Opening a Bank Account in Portugal: Info for the Future Business Owners

If you have such an intention as establishing your own company in Portugal, it is time to think about opening a bank account first. The matter is that it is a crucial step to take. Opening a bank account is important for being able to work with the financial operations and depositing the minimum share capital. This article will help you to plan your actions and you will feel more confident about the process as a result.

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First of all, you need to know that there are two paths to follow. Primarily, you can start a direct interaction with one of the banks. Or, you can choose to deal with a reliable intermediary who will guide you all the way through. Let’s consider both options then.

Variant 1: Dealing with the Bank

Some people planning to open a bank account in Portugal wish to stick to this option. First of all, you will be involved in the completion of such a task as picking the bank that satisfied you. There are several nice banks to interact with in Spain but it is evident that the most crucial aspects are different for various clients.

Well, as long as you have selected the bank, you will need to ask what documents you should present. Typically, these docs are connected with the future activities of the firm. What is more, you will need to suggest your ID too. There may be some extra docs to present.

As for the fees, the majority of Portuguese banks do not charge clients for opening bank accounts. But you still need to consult about this in advance.

When you are ready to pay a visit to one of the banks, you will be offered an application form to deal with. As soon as the representative of the bank checks your docs and you sign a contract, you will become a happy owner of the Portuguese bank account!

Variant 2: Dealing with the Service Provider

In this case, you do not have to make any extra effort at all. The process will be as simple and intuitive as possible. By the way, this option suits those who would like to open their bank account remotely (for instance, you are not in Portugal right now and do not really plan a visit soon).

This is what the sequence of steps to take looks like:

  1. You select the intermediary to work with. You are free to study some reviews, enter the official sites of the providers to see what they offer, and so on. In other words, it is essential to be involved in activities that will help you to make a final choice.
  2. As long as you feel sure about the team to work with, it is time to investigate what the process will look like with them and get all the necessary stuff ready. Soon after this, you will be able to open a bank account in Portugal!

Typically, you will have to present the following documents:

  • The scan of your passport;
  • Proof of profession;
  • Statement of your residence;
  • Tax number from the country where you live;
  • Portuguese NIF.

It is not a big deal if you still have not managed to get NIF. It can also be ordered online without any hardships.

  1. When you are ready with the docs, you will need to upload them and fill out the application form.
  2. Apart from this, there is a step of paying a fee (the figure to pay has to be indicated on the official site of the provider; take a look at it in advance so as to decide whether it is okay for you or not).
  3. Next, the team you are working with will process your docs. It may take a certain time (it has to be indicated too).

Now, you just have to wait till your bank account is opened! As you see, the process is not hard at all and does not require spending too much time. By the way, there are some intermediaries who will be eager to offer assistance with opening a bank account in person to you.

However, it is only up to you to decide what way you will stick to it. But it is a great idea to consider all pros and cons and select the most convenient option. There are people who prefer to visit a bank and deal with all the stuff in person while others want to trust this task to a skillful team of experts who are well aware of all the details and potential hardships to deal with.

So, best of luck with opening a bank account in Portugal, and hope you will experience great luck with your future business!

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