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Business Account with an EU Bank or Payment Institution
We pick a bank or electronic money institution (EMI) for your company and prepare the documents so the bank's questions are answered the first time.
To open a business bank account in the EU, remember that a European bank opens an account not for a company but for the people behind it. It looks at who owns the business and where they live, what the company does, where its money comes from and where it goes. If the answers are incomplete, the application is put on hold, new documents are requested, or it is refused without explanation. That is why most of the work happens before filing: choosing a bank that works with your structure and building a KYC pack to its requirements.
Often an EMI, an electronic money institution with a European license, fits better than a traditional bank. It issues an IBAN, sends and receives payments, usually checks clients faster and more often works remotely. But it is not a bank: it does not lend or take deposits, and deposit insurance does not cover these accounts. We explain the difference and suggest an option for your situation.
Who it is for
- Owners of companies in Latvia and other EU countries who need an account
- Companies whose bank refused them or keeps dragging out the review
- Businesses that need an EU IBAN to settle with European clients
- Entrepreneurs choosing between a bank and an EMI
Requirements
- A registered company with valid incorporation documents
- A transparent ownership structure and details of beneficial owners
- A clear description of the business, clients and source of funds
- Contracts, a website or other proof of real activity
- The bank or EMI makes the final decision on the account
What we do
- Review the company's structure and business profile
- Pick a bank or EMI that works with your country of residence and type of business
- Build the KYC pack: company and beneficial owner documents, business description and source of funds
- Prepare the application and support the opening
- Help answer the bank's additional questions
- If the application is refused, look into the reason and suggest a backup option
Key documents
- Registration documents and articles of association
- Passports of directors and beneficial owners, with proof of address
- Description of the business, clients and planned volumes
- Contracts with clients and suppliers, or drafts
- Proof of source of funds
- Company website or presentation
How it works
- Briefwho owns the company, where they live, what the business does, currencies and volumes
- Shortlista short list of banks and EMIs with their requirements
- KYC packdocuments, translations and a business description for the specific bank
- Applicationfiling and answering follow-up requests
- Decisionaccount opened, or a review of the refusal and a backup option
Timeline
Timing depends on the bank and the documents; EMIs are usually faster than traditional banks.
Timelines are approximate: government agencies, consulates and banks set them.
What to watch out for
- The owner's citizenship and country of residence strongly affect the bank's decision
- Under EU sanctions, citizens and residents of Russia and Belarus without residence in the EU, EEA or Switzerland cannot place deposits above €100,000 with a bank, and since October 2025 they cannot be issued e-money or payment cards. A company registered in the EU is not directly covered, but the bank still considers the owners' citizenship and residence
- An opaque ownership structure or an unclear source of funds is a common reason for refusal
- A bank may refuse without giving a reason
- An EMI is not a bank: deposit insurance does not cover funds held there
FAQ
How much does it cost?
Our service fee is on request. Government fees, translations, insurance and other mandatory costs are paid separately; we send the full estimate before you sign.
How is an EMI different from a bank?
An EMI is a licensed electronic money institution. It provides an IBAN and processes payments, but it does not lend or take deposits, and deposit insurance does not cover its accounts. On the plus side, an EMI often opens an account faster and works remotely.
Can I open a business bank account in the EU remotely?
Many EMIs open accounts remotely. Traditional banks more often ask for an in-person meeting with the director or a beneficial owner. We pick an option based on whether you are ready to travel.
Why do banks refuse?
Most often because of an unclear ownership structure, a weak business description, or no proof of activity or source of funds. Sometimes the reason is the owner's citizenship or country of residence, including EU sanctions on Russia and Belarus. We prepare the documents to answer these questions before filing.
How long does it take to open an account?
It depends on the bank and how complete the documents are: EMIs are usually faster, traditional banks slower. We give a more precise estimate after the shortlist, once we know where we are applying.
My application was already refused. What now?
A refusal from one bank is not the end. We work out what may have caused it, fix the document pack and apply to another bank or EMI that works with your profile.
Do you guarantee the result?
No. Decisions are made by government agencies, consulates and banks. We are responsible for preparing and checking documents, filing and support, and we tell you about the risks upfront.
Related programs
Let’s discuss your case
We will check whether the program fits your citizenship, income and family, and send an estimate with the full list of costs.
