Opening a Professional Bank Account in Luxembourg
Mickaël LOC
Company Formation Expert ·
Opening a Professional Bank Account in Luxembourg
Opening a professional bank account is an essential step for any Luxembourg company, required from incorporation for the deposit of the share capital. The main banks, including BGL BNP Paribas, ING, Spuerkeess (BCEE) and Raiffeisen, offer a variety of packages with strict KYC requirements, particularly for non-residents.
Main banks and offerings
| Bank | Monthly fees | Strengths |
|---|---|---|
| BGL BNP Paribas | €15 - €50 | International network, multi-currency |
| ING Luxembourg | €10 - €35 | Digital, competitive rates |
| Spuerkeess (BCEE) | €10 - €40 | State bank, maximum stability |
| Raiffeisen | €10 - €30 | Local proximity, branch network |
| POST Finance | €5 - €20 | Low rates, essential features |
Required documents
- Articles of association of the company (certified true copy)
- Recent RCS extract (less than 3 months old)
- ID of all authorised signatories and beneficial owners
- Business plan or description of activity
- Proof of source of funds (for the share capital)
- Last annual accounts (if existing company)
Account for non-residents
Non-residents can open a professional account in Luxembourg, but the process is longer (3-6 weeks) and KYC requirements are stricter. An in-person interview is often required (some banks accept videoconferencing). Foreign documents must be apostilled and translated. It is recommended to go through a Luxembourg fiduciary or lawyer who will facilitate the introduction to the bank and speed up the process. Some neobanks (Revolut Business, Qonto) offer a temporary alternative while awaiting the opening of the main account.
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