Investment approach
Bank Account for an SL with a Non-Resident: What Banks Ask For
The bank asks for the SL's documents, the members' passports and NIE, the ultimate owners and tax residence. An SL has no legal right to an account, and banks rarely give reasons for refusal.
For an SL account with a non-resident member, the bank checks three layers: the company itself (the deed, NIF, appointment of the administrator), all members and ultimate owners (passports, NIE and, if a company is a member, its documents), and tax residence and the purpose of the account. The bank has no duty to open an account for a company, so it is worth arriving with a complete package.
Why the bank checks so much
The bank is a sujeto obligado (obliged entity) under Ley 10/2010. It must identify the client and the ultimate owner before the relationship starts, and under art. 7.3 it may not open a relationship or carry out transactions if it cannot apply these measures. If the impossibility emerges later, the law requires it to end the relationship. The general picture of the checks is covered in the article on AML when buying property.
The second layer comes from tax law. Under Real Decreto 1021/2015, when a new account is opened, financial institutions obtain from the holder a declaration (self-certification) of tax residence. If the account holder is a company and the bank classifies it as passive (ENF pasiva, a passive non-financial entity), the declaration is also taken for the residence of the persons who control it. The bank passes information on non-residents to the tax agency for exchange between countries.
Does an SL have a right to an account
No. The right to a cuenta de pago básica (basic payment account) in Real Decreto-ley 19/2017 is given to clients legally resident in the EU (art. 3), and the law counts as a client only an individual acting outside their business activity (art. 2). The right does not extend to a legal entity. If a bank has refused an SL, it has no duty to open an account. Banks do not publicly disclose their reasons for refusal.
Which documents the bank asks for
| What | From whom | What is usually needed |
|---|---|---|
| Constitutional documents | SL | Escritura de constitución (deed of formation), articles, proof of entry in the Registro Mercantil |
| Tax number | SL | NIF. A provisional one is issued before registration, the permanent one after; see the Agencia Tributaria |
| Authority | Administrator | The appointment document, passport, NIE |
| Individual members | Each socio (member) | Passport, NIE, proof of address, tax-residence self-certification |
| Corporate member | Foreign company | Registry extract, legalisation and sworn translation (how it works), a list of its ultimate owners |
| Purpose of the account | SL | What the company will do: buy a property, receive rent, pay contractors |
| Source of funds | Whoever puts the money in | Proof of origin, see the article on source of funds |
Worked example: how much paper a two-member structure needs
Worked example, not a forecast. An SL with two members: investor A, an individual, and foreign company B, which owns 40%. The package for the SL: deed, articles, NIF, appointment of the administrator, that is four documents. For A: passport, NIE, address, self-certification, another four. For B: a registry extract, constitutional documents with legalisation and translation, a list of ultimate owners with passports, at least four more sets. In total 12 or more papers before the bank sets up a meeting.
Each apostille and sworn translation adds time. The bank may ask for more than this list: every bank has its own.
What to decide before visiting the bank
- Which account you need now: one for paying in capital at formation or a working account after registration. The bank's requirements for them may differ, so check in advance.
- Who will be the signatory. If the administrator and signatory live abroad, check whether the bank accepts a signature by power of attorney, see poder notarial.
- How the money will arrive: from which account, in what currency, with what explanations. So that the transfer does not hang, read the article on international transfers.
- Whether the account has to be opened before the escritura: the procedure is described in the article on setting up an SL.
What will not work
Do not count on the bank explaining in detail what is missing. If a delay is connected with a check, the bank may not say under art. 24 of Ley 10/2010 that a report has been filed, and the answer will be general. A package gathered in advance and a clear description of the account's purpose reduce the number of follow-up questions, but do not promise approval.
For an individual without an SL there is a separate review: whether you need an account in Spain to buy. For the full sequence of project steps, see the investor roadmaps.
Questions and answers
Can a non-resident open an account for an SL in Spain?
Yes, if the bank agrees. An SL has no right to an account, so the decision rests with the bank. It will ask for documents of the company, the members and the ultimate owners, and a tax-residence self-certification.
Why does the bank ask about tax residence?
Under Real Decreto 1021/2015 the bank must establish the tax residence of the account holder, and for a passive company also of the persons who control it, and it passes the information to the tax agency. This does not depend on your wishes.
Can I open an SL account before registration at the Registro Mercantil?
The tax agency issues a provisional NIF before registration, but whether the bank is ready to open an account for a company in formation is its own decision. Ask before signing the deed.
What do I do if the bank refuses?
The bank may not give the reason. Gather additional proof of the purpose and source of funds and approach another bank; discuss the structure with your abogado (Spanish lawyer).
