Opening a bank account in Chile can be a challenging process, particularly for foreign entrepreneurs aiming to operate in the country. However, creating a company in Chile significantly eases the process of obtaining a bank account, granting access to financial services in less time and with fewer requirements. In this article, we’ll explain how the company formation process can expedite opening a bank account and guide you through the necessary steps.
Benefits of creating a company in Chile to access a bank account
Forming a company in Chile offers several benefits, especially when it comes to opening a bank account—particularly for foreign investors. Most Chilean banks have regulations that require proof of income and background checks, which are generally easier to meet through a registered company.
By formalizing a company, banks can assess the business’s stability and growth prospects, which makes account approval more likely. A legally constituted company has credibility and a formal status with banks, providing a legal structure that reinforces the bank’s support for the business.
Additionally, companies usually gain access to more extensive banking services, such as credit lines and other financial products, allowing for a more complete range of operations.
Steps to form a company in Chile
The process of forming a company in Chile is quick and can be completed in just a few steps. One of the key advantages is the “Your Company in One Day” platform, where registration is expedited, allowing businesses to operate formally in under 24 hours. Here are the steps:
- Register on the “Your Company in One Day” Platform: Enter the company and partners’ information to obtain a taxpayer ID number (RUT) for the business.
- Obtain the Business RUT: This essential step provides the ID used in all legal and fiscal transactions.
- Register with the Internal Revenue Service (SII): With the company’s RUT, you can register with the SII, a required step for conducting formal economic activities in Chile.
Types of business bank accounts in Chile
Once your company is established, you can select from different types of business bank accounts, each designed to meet various business needs:
- Commercial Checking Account: Ideal for companies that handle high transaction volumes and need access to commercial credit.
- Investment Account: Suitable for businesses seeking to manage funds strategically, providing access to various financial products.
- Business Savings Account: Recommended for companies requiring immediate access to funds with no minimum balance requirement.
Each type of account can be adapted to suit the nature and size of the business, providing flexibility for financial management.
Requirements for opening a business bank account in Chile
To open a business bank account, certain requirements must be met, which may vary by bank and account type. However, the main requirements generally include:
- Company Documentation: A copy of the company’s articles of incorporation and legal powers of its representatives.
- Partner Identification: Valid IDs or passports for each partner or legal representative.
- Proof of Address and Business Activity: Banks require proof of a Chilean address and documentation verifying the nature of the company’s business activities.
With a fully constituted and formalized company, these requirements are simpler to fulfill, as many of the documents are automatically generated during company formation.
Additional documentation for opening a business bank account
Although forming a company simplifies bank account access, Chilean banks may request additional documentation to ensure regulatory compliance. These additional documents may include:
- Financial Statements or Income Projections: Banks may require these documents to assess the business’s financial stability.
- Commercial or Bank References: In some cases, providing client or supplier references can help support the account application.
- Company Agreement and Legal Powers: These documents validate the company’s structure and the authority of those who will sign on behalf of the company.
It’s ideal to consult the specific requirements of the bank where you intend to open your account to ensure you have all the necessary documentation and avoid delays.
Top banks for foreign companies in Chile
Several banks in Chile are experienced in offering services to foreign companies and have streamlined procedures for doing so. Among the top options are:
- Banco de Chile: Offers services for foreign clients with English support and online processes.
- Banco Santander Chile: Focused on SMEs and foreign companies, facilitating account setup with dedicated executives.
- Scotiabank Chile: Specializes in services for international investors and entrepreneurs, with products tailored to simplify business management.
Each bank has its conditions and benefits, so we recommend evaluating which one best meets your needs based on the type of company you are forming.
Interested in learning more about the benefits of creating a company in Chile?
If you’d like to know more about the advantages of forming a company in Chile to access a bank account quickly and securely, **contact our experts at [Becker Abogados](#)**. We’ll assist you every step of the way, from company formation to obtaining a bank account, ensuring your operations in Chile are fully supported.
