When you are moving your business to France, one of the most important things is to have your business finances in place. In such a case, it is best to have a local business bank account in place that lets you handle day-to-day financial transactions like, making business payments, paying salaries to employees, paying vendors, dealing with multiple currencies etc.
However, opening a business account as an expat can be a little more complicated considering there are more steps involved and that you are not a resident. Nevertheless, it is still possible to get a business bank account for your company in France as a non-resident. There are a few procedures and requirements that need to be completed, but if you have all the paperwork in order, it should not take more than a few days to open an account.
Laine Redpath
Requirements for opening a bank account in France as a resident
The requirements for opening a business bank account in France as a non-resident are not very different from the ones that apply to residents. The main difference is that as a non-resident, you will need to provide some additional documentation to prove your identity and residence. In general, you will need the following documents:
- Passport or national ID card (Passport)
- Proof of address (utility bill, lease agreement etc.)
- Articles of incorporation or business registration certificate
Additional documents that may be required include:
- Certificate of good standing
- Tax ID number
Laine Redpath
Best banks in France to open a business account
Most traditional banks in France have strict processes and are generally stricter to provide a bank account to expats. Additionally, they might also ask you to visit in person to get the procedure done. And even if they allow you to open a business account in France, you will be asked to have a minimum balance in your account and to pay a subscription fee. This can often be complicated if you are not based in France.
Luckily, there are a number of online banks and fintech companies which have much more flexible requirements when it comes to providing bank accounts for expatriates and non-residents. These companies further have competitive conversion rates and products, which make them ideal for those running businesses abroad.
Some of the best fintech companies you can look up for opening a business account are Revolut, wamo, and N26. These companies have good reviews, great customer support and offer a number of services that can be beneficial for businesses.
Step by step opening a business account in France
- Research and choose the bank that best suits your needs. Consider factors such as fees, location, services offered and customer reviews.
- Gather the required documents. Ensure you have all the necessary documentation before beginning the application process to avoid delays.
- Start the application process. This can be done online, over the phone or in person at a branch office.
- Follow the instructions provided by the bank. Each bank has its own process, so it is important to follow the specific steps for your chosen institution.
- Wait for approval from the bank. The procedure might take a few days to weeks and once your application has been reviewed and approved, you will be able to start using your new account.
Be prepared to answer questions about your business, such as its size, industry and expected turnover. This is so the bank can assess your needs and decide which products and services would be best for you.
How can you make the account opening procedure easy and quick?
As a foreigner trying to open a business account in another country, it can be overwhelming considering all the paperwork and, sometimes, the language barrier. You can make the process much easier by choosing a fintech company like wamo.
wamo is built to help entrepreneurs from around the world who have had trouble in the past opening a bank account with traditional banks. The best part about wamo's business account is that it is personalised based on your business requirements and regardless of your location, so you can manage all your financial aspects in one place without having to visit the country. All you need is your basic documents and information and a few minutes to register yourself. Next, you will be connected to one of the wamo representatives who will guide you through the account opening process, which is very straightforward and quick. So, even if this is your first time applying for a business account as a non-resident entrepreneur, it will be a breeze with wamo!
Along with your multi-currency business account, you can further expect virtual debit cards, QR payment codes, money tracking tools etc to make your financial management easier in France.
Laine Redpath
