Opening a bank account for a foreign company in Poland

Opening a bank account for a foreign company in Poland

Opening a bank account for a company is a seemingly easy thing to do. However, the process has become somewhat complicated in recent years, and you have to meet a number of conditions, provide the required documentation and successfully pass verification, especially if you are a foreign entrepreneur wishing to open an account for your company in Poland.

The difficulties in opening a bank account for a company in Poland are related to current anti-money laundering and anti-terrorist financing regulations. Tax regulations also come into play, as it has often been the case that foreign companies have been used to circumvent domestic regulations and reduce costs. Banks, with these issues in mind, carefully review the documents provided to them. This process involves both individuals and legal entities.

At the moment, Polish banks do not facilitate the opening of accounts for foreign companies even if they are from European Union countries. The basis for the conversation with the bank is potential contracts and business contacts with Polish companies (sale of goods or services). If a foreign company demonstrates that it has such business and lists Polish companies with which it has contacts and justifies the purpose of opening an account, the account opening will most likely be successful.

What is needed to open a bank account in Poland

To create a bank account for a foreign company in Poland, you need to fill out the necessary documentation, which includes the following information:

• data on the foreign company,
• data on the actual beneficiary,
• reasons for wanting to open a bank account for a foreign company in Poland,
• the company’s ties to the country, which is the seat of the bank.

The foreign company must also undergo a due diligence procedure. Its purpose is to thoroughly evaluate the current situation of the company in question, including an assessment of the potential risks associated with its operation.

The most commonly required documents that must be presented when applying for a bank account for a foreign company in Poland are:

• a copy from the foreign register of commercial companies containing the name of the company, the address of its registered office and the data of its representatives,
• the company’s articles of association,
• official documents specific to the company’s registered office, containing additional data about the company and providing information about its legal status and representatives.

Want to learn more, need help opening a bank account in Poland? Write to us at office@progressholding.