Open bank account in EU

low angle photo of curtain wall building

One of the biggest advantages of having an EU bank account is that you don't need to live in the European Union to have an account here. In case, if you carry out your transactions in euros, you can save money on exchange fees. Security is also a strong incentive to open a bank account in the EU. European banks usually offer state-of-the-art services, including a large network of bank machines operating 24/7 and safe online banking. The cost of opening an account is usually very low. In some cases, you can get a free credit card, usually a Visa or MasterCard.

At the moment, many non-EU residents are granted permission to travel freely, either for leisure or work purposes, and to open bank accounts within the EU, just like EU residents. However, it is still necessary to understand the procedural requirements and to clarify certain issues that, at first glance, may seem slightly challenging for a non-EU resident. Some of these issues are related to banking in general, while some apply specifically to opening a corporate bank account in an EU state.

In terms of the challenges that may arise for a non-EU resident in opening a corporate bank account in the European Union, the only constant is the translation, and, as it is often called, legalization, of all the necessary documents. Bear in mind that the set of required documents may vary slightly from country to country, which may from time to time pose an inconvenience. As standard, a non-EU resident looking to open a corporate bank account within the European Union will need to provide: the company's incorporation documents, authorization documents (e.g. powers of attorney), beneficial ownership documents, IDs, etc. To return to an earlier point, it is vital to keep in mind that the EU has multiple official languages, and all documents must be translated and verified in accordance with EU law.

Comments

Italy: Firms shake lockdown using shortcut in coronavirus law

Italy: Firms shake lockdown using shortcut in coronavirus law The government last week extended non-essential business closures to May 3. But more than 100,000 mainly small- and medium-sized companies have applied to keep going or partially reopen. In principle, a key hurdle for companies to do business should be that they can prove they are part of a supply chain to businesses that are deemed “essential” in a government decree, such as food, energy or pharmaceutical companies. But the government, facing a backlog of applications, has clarified Italy’s lockdown laws to say no companies need to wait for government approval to go ahead. More than 105,000 firms have applied to be considered part of essential supply chains, the interior minister said on Wednesday, in a guideline on its website to clarify the lockdown rules. Of those, just over 2,000 have been turned down and told to suspend their business. More than 38,000 are being investigated and the rest are waiting to be...

Italy’s small businesses scrap for survival

Italy’s small businesses scrap for survival Three years ago, this owner of a small business in Italy’s industrial Veneto region lost his life savings, when two regional banks failed after the European debt crisis and were wound down, wiping out shareholders. Today, he is struggling with a new torment: the outbreak of coronavirus in northern Italy that has devastated lives and shut businesses across the region since mid-March. His company’s revenues have dried up even as his overheads remain unchanged. “I am scared for the future,” he said. Many companies rely on local banks for funds and do not have bonds or investors to draw on Northern Italy is home to more than 2m businesses, according to Prometeia, a research and consulting firm. Lombardy, the region around Milan that has been in lockdown since mid-March, has more than 900,000 of them. Andrea Guerra, a former chief executive of Italian eyewear multinational Luxottica and government adviser who is advising small bus...

thechronicleherald.ca: France to tighten controls on non-EU foreign investment

thechronicleherald.ca: France to tighten controls on non-EU foreign investment Currently non-European investments in French companies do not need government approval as long as the stake is 25% or less. PARIS (Reuters) - The French government will tighten restrictions on foreign investments from outside Europe in French companies to limit foreign control over strategic sectors and technologies, the finance minister said on Wednesday. The government already at the start of the year tightened controls on non-European foreign investments, in particular by lowering the threshold for state-vetting to 25% from 33% previously. Le Maire also said that he would add biotechnology companies to a list of sectors that requires government approval for an investment from outside Europe to go ahead. "In this period of crisis, some companies are vulnerable, some technologies are fragile and could be bought by foreign competitors at a low cost. I won't let it happen," Le Mai...

Business advice

Search This Blog