from a few days to several weeks, and longest when the owners are foreign, the structure has several layers and the money comes from outside the EU.

A complete file on owners and source of funds shortens the process more than the choice of bank does.

A bank can refuse without much explanation.

If it cannot apply customer due diligence, the law forbids it to enter into the relationship or carry out transactions, and if this emerges later, it must end the relationship (art. 7.3 Ley 10/2010).

A company has no right to a basic payment account: that right exists only for consumers, i.e. natural persons (RDL 19/2017). Typical reasons for refusal:

• Opaque ownership. A chain of companies in several countries, nominee shareholders or a trust, without documents down to the ultimate owner.
• Country. Owners, funds or counterparties linked to countries on EU and FATF high-risk lists.
• Sanctions. The bank screens owners and directors against the EU consolidated sanctions list; a match means no account and no transactions.
• Cash. Cash payments of €1,000 or more are not allowed where one party is a business or professional (art. 7 Ley 7/2012). Banks look harder at businesses with large cash takings — shops, bars, currency exchange.
• Crypto-assets. Capital from selling crypto, or a crypto-related activity, needs a document trail from the exchange to the account; without it many banks say no.
• No clear business. A company with no website, contracts or plan that wants an account “just in case” looks like a transit vehicle to the bank.

An account can also be frozen after opening while the bank asks about an unusual payment.

Plan a buffer for that just as you would for a late-paying customer; how to size it is explained in “Cash gap”.

Spanish bank or payment institution

An SL can bank with two kinds of providers: Spanish banks with an IBAN starting with ES, and payment or e-money institutions (including neobanks), often with an IBAN from another EU country.

For a company the difference lies in how its money is protected and how it deals with the Spanish authorities.

• Deposit insurance. The Deposit Guarantee Fund covers up to €100,000 per holder — natural or legal person — per credit institution. All the company’s accounts at one bank are added together; if the SL holds more, spread it across banks. Balances at payment and e-money institutions are not covered by deposit insurance: they must safeguard client funds instead, and the institution itself is worth checking in the Banco de España register.
• Foreign IBAN. Refusing a payment or direct debit from an account in another EU country is IBAN discrimination, prohibited by art. 9 of the SEPA Regulation (EU) 260/2012; disputes between businesses go to Banco de España. Refusals still happen in practice, especially with smaller suppliers, so a Spanish IBAN for at least part of the payments makes life easier.
• Taxes. Since 1 February 2024 the Tax Agency accepts direct debit of taxes from accounts at SEPA-zone banks that are not its collaborating banks (entidades colaboradoras); the bank fees for this are passed on to the taxpayer (Orden HFP/387/2023). From an account at a Spanish collaborating bank, taxes are paid without those fees.
• Social security. Whether Seguridad Social accepts contributions from a foreign IBAN without friction is best confirmed with your gestor in advance: practice varies.

A common set-up is a main account at a Spanish bank (capital, taxes, social security, loans) plus a payment institution account for cards, currencies and online payments.

Can an SL hold a bank account outside Spain?

Yes. Transactions between residents and non-residents, transfers abroad and accounts outside Spain are free within the limits of the capital movements law (art. 1 Ley 19/2003). A foreign account does have three consequences.

• Banco de España. Residents — individuals and companies — report transactions with non-residents and their foreign assets and liabilities to Banco de España (the ETE return). If last year’s transactions or the 31 December balances do not exceed €1 million, the return is filed only when Banco de España requests it; below €100 million it is annual, by 20 January (Circular 4/2012, rule 3). For most small SLs this means no return until a request arrives, but more than €1 million a year in cross-border flows already means an annual report.
• Modelo 720. A resident company does not report foreign accounts on Modelo 720 if they are recorded individually in its accounts — with number, bank, branch and country (art. 42 bis.4.b RD 1065/2007). The exemption is worded for the account holder; it is not expressly extended to individuals with signing powers — a Spanish-resident director with access to the company’s foreign account should check their own obligation with a tax adviser.
• Tax residence. A company incorporated under Spanish law is tax resident in Spain wherever its bank accounts are; a company with its registered office or place of effective management in Spain is resident too (art. 8.1 of the Corporate Income Tax Act, LIS). A foreign account does not change residence. The reverse risk: if the SL is in fact managed from another country, that country may also treat it as resident, and the double tax treaty then decides.

And bookkeeping: every account, Spanish or foreign, must appear in the company’s books, and statements must reconcile with the VAT and corporate tax returns.

Money moves from the SL’s account to a shareholder’s personal account only on a legal basis — director’s salary, dividends, loan repayment; which route costs less is worked out in “Salary or dividends from a Spanish SL”.

If you are buying an existing SL

When you buy the shares, the bank account stays with the company and does not need to be reopened.

But the beneficial owner and usually the director change, and the bank must update its file: it will ask for the new owner’s documents, the source of the purchase money and the new powers.

Until the file is updated the bank may restrict transactions.

Agree with the seller that the outgoing director hands over account access and signs the bank paperwork before or on completion, and set out in the contract what happens if the bank closes the account.

Before the deal, read the company’s bank statements for the last 2–3 years: they show real revenue, debts, large payments to shareholders and freezes better than any report.

The purchase itself is covered in “How to buy a company in Spain”, and a full review on the due diligence page.

What a business account costs

Banks set their own business tariffs, so compare them on the full set of operations you will use, not on the monthly fee alone. The main items:

• monthly account fee — often waived on conditions such as incoming payments, turnover, insurance or a card terminal;
• transfers: euro SEPA transfers are usually cheapest; other currencies and non-SEPA destinations carry a fee and the bank’s exchange rate;
• cards for staff and the director;
• cash deposits and collection, for cash businesses;
• card acquiring (terminal, online payments) — a percentage of turnover;
• the capital deposit certificate and auditor confirmations — per the bank’s tariff.

Build bank fees and FX costs into the company budget from the start; see budgeting and financial planning.

Frequently asked questions

Can a non-resident open a business bank account in Spain?

Yes. The law does not restrict accounts for companies with foreign owners, but the bank will check the owner, director and source of funds more closely. You need the NIE of the director and shareholders, passports, the deed and a description of the business. Many banks ask for an in-person visit or a power of attorney.

Does share capital have to be paid in through a bank?

No. For an SL the bank’s deposit certificate can be replaced by the founders’ declaration in the deed that they are jointly liable for the contributions. The company will still need an account to operate: taxes, payroll and payments from customers.

How long does it take to open a business bank account in Spain?

The law sets no deadline. Usually from a few days to several weeks. It takes longest with foreign owners, multi-layer structures and funds from outside the EU. Having ownership and source-of-funds documents ready shortens it.

Can an SL run only on a neobank with a foreign IBAN?

It can: refusing a foreign IBAN within SEPA is prohibited. But a payment institution cannot issue the capital certificate, balances are not covered by deposit insurance, and taxes paid from a bank outside the Tax Agency’s collaborating banks carry fees. So many companies keep a Spanish account as well.

How much of a company’s money is protected if the bank fails?

Up to €100,000 per company per bank under deposit insurance. All of the SL’s accounts at that bank are added together. Money held with payment institutions and neobanks licensed as e-money institutions is not covered.

Does an SL file Modelo 720 for a foreign account?

No, if the account is recorded individually in the company’s books, with its number, bank and country. But the exemption applies to the account holder: a Spanish-resident director with signing powers should check their own obligation separately.

Why did the bank refuse a business account?

A bank will not open an account if it cannot verify the client: unclear beneficial owner, no evidence of source of funds, an unclear business, links to high-risk countries, cash or crypto. Refusals are rarely explained; a complete document file from the start is what helps.

What happens to the bank account when you buy an SL?

The account stays with the company, but the bank must update the beneficial owner and director details. Until it does, transactions may be restricted, so agree the hand-over of access and bank signatures with the seller before completion.

Key points on a business bank account in Spain

• The account is needed before registration: the bank issues a two-month capital deposit certificate for the notary; for an SL, the founders’ declaration can replace it.
• The bank must identify any beneficial owner above 25%, the business and the source of funds; if it cannot, it will not open the account.
• There is no legal deadline; companies with a complete file get their accounts fastest.
• A Spanish bank means deposit insurance up to €100,000 and a certificate for the notary; a payment institution is convenient but has no deposit insurance.
• An SL may hold accounts abroad: above €1 million in cross-border flows a year it files with Banco de España, and every account must be recorded separately in its books.

Sources

• Capital Companies Act (RDL 1/2010), arts. 4 and 62 — BOE; RD 1065/2007, arts. 24, 28 and 42 bis — BOE.
• Ley 10/2010 on anti-money laundering — BOE; RD 304/2014 — BOE; RD 609/2023 on the beneficial ownership register — BOE.
• Ley 7/2012, art. 7 — BOE; Ley 19/2003 — BOE; Ley 27/2014 (LIS), art. 8 — BOE.
• Banco de España Circular 4/2012 — BOE; Orden HFP/387/2023 — BOE.
• Banco de España, bank customer portal: deposit insurance, payment and e-money institutions, IBAN discrimination.
• SEPA Regulation (EU) 260/2012 — EUR-Lex; EU consolidated sanctions list — EU Sanctions Map.