To open a corporate bank account in El Salvador, you’ll need to choose a financial institution, visit a branch, submit the required documents, and sign account opening agreements
Requirements, documents needed to open a bank account.
The general requirements requested by financial institutions are as follows:
- Deed of Incorporation of a company registered in the Commercial Registry.
- Initial Balance Sheet duly audited and registered in the Commercial Registry.
- Trade Registration
- Registration of establishment of premises, for those newly formed companies.
- VAT card and company NIT.
- Company seal, which must include the corporate name of your Salvadoran company.
- DUI in the case that the Legal Representative is Salvadoran.
- Passport and NIT, in the case that the Legal Representative is a foreigner.
- Copy of DUI of shareholders if they are Salvadoran.
- Copy of Passports and NIT of shareholders in the case of foreigners.
- List of shareholders, which may be signed by the Legal Representative.
- Letter requesting to open a bank account, addressed to the financial institution of your choice and preference.
- Electricity or drinking water receipt from the tax domicile where your company is located.
- Payment on account and VAT declarations for the last three months for your company, if it has operations.
- Income Tax Return for the previous year, if applicable.
- Financial Statements, where applicable.
- Initial account deposit.
If the account is opened through a company representative, the following information must be added:
- DUI of Salvadoran representative
- Passport in the case that the Attorney is a foreigner
- A copy of the General Administrative Power of Attorney, duly registered with the Commercial Registry, in which the attorney representing the company must have broad authority to open a bank account, conduct transactions, and request financial products.
In this regard, all information to be submitted to the Bank must be signed by the General Administrative Attorney.
Other general requirements that Banks may request due to internal policies are:
- Customer Knowledge Form.
- Letter from a contact person in El Salvador, if the legal representative is not Salvadoran and does not have a landline number in the country.
- Completion of forms provided by the financial institution, in accordance with its policies.
- Letter specifying the persons authorized to sign the bank account.
They must take into consideration the policies requested by each financial institution, which must be followed in order for their bank account to be opened.
Steps and processes for opening a business bank account in El Salvador.
- Choose the financial institution of your preference.
- Apply to a preferred agency that has experience opening business accounts.
- The Legal Representative or General Administrative Attorney must appear at the agency with the requirements and original documents of the company, indicated above.
- The Bank will process the information and provide approval or request additional information necessary to open the bank account.
- Documents requested by the Bank to open the bank account will be signed.
- You will need to make the initial deposit into your business account.
- The Bank must deliver the contract for the current account opened
And with that, your account is open. Please note that if you purchase additional services and products, such as checkbooks and online banking, these must be requested at the time you open your account so that you can complete and sign the documentation required by each institution for said services or products.
Why is it important to open a bank account?
It’s important to open a business checking account, as this allows companies to meet their supplier payment obligations more quickly, securely, and conveniently. It also allows them to manage payroll and tax payments, receive payments from clients, and more.
A checking account is important for the ordinary course of business, allowing entrepreneurs to carry out any transaction necessary to fulfill their obligations, including making payments to suppliers abroad through an international transfer.
You should consider that many potential clients currently request a bank statement or account number from your company in order to register as a supplier, which represents a commercial need.
Practical tips for opening a business bank account.
- Keep in mind that each bank has its own policies, so before opening a bank account, it’s important to understand the requirements, costs, and minimum initial deposit amount you must have.
- Visit a bank branch of your choice that has the experience and knowledge to open a business account.
- Please verify in advance that the documentation you are submitting is correct and complete so that it can be received by the Bank Executive.
- Every time you visit the Bank, you must carry the company seal with you.
- Take note of the name of the bank executive who is supporting you with your business account, so that if you need to return in a few days to drop off documents, you can contact them quickly.
- Once you open your account, it’s important that your company has a designated Executive for any eventuality that may arise in your Online Banking, or that requires any type of personalized assistance based on your company’s regular business operations.
Private banks supervised by the Superintendency of the Financial System
Banco Agrícola, S.A.
Banco Cuscatlán de El Salvador, S.A.
Banco Davivienda Salvadoreño, S.A.
Banco Promérica, S.A.
Banco de América Central, S.A.
Banco Atlántida El Salvador, S.A.
Banco ABANK, S.A.
Banco Industrial El Salvador, S.A.
Banco Azul de El Salvador, S.A.
Banco Apoyo Integral, S.A.
