PRACTICAL INFORMATION ON HOW TO
OPEN A PROFESSIONAL BANK ACCOUNT
FOR YOUR COMPANY IN LUXEMBOURG
OVERVIEW
Are you an entrepreneur or freelancer in Luxembourg and do you have difficulties opening a current account for your activity?
You are not the only person this is happening to!
Unfortunately, there is no right to a professional bank account in Luxembourg. Banks are private companies and they have every right to refuse customers without giving any explanation.
This site is therefore aimed at entrepreneurs who create a commercial activity through a capital company (eg Sàrl, Sàrl-S etc.) or in their own name ("freelance"/sole proprietorship) and who need a bank account to separate their private money from their professional money .
Good preparation will increase your chances of getting a favorable response. A complete file to apply for a business bank account typically includes the following documents:
REQUIRED DOCUMENTS
Personal documents
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Identity document
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Residence certificate
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Social Security number
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Curriculum Vitae up to date
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Business plan (Business Plan) allowing a good understanding of the targeted activity
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Cover letter explaining why you want to open an account with this particular bank
Identity documents must be provided for each partner in the project , whether as holder of the business permit or as a shareholder.
Business-related documents
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Copy Business Permit
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Extract from the business register:
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Nbr Axxxxxx for sole proprietorship
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NbrBxxxxxx for companies (Sàrl, Sàrl-S etc.)
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For companies, also provide :
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Copy of the constitutional document ('statuts')
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Extract from the Registre des Bénéficiaires Effectifs
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VAT number (LUxxxxxxxx), if applicable
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Code NACE (find your NACE code)
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Proof of origin of the funds used for the business
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Motivational letter explaining why you ask this bank in particular
Documents provided by the bank
Each bank has its own relationship entry forms. In general, the bank provides you with the following forms:
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Identification form of the beneficial owner
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Signature record
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FATCA form ( What is the 'Foreign Account Tax Compliance Act' on the ACD website? )
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Account opening application form including the choice of the offer
USEFUL INFORMATION
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ATTENTION: a complete file does not automatically mean that you receive an agreement to open an account.
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It is NOT the desk staff who decides whether you are granted an account, but a separate committee that has never met you.
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Your banking history can play a role: if a bank finds that you have a lot of debt or that you never pay your bills on time, it gives a bad image of your ability to manage money.
NEOBANKS IN LUXEMBOURG
THE MAIN COMMERCIAL BANKS IN LUXEMBOURG
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POST Finance Luxembourg
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BGL BNP PARIBAS
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Banque Internationale à Luxembourg, BIL
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Banque et caisse d'Epargne de l'Etat, BCEE
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RAIFFEISSEN
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BANQUE DE LUXEMBOURG
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n26
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EVEREST
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REVOLUT
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OLKYPAY
Working with your professional account afterwards
MOST IMPORTANTLY...
... don't give up at the first refusal!
Each transaction must be documented by an invoice, receipt or other valid document.
For a cash deposit, it is always important to be able to document the origin of this money (cash statement, invoices, etc.).
For transactions to countries outside the EU, talk to your banker to make sure this is not a problem.
SCORE is a project created by Touchpoints asbl in direct response to the difficulties encountered by many business leaders, including migrants in particular, to open a professional current account in Luxembourg. The prerogative to offer an entrepreneur a business bank account is left entirely to the bank. To open a business bank account, banks are generally guided by anti-money laundering, anti-terrorism and other criminal activity regulations as well as their openness to entrepreneurship and SMEs.
Project duration: 10/2021 - 12/2022
THE SCORE PROJECT
Pas de nouvel événement prévu en 2023.
WITH THE SUPPORT OF
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