Business banking and payments

It is for anyone thinking about, planning or carrying out a move to Spain who will work for themselves or run a company there.

Start with "Do you need a separate business account as an autónomo?". It helps you choose and set up an account for self-employed work, and the other pages build on it. VAT, invoicing and setting up a company are not covered here.

Key rules

• Share capital: The standard minimum share capital of an SL is €3,000, paid in at incorporation.
• Separate account: The law does not require an autónomo to keep a separate business account, but keeping one makes expenses easier to justify.
• RETA account: Your RETA contribution is direct-debited from an account with a Spanish IBAN, and it does not have to be a business-labelled account.
• Spanish IBAN: Your RETA direct debit needs an account with a Spanish IBAN starting ES.
• Blocked funds: The deposited money stays blocked until the deed is registered and the definitive NIF is issued.
• Contract length: Many terminal contracts tie you in for 12 to 36 months with an early-exit penalty, so look for a penalty-free exit clause.

Documents you may need

Identity and residence

• Valid ID
• ID copies of each beneficial owner — Opening a company bank account, including the capital deposit

Income and work

• Proof of your registration as autónomo — Taking card and Bizum payments in a small business, Getting a business loan as a new autónomo
• Foreign company documents — Opening a company bank account, including the capital deposit
• Your registration in the tax census — Do you need a separate business account as an autónomo?
• Bank statements from a Spanish account with some history — Getting a business loan as a new autónomo

The home and the lease

• Proof of address in Spain — Do you need a separate business account as an autónomo?

Other documents

• After incorporation — Opening a company bank account, including the capital deposit
• The IBAN of your Spanish business bank account — Taking card and Bizum payments in a small business

Each article lists the other documents it asks for, where you need them.

Business banking and payments: questions that cross several articles

Can I open a business bank account if I have just arrived and have no TIE yet?

Often yes, with your passport and NIE, but some traditional banks want the TIE or a Spanish address for business accounts. Digital banks are usually easier, though they may give you a foreign IBAN or fewer features. You still need a valid NIE to register as an autónomo, so read "Do you need a separate business account as an autónomo?" next.

Which documents should I gather before going to a bank to open an autónomo account?

Bring your ID (NIE with TIE if you have one) and passport, proof of address, your tax number and proof of your activity, meaning the census registration and your RETA registration. Expect questions on your expected income and where your money comes from. Some banks open a basic personal account first and ask for the activity proof later; see "Do you need a separate business account as an autónomo?".

In what order do the bank account, notary and registry happen when I form an SL?

You first get the company name certificate, then open a deposit account in the company's name and pay in the capital. After that you sign the deed before a notary, get the provisional tax number, register the deed in the Registro Mercantil and finally switch to an operating account. The online CIRCE route combines some of these steps, so read "Opening a company bank account, including the capital deposit".

Do I need the €3,000 capital in place before I can take card payments through my SL?

The €3,000 minimum share capital is paid in at incorporation, so it is in the company account before the SL exists. You arrange a card terminal (TPV) once you have an operating account to receive the money. Read "Opening a company bank account, including the capital deposit" first, then "Taking card and Bizum payments in a small business".

What should I compare before signing a card terminal contract?

Compare the commission, any monthly rental, the minimum commitment period and how fast the money reaches your account. Flat-rate providers publish one percentage with no monthly fee, while bank terminals price by card type and may add rental. Ask for a split tariff and a clause that lets you leave without penalty; the details are in "Taking card and Bizum payments in a small business".