How to open a business bank account in Luxembourg

Every business in Luxembourg needs a business account, without exception. Even sole proprietors and self-employed persons are required to open an account to make payments, although in their case the process is not much different from opening a personal account.

In the case of SARL (analogous to LLC), SA (analogous to Ltds) and other types of companies, things are a bit more complicated: you need a company bank account to complete the company registration process. Without it, you won't be able to start and run a business.

Guide

Business

Company

How to register a company in Luxembourg

If you are setting up a SARL or any other type of company, you will need a certain list of documents:

The bank will request

Something is missing

Make sure you have all the necessary documents prepared.

*The mandatory items are marked with red asterisks.

Company registration details

Including the number issued by the national company registry

Certificate of incorporation

These must be apostilled, notarized copies

Directors' details

And copies of their IDs

Beneficiary information

Description of principal business

Official confirmation of the source of the authorized capital

Projected annual account turnover

Bank questionnaire

Something is missing

Make sure you have all the necessary documents prepared.

*The mandatory items are marked with red asterisks.

At first glance, the task may seem simple. In reality, however, it is not. Luxembourg is famous for its banking sector, so there are a lot of credit institutions here. Therefore, there are many banking products.

To choose the right bank, you should know a few key parameters:

What types of businesses does the bank serve

Can the bank offer special conditions for your type of business

In which currency are transactions made, with which countries and how quickly

Under what conditions is the account maintained

It is worth remembering that a particular bank may work differently with individual entrepreneurs, small and medium businesses. As a rule, it is better to negotiate with several financial organizations at once, as many subtleties are not obvious at first.

Banks are very strict about the security and structure of documents. When you find a suitable financial institution, be prepared to sign several contracts.

The contract may be standard or customized, but must include the following elements:

1. Rights and duties of the parties

   The terms of the relationship between the Bank and the Client are set out below

2. Fees and prices

   All transactions for which a fee is charged must be specified in the contract

3. Renewal and termination conditions

   Please read this point carefully to avoid unpleasant situations

To open a company in Luxembourg, you need to deposit share capital in your bank account. This is the key point of the whole process.

You will need to prepare three documents:

• A certificate confirming the company name;
• Business license (issued if all requirements for obtaining it are met);
• Draft Articles of Association of the company to be established and a package of all documents required to open an account from Step 1.

Based on the draft charter, the bank will open an account that will be blocked for any transactions. You can make only the first deposit, which is the authorized capital. After that, the bank will issue a certificate of blocking.

The last step is to unlock the company account. To do this, you will need to:

1. Present the Certificate of Blocking to the Notary

   This serves as confirmation of the payment of the company's authorized capital.

2. Complete the company registration

   Complete the procedures, formulate and approve the Articles of Association, and obtain all the necessary documents

3. Obtain a certificate of unfreezing of funds from a notary 

   The certificate is called a certificat de déblocage

4. Submit a certificate of unfreezing to the bank

   It must be accompanied by the final version of the deed and additional documents required by the bank

The bank will then make a final check and, if everything is in order, will unblock the account. After that, the company's capital can be managed independently.