Opening a business bank account is a crucial step for entrepreneurs and companies operating in Greece. Whether you’re a local entrepreneur, a foreign investor, or an expat looking to establish a business in this Mediterranean country, having a dedicated business account ensures smooth financial operations, tax compliance, and credibility with clients and partners.
In this guide, we’ll walk you through the process of opening a business bank account in Greece, including the required documents, eligibility criteria, and tips to make the process as seamless as possible.
Why Open a Business Bank Account in Greece?
Before diving into the details, let’s explore why having a business bank account is essential:
- Separation of Personal and Business Finances : Keeping your personal and business finances separate simplifies accounting, tax filing, and auditing.
- Professionalism : Clients and suppliers are more likely to trust businesses that operate through official banking channels.
- Access to Financial Services : A business account allows you to apply for loans, credit lines, and other financial products tailored to companies.
- Legal Compliance : In Greece, businesses are required to maintain proper financial records, and a business account helps ensure transparency and adherence to regulations.
Eligibility Criteria for Opening a Business Bank Account
To open a business bank account in Greece, you must meet certain eligibility requirements. These vary slightly depending on whether you’re a Greek national, a foreign resident, or a non-resident entrepreneur. Below are the general criteria:
- Registered Business Entity :
- Your business must be legally registered in Greece or another EU/EEA country.
- Common business structures include sole proprietorships, partnerships, limited liability companies (EPE), and corporations (AE).
- Tax Identification Number (TIN) :
- All businesses operating in Greece must have a Tax Identification Number (AFM in Greek). This is mandatory for both individuals and legal entities.
- Proof of Legal Status :
- Documents proving the existence and registration of your business, such as Articles of Incorporation or a Certificate of Registration.
- Residency Requirements :
- While residency is not always required, non-residents may need additional documentation, such as proof of address abroad and a valid passport.
- Minimum Deposit :
- Some banks require an initial deposit to activate the account. The amount varies by bank but is typically modest.
Documents Required to Open a Business Bank Account
The exact list of documents may vary depending on the bank and your business structure, but here’s a comprehensive checklist to prepare:
For the Business:
- Certificate of Incorporation : Official document proving your business is legally registered.
- Articles of Association : Details about the company’s purpose, shareholders, and management structure.
- Tax Identification Number (AFM) : Both for the business and its owners/directors.
- VAT Registration (Optional) : If your business is VAT-registered, provide the relevant certificate.
- Business License : Certain industries (e.g., restaurants, retail) require specific permits.
- Proof of Registered Office Address : Utility bills, lease agreements, or other documents confirming the business address.
For the Account Holders/Directors:
- Valid Passport or ID Card : For identification purposes.
- Proof of Address : Recent utility bill, bank statement, or rental agreement (can be from abroad for non-residents).
- Power of Attorney (if applicable) : If someone else is authorized to manage the account on behalf of the business.
- Shareholder Information : Names, addresses, and ownership percentages of all shareholders (for transparency purposes).
Step-by-Step Process to Open a Business Bank Account
Step 1: Choose the Right Bank
Greece has several reputable banks offering business accounts. Popular options include:
- National Bank of Greece (NBG)
- Piraeus Bank
- Alpha Bank
- Eurobank
Each bank offers different features, fees, and services. Compare their offerings based on your needs (e.g., online banking, international transfers, loan options).
Step 2: Schedule an Appointment
Most Greek banks require an in-person visit to open a business account. Contact your chosen bank to schedule an appointment at a branch convenient for you. Bring all necessary documents to avoid delays.
Step 3: Submit Your Documents
During your appointment, present the required documents. A bank representative will review them and guide you through the application process. Non-Greek speakers may request assistance in English, as many banks cater to international clients.
Step 4: Complete the KYC Process
Banks in Greece adhere to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Expect questions about the nature of your business, source of funds, and expected transaction volumes.
Step 5: Make the Initial Deposit
Once your application is approved, you’ll need to make the minimum deposit to activate the account. This can usually be done via cash, check, or wire transfer.
Step 6: Activate Online Banking
Most Greek banks offer robust online banking platforms. Request access credentials during your visit to start managing your account digitally.
Fees and Charges Associated with Business Accounts
While some banks offer free business accounts, others charge monthly maintenance fees or transaction fees. Common charges include:
- Account Maintenance Fees : Typically range from €5–€20 per month.
- Transaction Fees : Fees for domestic/international transfers, cash deposits, and withdrawals.
- Card Issuance Fees : For debit or credit cards linked to the account.
- Currency Conversion Fees : Applicable for businesses dealing in multiple currencies.
Always ask for a detailed fee schedule before finalizing your choice.
Tips for a Smooth Application Process
- Prepare All Documents in Advance : Missing paperwork can delay the process significantly.
- Translate Documents if Necessary : While many banks accept English documents, some may require translations into Greek. Certified translations are recommended.
- Understand Tax Obligations : Familiarize yourself with Greek corporate tax laws to ensure compliance.
- Seek Professional Assistance : If you’re unfamiliar with Greek bureaucracy, consider hiring a lawyer or accountant specializing in business setup.
- Choose a Bank with Strong Digital Capabilities : If you plan to operate remotely or travel frequently, prioritize banks with user-friendly mobile apps and online tools.
Special Considerations for Non-Residents
Non-resident entrepreneurs face additional hurdles when opening a business bank account in Greece. Here’s what you need to know:
- Proof of Legal Residency Abroad : Provide documents like a utility bill or bank statement from your home country.
- Notarized Documents : Some banks require apostilled or notarized versions of your incorporation papers and identification.
- Engage a Local Representative : Having a trusted local partner can simplify communication with the bank and authorities.
