Bank account in France
Your guide to negotiating French legislation
In the US, or in the UK, setting up a corporate bank account is usually quick and easy. In France it is not unusual for the procedure to last a few months, so knowing what to expect, and what to do, is essential.
A bank account in France is vital for any company and it is a requirement for incorporation. Anti-money laundering and counter-terrorism legislation is necessary for any state; however, because of the French penchant for bureaucracy and paperwork, this process inevitably involves a few extra hoops to jump through.
The requirements can vary from bank to bank, however, from our experience, when the company opens a bank account in France, they usually ask for:
- Extensive details of the company including its history, background, activity, assets, financial forecasts, proposed activity in France, press releases, and details of any future projects, in French!
- The constitution of the French company to be created
The constitution of the parent company (if there is one), in the original language and in French.
- The most recent annual report of the parent company (if there is one) that includes an audit report, balance sheet, profit and loss statements, and disclosures among others.
- Verification of the identities of the directors including copies of diplomas and certificates, biographies, CVs, passports etc.
- Finally a complete list of all shareholders and people who have a beneficial interest in the company to be created, and in the parent company.
A bank account in France is a time consuming process that can slow down business expansion. But do not be deterred! With experience in this field, we know, and can foresee, the inevitable hurdles in order to keep entrepreneurs one step ahead. Furthermore, with our assistance, the lucrative opportunities in the French market easily offset this slight difficulty. And put it this way; if it was easy, your competitors would already be here!
Whether you’re an entrepreneur, a business leader, or you just want to find out more, get in touch with us to know more about opening a bank account in France. We are happy to help in any way we can.