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Company bank accounts in 3 questions

1. When should it be opened?

Before starting a company (SA or other legal forms), entrepreneurs must first open a bank account with a Luxembourg bank and ensure they have the share capital required to form the company.

When the capital has been deposited onto the company’s bank account, the bank blocks the account and issues a blocking certificate that must be provided to the notary proceeding with the formation of the company. The account is released when the company has been effectively formed and all documents required for engaging in business relationships have been filled out and signed, thus making the account available for business transactions.

As you can see, all companies in Luxembourg must have a bank account, even in the case of a Sarl-s (legal form for which the procedure is simplified). As a Sarl-s can be formed without going through a notary, it is not compulsory here to create a bank account to block the funds necessary for the constitution of a share capital. However, even in this case, all bank documents must be completed anyway, too.

2. For what use?

As previously mentioned, a bank account is required for the formation of a company, but there’s more to it. A current business account is also useful for tansactions such as:

  • Cash inflows from sales,
  • Payment of salaries,
  • Settling expenses (paying suppliers, rent, loans, leases, social security charges, VAT, taxes, etc.)

3. Which documents are required?

  • A draft of the incorporation deed of the company being formed (contact your fiduciary and/or notary for this),
  • A dated and signed organization chart of your company allowing the bank to identify the links within the group, the distribution of shares/stocks, as well as beneficial owner(s)*,
  • A list of the people who have signing authority (including a copy of their ID and private address),
  • Information allowing for the identification of the beneficial owner(s)* of the company,
  • The banks must also understand your company’s activity, so you need to provide a detailed business plan (ideally including a 12 to 24-month projection),
  • Details as to the nature of transactions that will be carried out on the account. An estimate of monthly revenues, expenses, etc. on the account (rent, salaries, purchases, etc.) is also required.

Once the company has been formed, you will need to provide some additional documents (such as a Register of Beneficial Owners (RBE) statement, a Trade and Companies Register (RCS) statement, a business permit, a copy of the registered articles of association, etc.).

The bank also requires the following for all private persons involved in the company:

  • A copy of their ID or passport,
  • Proof of residence (residence certificate),
  • A CV for additional information on the person’s civil and professional status.

If you are looking to open a business account in Luxembourg, Spuerkeess has launched a “Business Creators” offering, in collaboration with nyuko, with a great many advantages. You can find details here.

* The beneficial owner is a natural person who ultimately owns or controls a legal entity, or a natural person for whom a transaction or activity is carried out. In principle, this covers all natural persons who possess, either directly or indirectly, a large enough percentage of stocks, voting rights or capital participation in an entity to own or control it. You need the full name, address and activity of the beneficiary/beneficiaries as well as their percentage of company ownership. Beneficial owners must also provide information about the means by which funds invested into the company were obtained.

About Spuerkeess :


International rating agencies have awarded Spuerkeess with some of the top ratings in the world. It is also one of the safest banks worldwide (source: Global Finance Magazine). Its dedicated and experienced teams make Spuerkeess an ideal partner for any business. Spuerkeess also accompanies entrepreneurs from their very first steps, in collaboration with nyuko, offering a free package for business creators only.

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