Opening a corporate bank account in El Salvador is a crucial step for businesses, allowing them to manage payments, receive client funds, and comply with financial regulations. Below, we outline the requirements, steps, and practical tips for setting up a business bank account efficiently.
General Requirements for opening a corporate bank account in El Salvador
Financial institutions typically require the following documents:
- Company Formation Documents: Incorporation deed registered with the Commercial Registry.
- Initial Balance Sheet: Audited and registered with the Commercial Registry.
- Business Registration Certificate (Matrícula de Comercio).
- Local Establishment Registration for newly formed companies.
- Taxpayer Identification Documents: IVA Card and NIT (Taxpayer Identification Number).
- Company Seal: Must display the legal name of your Salvadoran entity.
- Legal Representative Documents:
- Salvadoran Representative: Copy of DUI (National ID).
- Foreign Representative: Copy of Passport and NIT.
- Shareholders’ Documents:
- Salvadoran Shareholders: Copy of DUI.
- Foreign Shareholders: Copy of Passport and NIT.
- Shareholders List: Signed by the Legal Representative.
- Bank Account Application Letter: Addressed to the financial institution of your choice.
- Proof of Business Address: Recent electricity or water bill of the registered fiscal address.
- VAT and corporate tax declarations for the last three months (if applicable).
- Previous year’s income tax declaration (if applicable).
- Financial statements (if required).
- Initial Deposit: Required for account activation.
Additional requirements for accounts opened by a company attorney (Power of Attorney Holder)
If an attorney is opening the account on behalf of the company, they must also submit:
- Salvadoran Attorney: Copy of DUI.
- Foreign Attorney: Copy of Passport.
- Power of Attorney Document: Notarized and registered in the Commercial Registry, granting authority to manage financial operations and open the corporate account.
In this regard, all the information to be submitted to the Bank must be signed by the General Administrative Representative.
Additionally Bank-Specific Requirements
- Know Your Customer (KYC) Form – Required by financial institutions for compliance.
- Local Contact Letter: If the Legal Representative is foreign and lacks a local phone number.
- Bank Forms: Provided by the institution according to its internal policies.
- Authorized Signatories Letter: Specifying individuals authorized to operate the account.
Each bank in El Salvador has its own internal policies and compliance requirements, so businesses should confirm specific details before proceeding.
Step-by-Step Process to Open a Business Bank Account in El Salvador
- Choose a Financial Institution – Select a bank that specializes in corporate accounts.
- Visit the Bank Branch – Ensure the selected branch has experience handling business accounts.
- Submit the Required Documents – The Legal Representative or Attorney must present all original documentation.
- Bank Review & Approval Process – The bank will evaluate the information and may request additional details.
- Sign Account Opening Agreements – Complete and sign the required banking documents.
- Make the Initial Deposit – Fund your corporate account as per bank requirements.
- Receive Account Details & Contracts – The bank will provide the corporate account contract upon approval.
If you need additional banking services such as checkbooks, online banking, or international wire transfers, request them during the account opening process.
Why Is Opening a Corporate Bank Account Important?
A business bank account offers companies numerous advantages, including:
- Secure and Efficient Payment Processing: Pay suppliers and employees easily
- Tax & Payroll Management: Handle payroll payments, tax obligations, and financial transactions efficiently.
- International Transactions: Conduct foreign supplier payments via wire transfers.
- Business Credibility: Many clients request banking certificates or account details before working with new suppliers.
Practical Tips for a Smooth Business Account Setup
- ✔ Verify the minimum deposit amount, fees, and document requirements before applying.
- ✔ Ensure the banking staff is knowledgeable about corporate accounts.
- ✔ Avoid delays by ensuring your documentation is complete and up to date.
- ✔ Always bring your company seal for authentication.
- ✔ Helps with follow-ups or additional document submissions.
- ✔ Having a bank executive assigned to your account simplifies problem resolution and financial management.
}Private banks supervised by the Superintendencia del Sistema Financiero (Superintendency of the Financial System)
Banco Agrícola, S.A.
Bank Cuscatlán de El Salvador, S.A.
Banco Davivienda Salvadoreño, S.A.
Bank Promérica, S.A.
Banco de América Central, S.A.
Bank Atlántida El Salvador, S.A.
Banco ABANK, S.A.
bank Industrial El Salvador, S.A.
Banco Azul de El Salvador, S.A.
Bank Apoyo Integral, S.A.
