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Business Setup and Support in Portugal Opening a bank account for legal entities in Portugal

Taras Miroshnychenko

Head of practice

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miroshnychenko@prikhodko.com.ua

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Head of Corporate Law and Fintech Practice. Expert in the creation and reorganization of companies, support of M&A transactions, as well as legal support for opening and running a business in the EU, Asia, and North America.

Opening a bank account for legal entities in Portugal

Opening a bank account for legal entities in Portugal is an important step for a business that plans to expand its activities in the country or integrate into the European market.

Portugal, as a member of the European Union, offers favorable conditions for doing business, including a stable banking system, loyal tax legislation and a convenient infrastructure for international companies.

In this article, we will consider the main aspects of opening a bank account for legal entities in Portugal, as well as provide practical recommendations for successfully completing this process.

Why Portugal?

Portugal is an attractive jurisdiction for business due to its low corporate tax rate (21% for most companies), tax breaks for startups and innovative projects, and convenient geographical location.

In addition, the country has a developed banking system that meets international standards of financial security and transparency.

For legal entities that plan to do business in Portugal or use a Portuguese account for international transactions, opening a bank account is a mandatory step. This not only simplifies financial transactions, but also increases trust from partners and clients.

Basic requirements for opening an account

The process for opening a bank account for legal entities in Portugal may vary depending on the bank, but general requirements usually include the following:

Company registration in Portugal. To open an account, the company must be registered in the Portuguese Commercial Register (Registo Comercial). This applies to both local companies and branches of foreign legal entities.
Tax Identification Number (NIF). A legal entity must have a Portuguese identification number (Número de Identificação Fiscal, NIF), which is issued by the Portuguese tax authorities.
Documents about the company’s activities. Banks require documents confirming the legality of the company’s activities, in particular:
Company Articles of Association (Certidão Permanente);
Extract from the Commercial Register (Certidão de Registo Comercial);
Documents confirming the authority of the company’s managers.
Identification of Beneficiaries. In accordance with anti-corruption legislation and anti-money laundering requirements, banks are required to identify the ultimate beneficiaries of a company. To do this, it is necessary to provide documents confirming the company’s ownership structure.
Source of funds certificate. Banks may require additional information about the source of a company’s funds, especially if the account is opened for large amounts or international transactions.
Physical presence. Some banks require a company representative to be present in person to sign documents. However, thanks to the advanced digital infrastructure, many banks allow accounts to be opened online.

Bank selection

Portugal has a well-developed banking system, which includes both large international banks and local financial institutions.

The most popular banks for opening an account for legal entities include:

Caixa Geral de Depósitos (CGD) is the largest state-owned bank in Portugal, offering a wide range of services for businesses.
Millennium BCP is one of the largest private banks specializing in servicing international companies.
Novo Banco is a bank that provides modern digital solutions for doing business.
Banco BPI is popular among small and medium-sized businesses due to its flexible terms and low fees.

When choosing a bank, it is important to consider factors such as:

Account maintenance fee;
Availability of online banking and mobile applications;
Possibility of making international payments;
Level of customer service and support.

It will also be useful: OPENING A BANK ACCOUNT IN PORTUGAL

Account opening process

The process of opening a bank account for legal entities in Portugal usually includes the following steps:

Preparation of documents. At this stage, it is necessary to collect all necessary documents, including company registration documents, identification documents of managers and beneficiaries, as well as information about the company’s activities.
Applying. You can apply for an account online or in person at a bank branch. Some banks offer a preliminary consultation to clarify all the details.
Document verification. The bank verifies the documents and information provided about the company. This stage can take from several days to several weeks, depending on the complexity of the company structure.
Account activation. After successful verification, the bank activates the account and provides access to online banking. At this stage, you can also configure additional services, such as issuing corporate cards or connecting to the Internet banking system.

Problems and risks

Although the process of opening an account in Portugal is quite transparent, foreign companies may encounter certain difficulties.

These include:

Language barrier: While many banks offer services in English, some documents may only be available in Portuguese.
High documentation requirements. Banks may require additional documents or explanations regarding the company’s activities, which may take additional time.
Refusal to open an account. If the bank detects suspicious transactions or insufficient information about the source of funds, it may refuse to open an account.

Practical recommendations

To successfully open a bank account for a legal entity in Portugal, we recommend following these steps:

Prepare all necessary documents in advance. Make sure all documents are translated into Portuguese or English and notarized.
Choose a reliable bank. Analyze the terms of service and choose the bank that best meets the needs of your business.
Turn to professionals. The law firm “Prikhodko & Partners” will help you prepare documents, choose a bank, and support the account opening process, which will help you avoid mistakes and save time.
Be prepared for additional questions. Banks may request additional information about the company’s operations, so it is important to have all the necessary data at hand.

Opening a bank account for legal entities in Portugal is an important step for business development in Europe. Despite certain challenges, proper preparation and a professional approach will allow you to successfully complete this process.

The law firm “Prikhodko & Partners” is ready to provide you with a full range of services for opening an account, registering a company and supporting your business in Portugal.