How to open a corporate account in Luxembourg

Opening a corporate account in Luxembourg in 2021 is relevant for private and corporate clients, because there is an opportunity to use a wide range of bank services and perform fast financial payments. The state is considered to be stable from an economic and political point of view.

Main advantages

To open a corporate account in Luxemburg, contact our experts at IT-OFFSHORE. Luxembourg is a small country that hosts quite a few local and international banking organizations. Approximately ¼ of the banks are branches of foreign financial institutions A large number of investment institutions are registered.

Main advantages:

• High standards for banks;
• A wide range of services for investors;
• Services available to non-residents.

Many businesspeople seek to set up a bank account in Luxembourg in 2021, given that the state is a developed financial center of Europe. There are options for loans and mortgages, savings, investment, and retirement accounts.

Features of opening and popular banks

It is possible to open an account for personal use or for a company. It is relevant to open a current account at a local bank. There is a possibility to open a joint current account. Savings deposits often include interest tax, but some of the savings can be tax-exempt. It is possible to set up an offshore account.

Requirements for non-residents:

• Identification document;
• Proof of address in Luxembourg;
• Proof of income and legality of savings;
• Data on the source of funds;
• Letter of recommendation from the bank.

Most banks require a personal appearance to open an account. Corporate applicants may be required to provide incorporation documents and personal information about beneficial owners and directors. A description of the main business, confirmation of the sources of funds and projections of the relative annual turnover are required.

BNP Paribas Bank is one of the largest banks that operate in Luxembourg. It is possible to open an account with ING - a Dutch bank, which is especially popular among non-residents. RCB bank is relevant for customers from CIS countries.