How to open a business account in Luxembourg?
As the most important private centre within the Eurozone and the second largest investment fund centre in the world, Luxembourg is the ideal place to start your business. For this, it is essential to open a commercial account in Luxembourg. If you need it, this article will give you some tips!
Why open a business account?
Before creating a company, the entrepreneur must open an account with a Luxembourg institution. The entrepreneur must make sure that he has the necessary funds for the incorporation of the company. The funds will be blocked until the incorporation of the company unless the entrepreneur wishes to create a Limited Liability Company (SARLS).
If you are not familiar with the mandatory step of depositing the share capital when creating a company, we have a blog article explaining what it is and how everest can help you to finalize your company registration here!
What do I get if I open a paymentsaccount in Luxembourg?
A IBAN is assigned to a Luxembourgian account, allowing easy money transfers between nations in the Single Euro Payment Area. Some accounts are free, however depending on the services you require, you may need to pay maintenance account fees each month.
Luxembourg’s central location means that most payment accounts provide services and assistance in a number of languages. German, French, Luxembourgish, and English are all common languages, as well Italian and Portuguese.
To create a business account in Luxembourg, what do I need?
All solutions require the following documents from contractors as part of opening their business accounts:
- A copy of the Articles of Incorporation as they will be accepted upon incorporation;
- The organizational chart of the company showing the members of the management body and shareholders;
- A copy of the list of persons with signing authority and the rules of engagement provided;
For all-natural persons members of the board of directors, the management board and shareholders, the institution also request:
- A copy of the identity card or passport
- A proof of residence of less than 3 months such as an electricity bill
- A CV
- additional information on the marital status and profession of the person
For each legal entity, shareholder of the company, it’s asked for the following documents:
- The articles of association of the company
- The list of beneficial owners
- Other documents often requested: annual accounts, consolidated accounts...
For groups, it’s asked for an organization chart including the holding links in number of shares and in percentage.
The standard procedure - Is it possible to create a business account online?
Most solutions in Luxembourg enable you to create a business account online, and some even allow you to do so from another country providing you have the required documentation. On the other hand, some banks and electronic money institutions may ask you to mail or produce documents in person when picking up your card. This is how the procedure works:
Identify and print the papers that your institution requires.
Send your papers by mail or schedule an appointment to drop them off at a nearby institution office.
Wait for your confirmation, card, PIN, and other required paperwork to arrive in the mail.
Register for internet banking/electronic money institution and activate your account.
If all of that looks like too much work, you may also create an account with an online bank/other solution Simply register online, submit your ID, complete the online verification, and here is it! However, keep in mind that not all online solutions are made equal, and it’s a good idea to double-check that your option is properly licensed before creating an account.
How to open an online business account in Luxembourg with everest?
everest is powered by Wallee Europe S.A., a fully licensed and regulated Electronic Money Institution in Luxembourg. Wallee Europe holds a Principal Mastercard Membership that allows the issuing of credit and debit cards and processing the transactions. Wallee Europe is fully licensed and regulated by the financial regulator in Luxembourg (CSSF), also a member of the ABBL and is SEPA homologated.
The online registration to get a everest business account takes only a few minutes and the whole process is 100% digital. You will get a payment account for your business expenses, a local IBAN, Mastercard debit or credit cards. For detailed steps please check the tutorial: /how-to-open-an-everest-account/
If you have any questions, you can contact us via info@everestcard.com and our team will be pleased to assist you in the opening of your account.
