When opening a corporate bank account in Argentina, it is essential to familiarize yourself with local banking regulations and procedures to form a company in Argentina. Argentine banks usually require companies to submit a number of documents, such as proof of company registration, identification of the company’s directors and evidence of the company’s business activities.
In addition, some banks may request additional documentation or impose specific requirements depending on the nature of your company and its business sector. Therefore, good preparation and attention to detail are crucial to ensure the success of the account opening process.
Argentina’s vibrant economy and strategic location in South America make it an appealing destination for businesses looking to expand internationally. Argentina’s GDP registered 631.12 billion dollars in 2022. Whether you’re a multinational corporation or a startup seeking to tap into the country’s diverse market, establishing a corporate presence in Argentina requires navigating through various administrative processes, one of which is opening a corporate bank account in Argentina.
In this guide, we delve into the details of opening a corporate bank account in Argentina. We’ll walk you through the essential steps, highlight the key considerations, and provide valuable insights to help you make informed decisions based on our personal experience in the country.
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What are the General Requirements for Opening a Bank Account in Argentina?
For business owners operating in Argentina, opening a corporate bank account offers many benefits. In addition to making you look more professional, having a corporate bank account will help you with identity protection and liability issues, make filing taxes easier, and allow you to build business credit.
Depending on the provider you choose, the process for opening an account may look different. However, there are some general requirements that most banks will ask for. Generally, you must present a number of documents, attend an in-person interview, and make an initial deposit.
List of 9 Commercial Banks in Argentina
As is the case with most institutions in the country, Argentine banks are plagued by nonsensical rules, limits, and excessive bureaucracy. Opening a corporate account at a local bank can be a very lengthy process. For this reason we recommend that foreign investors and companies open a corporate bank account with one of the foreign entities present in Argentina. Some foreign entities you may consider are:
- American Express Bank Ltd
- Barclays Bank Plc
- BBVA
- Citibank
- Deutsche Bank
- HSBC
- Santander
- Standard Chartered Bank
- Banque Nationale de Paris
Our recommendation: We recommend foreign companies to opt for banks such as Citibank or BBVA, as they have a lot of experience in international transactions.
What Documents are Needed to Open a Corporate Bank Account in Argentina?
Once you have completed the bank account application form, the provider will ask that you present a number of official documents. The list of required documents can become substantial and it may take a while to get them together. Below is a list of the main documents you should have on hand when applying for a company bank account in Argentina:
- Bank account application form correctly filled out.
- A copy of the company’s Memorandum of Association.
- National ID or passport copy of the company representative.
- Proof of a physical address.
- Proof that the company has a unique tax identification code (CUIT).
Our recommendation: To facilitate the application process, it is recommended to ensure that all necessary documents are available and organized before starting the account opening process. This proactive approach can help mitigate delays and ensure compliance with the bank’s requirements.
How to Open a Corporate Bank Account in Argentina: A 7-Step Guide
Once you have chosen a provider, and assembled the required documents, you are ready to begin the process of opening a company account. Completing this process will allow you to take your business goals to the next level.
What follows is a step-by-step guide of how to open a corporate bank account in Argentina:
- Step 1 – Complete the corporate bank account application form.
- Step 2 – Draft a letter stating the name and general details of the company, the reason for doing business in Argentina, and the names and personal details of the person(s) who will be handling the account.
- Step 3 – All account signatories must provide their Argentine national ID card (DNI), unique tax identification code, and powers of signatories (if any) notarized at a notary public.
- Step 4 – Provide all the required ‘Know Your Customer’ KYC documents requested by the bank.
- Step 5 – Submit all forms and supporting documentation for review/processing.
- Step 6 – Attend a face-to-face interview with a bank representative or send a local company representative or trusted partner to do so on the company’s behalf.
- Step 7 – Some banks in Argentina require a minimum deposit of $100,000 Argentine pesos (about $120 USD) to activate the account.
It is important to note that the above is a general, non-exhaustive guide. The number of required documents and level of scrutiny that a bank applies to an account application will differ from one bank to the next.
Limitations/Restrictions of Argentina’s Banking Sector
There are a slew of restrictions, limits, and lengthy work times in Argentina’s banking sector, and they may deter investors and companies from entering the market. These include, but are not limited to the following:
- Only citizens and permanent residents can open personal Argentine Peso (ARS) bank accounts.
- The process of opening a corporate bank account with a foreign bank, such as those mentioned above, can take 7 to 15 business days to complete.
- Opening a corporate account with a local Argentine bank can take up to 8 weeks to process.
- Not all banks in Argentina have made the digital transition, and do not offer online/digital banking services.
- Argentina recently relaxed the foreign currency controls it had imposed on the foreign exchange market in 2019, but the cap on peso ATM withdrawals persists. There is no telling if the government will reimpose such controls, which could negatively impact the financial operations of corporate bank account holders.
Common Questions on Opening a Corporate Bank Account in Argentina
Based on our extensive experience, these are the common questions and doubts of our clients on opening a company bank account in Argentina:
1. Can I open a corporate bank account online in Argentina?
Yes, it is possible for some banks to open an account online. To do so, the client must issue a broad general power of attorney, and they must always have an Argentine legal representative to be able to manage the duality of management of the bank account.
With certain banks, the customer can access their account online, carry out banking operations, and be the signatory of each of those bank movements.
2. Who can have access to a business bank account in Argentina?
Access is determined by the owners of the company, and can be anyone designated by the company, with the limitations that are designated.
3. What is the best bank in Argentina for foreign companies?
The following banks are recommended in order of best rating in Argentina:
- Bank of Galicia.
- HSBC Bank.
- Banco Santander Río.
4. Why do companies open bank accounts in Argentina?
Companies open bank accounts in Argentina for a variety of reasons, such as fund management, payments and payroll, access to financing, security, international trade, financial registration, cash management, and banking services. Choosing the right bank and complying with tax regulations is important, as is keeping accurate records for tax compliance and efficient business operation.
5. Does Argentina have bank secrecy?
Yes. In Argentina, entities covered by the Financial Institutions Law cannot disclose the passive transactions they carry out. The staff of financial institutions must maintain absolute confidentiality regarding all information that comes to their attention.
6. What are the types of corporate bank accounts in Argentina?
The main types of bank accounts are a checking account (cuenta corriente), a savings account (caja de ahorro) or a salary account (cuenta sueldo).
7. What documents do I need to open a business bank account in Argentina?
The documents required to open a corporate bank account in Argentina are:
- Articles of Association or Articles of Association and Corporate Planchette.
- Act of Appointment of Authorities.
- Minutes of meetings of partners and/or shareholders.
- Signatory’s ID.
- Affidavit of Beneficial Owner and Non-Politically Exposed Person.
- Broad general power of attorney of partners and/or shareholders who are not Argentine residents.
- Cell phone and/or token in Argentinian territory.
Biz Latin Hub Can Help You Open a Corporate Bank Account in Argentina
At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in Bogota and Cartagena, as well as over a dozen other major cities in the region. We also have trusted partners in many other markets.
Our unrivaled reach means we are ideally placed to support multi-jurisdiction market entries and cross-border operations.
As well as knowledge of how to open a corporate bank account in Argentina, our portfolio of services includes hiring & PEO, accounting & taxation, company formation, bank account opening, and corporate legal services.
Contact us today to find out more about how we can assist you in finding top talent, or otherwise do business in Latin America and the Caribbean.
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