Opening a company bank account, including the capital deposit

Terms used

• NIF — The NIF is the tax identification number. A company gets a provisional one first and a definitive one after registration.
• NIE — The NIE is the tax identification number Spain gives to foreigners.
• Modelo 036 — The modelo 036 is the tax agency form used to register a company and get its provisional NIF.
• Modelo 600 — The modelo 600 is the transfer tax form filed when a company is formed.

Key rules

• Minimum capital: The standard minimum share capital of an SL is €3,000, paid in at incorporation.
• Blocked funds: The deposited money stays blocked until the deed is registered and the definitive NIF is issued.
• Order: Open the deposit account and get the bank certificate before you sign at the notary.

The short version

You open the company's bank account twice, in effect. First you open a deposit account for the company that does not exist yet and pay in the capital. The bank gives you a certificate for the notary. After the company is registered, the bank converts that account into an ordinary operating account.

Step 1: get the name certificate

Before the bank will open anything, you need the negative name certificate (certificación negativa de denominación) from the Registro Mercantil Central. It shows that nobody else uses your company name. Banks usually ask for it, along with your draft articles and their own identity-check form.

Step 2: open the deposit account and pay in the capital

Open an account in the name of the company being formed. Then pay in the share capital. The standard minimum for an SL is €3,000, paid in at incorporation, in cash. Capital can also be contributed in kind, for example equipment.

Bring the IDs or passports and NIE of all founders. Foreign founders should also bring proof of address. The documents list below shows everything banks commonly ask for.

Step 3: get the bank certificate

Ask the bank for the certificate proving the deposit. Take it to the notary, who needs it for the deed of incorporation. A bank certificate is not always required. In some cases, under the 2022 reduced-capital rules, a declaration before the notary can prove the capital. Ask your notary which applies to you.

Some SLs can be formed with less than €3,000. If you do this, you must set aside reserves and cannot pay dividends until the capital reaches €3,000. If the company is liquidated, members are liable for the shortfall.

Step 4: sign, register, get the definitive NIF

The order after the bank step is:

1. Sign the deed before a notary.
2. Get the provisional NIF from the tax agency (modelo 036) and file the transfer tax form (modelo 600).
3. Register the deed in the Registro Mercantil of your registered address.
4. Collect the definitive NIF.

If you use the online process (CIRCE/PAE), several of these steps are combined.

Step 5: turn the deposit into an operating account

Take the registered deed and the definitive NIF to the bank. Also bring proof of the signatory's powers, such as the administrator appointment. The bank then converts the deposit account into an ordinary account and releases the funds.

Until then the money is blocked. Some banks allow limited use once you have the provisional NIF, but do not count on it. After the registry filing, expect anything from a few days to a few weeks. Bank practice varies, so ask your bank in advance what it needs and how long it takes.

Use the checklist and FAQ below to follow the steps and for common questions.

Documents for a company bank account

• Before incorporation: the negative name certificate (certificación negativa de denominación) from the Registro Mercantil Central, which shows your company name is free.

• Before incorporation: the draft articles (estatutos) and, if the bank asks, the draft deed.

• Before incorporation: a short description of the planned activity and the bank's own KYC (identity check) forms.

• Before incorporation: the proof of the share capital deposit. The standard minimum is €3,000, paid in at incorporation. After incorporation, the bank issues the deposit certificate for the notary.

• IDs or passports and NIE (foreigner tax number) of all founders, and for foreign founders, proof of address and a tax ID.

• After incorporation: the incorporation deed (escritura) with the articles, and proof of registration in the Registro Mercantil.

• After incorporation: the company NIF, the tax ID card from the Agencia Tributaria, and the census registration (modelo 036 or 037).

• After incorporation: proof of the signatory's powers, such as the administrator appointment or a power of attorney, with IDs, NIE or passports of administrators and signatories.

• Beneficial owner declaration (titular real) on the bank's own form, signed, covering anyone who owns or controls more than 25% of the shares or voting rights, or otherwise controls the company.

• ID copies of each beneficial owner, plus the deed, shareholder register or an ownership chart if a company is among the shareholders.

• Activity information: what the company does, main clients and suppliers, countries of operation, and expected monthly turnover and transaction volumes. A website, contracts, invoices or a business plan help.

• Source of the share capital: the shareholders' bank statements or tax returns, and proof of where the contributing person's wealth comes from. Higher-risk activities or countries mean more checks.

• Recent accounts or the latest corporate tax return, which some banks ask for from an existing company.

• Foreign company documents (certificate of incorporation, registry extracts, powers of attorney): apostilled if issued in a Hague Convention country, or legalised by a Spanish consulate if not. Some EU documents are exempt.

• Any foreign document not in Spanish or a co-official language, translated by a sworn translator (traducción jurada) accredited by the Ministry of Foreign Affairs. Banks are stricter on company documents and powers than on personal IDs and passports.

Checklist

• Pay in the full share capital, which must be at least €3,000, in cash or in kind.

• Collect the definitive NIF once the registration is done.

• Take the registered deed and the definitive NIF to the bank and ask it to convert the deposit account into an operating account.

• Confirm with the bank that the funds are released and you can use the account.

Frequently asked questions

Can I use the deposited capital before the company is registered?

No, the money is normally blocked until the deed is registered and the definitive NIF is issued.

How long does it take to unlock the capital after registration?

It usually takes days to a few weeks after the deed is filed at the registry, depending on how fast the registry works.

Do I always need a bank certificate to prove the capital?

Not always, because in some cases the capital can be proven by a declaration before the notary instead. Ask your notary which proof they will accept before you open the deposit account.

Can an SL be formed with less than the standard capital?

Yes, a newer regime lets an SL start with less than the standard minimum, but it must set aside reserves and cannot pay dividends until it reaches that minimum.