A Portuguese company account requires, at minimum: the company’s registration certificate (certidão permanente), the beneficial-ownership declaration (RCBE) proof, the company’s NIF and by-laws, identification and tax numbers for every director and every beneficial owner above the bank’s threshold, proof of the business’s substance (activity description, expected flows, often contracts), and in-person or certified identification per the bank’s KYC. For foreign shareholders, the account, not the incorporation, is the critical path; here is the checklist that shortens it.
The document checklist, in the order banks ask
- Certidão permanente code (the online registry extract).
- RCBE: proof the beneficial-ownership register declaration is filed, banks will not proceed without it.
- Company NIF and CAE activity codes.
- By-laws/articles.
- For each director and relevant owner: passport or ID, personal NIF (yes, foreign shareholders need Portuguese NIFs, obtain them at incorporation stage, not at the bank’s door), proof of address, and source-of-funds narrative with support for the initial capital and expected volumes.
- Business substance pack: what the company does, where its clients are, projected flows, and, increasingly decisive for international profiles, existing contracts or a coherent business plan.
- Signatures: many banks still require at least one in-person session or a notarised/apostilled circuit for absent signatories.
Why foreign-owned companies get slowed down
Portuguese banks apply enhanced due diligence to non-resident ownership as a matter of AML routine: expect questions on the ownership chain up to natural persons, on tax residence of the owners (CRS classification), and on any connection to higher-risk jurisdictions, with a blacklisted-jurisdiction link being, in practice, disqualifying at most institutions. The single biggest self-inflicted delay we see: inconsistencies between the incorporation papers, the RCBE and the KYC answers (different address spellings, an owner declared at 25% here and 24% there). Banks do not resolve inconsistencies; they park the file. Precision beats persuasion.
Timeline, alternatives and the MIBC note
Realistic timeline for a foreign-owned SME with a clean file: two to six weeks from complete submission, bank-dependent; incomplete files age indefinitely. Alternatives while the traditional account processes: EU fintech business accounts (IBAN-issuing institutions) can carry early operations for many profiles, with the caveats that share-capital deposit and certain flows may still require the traditional account, and platform risk appetite for non-resident structures varies. For MIBC and Madeira-seated companies, the process is the same national process; a coherent substance narrative (the same one your licensing file tells) measurably eases the KYC conversation, one more reason the regime-general-first structure keeps its documentation aligned from day one.
Frequently asked questions
Can I open the account before the company exists?
Capital-deposit accounts can be opened in formation contexts, but the operating account follows registration and RCBE. Plan the sequence rather than fighting it.
Do all shareholders really need Portuguese NIFs?
Directors and relevant beneficial owners will be asked for them in practice, obtaining NIFs at the start (we issue them remotely) removes the most common bottleneck.
Can everything be done remotely?
Increasingly, but not universally: several banks retain an in-person or certified-signature step for non-resident signatories. We confirm the specific bank’s current policy before scheduling.
How much capital must be deposited?
Private limited companies can incorporate with modest capital (from €1 per share legally, though credibility and banking practice favour more); the deposit and its source documentation belong to the KYC narrative.
A fintech IBAN is enough, right?
For early operations, often; for capital deposit, certain flows and lender relationships, the traditional account remains necessary. Run both tracks in parallel rather than choosing ideologically.
What makes a file ‘clean’ in the bank’s eyes?
Total consistency across registry, RCBE and KYC; a comprehensible ownership chain ending in identified natural persons; and a substance story the account activity will actually match. That is the file we build.
This article is provided for general informational purposes only and reflects our understanding of the legal and tax framework in force on the date of writing or last review indicated above. It does not constitute legal, tax, accounting or investment advice, does not cover all rules that may apply to your specific circumstances, and does not create any client relationship with Madeira Corporate Services. Legislation and administrative practice change frequently, and their application depends on the facts of each case. Before acting on any information contained in this article, you should obtain professional advice tailored to your situation. Madeira Corporate Services accepts no liability for decisions taken on the basis of this article. Services reserved by law to lawyers are provided by duly registered legal professionals, identified as such.
Miguel Pinto-Correia holds a Master Degree in International Economics and European Studies from ISEG – Lisbon School of Economics & Management and a Bachelor Degree in Economics from Nova School of Business and Economics. He is a permanent member of the Order of the Economists (Ordem dos Economistas)… Read more
