Not applicable for this jurisdiction.

Branch

Not necessary in order to register a foreign company.

Proprietary company

Not necessary in order to incorporate.

Public company

Not necessary in order to incorporate.

Stock corporation (AG)

No, either an Austrian bank account or a bank account with a CRR credit institution is required for incorporation. Alternatively, the payment can be made to a trust account of the involved notary public. The stated capital must be paid to that bank account, and the bank must provide a confirmation that the stated capital is available. Without such confirmation, the companies registry will not register the stock corporation. (But registration, no local bank account is required for the operation of the business).

Limited liability company (GmbH) and Flexible Company (FlexKapG)

No, either an Austrian bank account or a bank account with a CRR credit institution is required for incorporation. Alternatively, the payment can be made to a trust account of the involved notary public. The stated capital must be paid to that bank account, and the bank must provide a confirmation that the stated capital is available. Without such confirmation, the companies registry will not register the stock corporation. (But registration, no local bank account is required for the operation of the business).

With Limited Liability (WLL)

A bank account is not required to be opened prior to incorporation. A local bank account is a must.

Closed Shareholding Company (BSC(c))

A bank account is not required to be opened prior to incorporation. A local bank account is a must.

Foreign Branch (Branch)

Not required to open a local bank account.

Public limited company (société anonyme/naamloze vennootschap)

The public limited company must have a bank account.

In case the public limited company is incorporated by means of a contribution in cash, the amount that must be fully paid in must be deposited on a blocked bank account with a bank in Belgium or a bank in the European Economic Area as meant in article 4, paragraph 1, point 1) Regulation (EU) no. 575/2013 opened in the name of the public limited company in incorporation. The amount will be released once the notarial deed has been signed.

Limited company (société à responsabilité limitée/besloten vennootschap)

The limited company must have a Belgian bank account.

In case the limited company is incorporated by means of a contribution in cash, the amount that is fully paid in must be deposited in a blocked bank account with a bank in Belgium or a bank in the European Economic Area as meant in article 4, paragraph 1, point 1) Regulation (EU) no. 575/2013 opened in the name of the limited company in incorporation. The amount will be released once the notarial deed has been signed.

Belgian branch office of a foreign company

The Belgian branch office must have a Belgian bank account, which in principle must be opened before the establishment of the Belgian branch office.. The forms should be filed with the clerk's office of the competent enterprise court in order to open the Belgian branch office.

Limited liability company (Sociedade Limitada)

Not necessary in order to incorporate. The company's bank account shall be opened in Brazil only after the registration of the incorporation documents with the commercial registry and the registration of the company with the Brazilian Federal Revenue.

Corporation (Sociedade Anônima)

The corporation's bank account shall be opened in Brazil after its incorporation. Nonetheless, in order to comply with the Brazilian Law, the incorporation of a corporation depends on the realization of at least 10 percent of the issuance price of the shares subscribed in national currency that shall be deposited at Banco do Brasil S/A., or at another bank authorized by the Brazilian Securities Commission.

Corporate subsidiary

Not necessary in order to incorporate. Once the incorporation is completed, if necessary, a bank account can be opened anywhere.

Not prior to incorporation. It is not mandatory to open an account in a local bank.

Not necessary in order to incorporate; however, a bank account must be opened after incorporation. A company may set up bank accounts within China, or outside of China in rare cases (which is subject to approval by the foreign exchange authority).

Not necessary for incorporation. When necessary, a bank account must be opened in Colombia.

Yes, a Czech bank account is required for incorporation and payment of monetary contributions of shareholders. Monetary contributions must be paid to that bank account, and the bank must provide a confirmation that stated capital is available. Without such confirmation, the commercial register will not register a new company. The only exception applies to a limited liability company with stated capital not exceeding CZK20,000.

Limited liability company (Kapitalselskab)

Banks will usually not open an account before the company is incorporated.

All companies in Denmark are required to have a NemKonto/Easy Account. A company’s Nemkonto is a designated bank account that receives payments from the public sector.

The NemKonto can either be a bank account in Denmark or a designated foreign bank account.

The expected timeline for opening a bank account in Denmark is around 2-3 weeks, often due to AML requirements and disclosing of KYC documentation.

Corporations

Yes.

Branch

Yes.

RO

Yes.

Osakeyhtiö (Oy)

Where share capital shall be paid in cash, opening a bank account with a bank is required. The bank must be properly regulated, but it does not have to be Finnish.

Société par actions simplifiée (SAS)

Initial capital contribution must be deposited prior to incorporation on a local bank account, or at the "Caisse des Dépôts et consignations," or a notary bank's account.

Société à responsabilité limitée (SARL)

Initial capital contribution must be deposited prior to incorporation on a local bank account, or at the "Caisse des Dépôts et consignations," or a notary bank's account.

Société anonyme (SA)

Initial capital contribution must be deposited prior to incorporation on a local bank accounts or at the "Caisse des Dépôts et consignations," or a notary bank's account.

GmbH – limited liability company

The share capital must be paid to an account of the company to be established. It is possible to use a foreign bank account.

A bank account must be opened upon completion of transaction for the payment of share capital. The bank account may be held either in a local bank or in a bank institution of the European Economic Area.

Limited private companies

Not necessary. A company can have a bank account anywhere.

Capital contributions of shareholders/quotaholders must be transferred to a bank account. A corporate entity must have at least 1 local bank account.

A company must open at least 1 Hungarian bank account for its operations. Foreign bank accounts of the company must be reported to the Hungarian tax authority. Information on the bank account, account number and date of opening and closure of the bank account must be reported to the Hungarian tax authority within 15 days from the date of an event.

Private limited company

As per the prescribed process, all companies are required to mandatorily file an application for opening a bank account along with the incorporation form. This application is part of the incorporation form which is submitted with the RoC. Presently, the companies have the option to open the bank account with Punjab National Bank, State Bank of India, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, UBI, IndusInd Bank or HDFC Bank.

Post incorporation, the NewCo may open additional accounts with its preferred banks.

Limited liability company

In practice, banks in Indonesia can only open an account after the company has been incorporated as they require certain documents from the company including, but not limited to, its deed of establishment, NIB and the NPWP. Indonesian law does not specifically require the bank to be local but, in practice, the share capital is paid into a bank which has opened its office in Indonesia. This payment evidence must be submitted to the MOLHR. In practice, failure to pay the share capital will forbid the company from making changes or amendments to their articles of associations when they process them to the MOLHR.

Private company limited by shares (LTD)

A bank account does not need to be opened prior to incorporation.

There is no legal requirement for a company to have an Irish bank account.

External company

A bank account does not need to be opened by the foreign company prior to registration of the branch.

There is no legal requirement for the foreign company to have an Irish bank account.

Company

It is not possible to open a bank account prior to incorporation. Once opened, the account is not required to be local (though recommended for convenience purposes). A local bank account will be required in order to open tax files (tax files are required in order to have any significant business activity and engage employees, among others).

Branch / representative office

It is not necessary to open a bank account prior to registration. Once opened, the account is not required to be local (though recommended for convenience purposes). Bank account will be required in order to open tax files (tax files are required in order to have any significant business activity and engage employees, among others).

Società a responsabilità limitata (S.r.l.) and Società per azioni (S.p.A.)

The bank account may be opened even after the incorporation. In this case, the necessary sum to set-up the company (ie, the corporate capital) can be kept in escrow by the Notary Public on his trust bank account and then can be transferred onto the Italian entity's bank account when the latter is opened. The bank account is local.

Registered branch

Not necessary for registration, and not limited to local accounts.

Kabushiki-Kaisha (KK)

Not necessary in order to incorporate. Opening of a bank account for a KK before incorporation is not possible.

Godo-Kaisha (GK)

Not necessary in order to incorporate. Opening of a bank account for a GK before incorporation is not possible.

Private limited liability company (Société à responsabilité limitée or S.à r.l.)

In case of incorporation by means of a contribution in cash, the share capital amount must be deposited in a bank account opened in the name of the company prior to its incorporation. While there is no legal requirement for the bank account to be opened in Luxembourg, it is highly recommended to have a local bank account in particular to ensure a smooth process in the incorporation process with the Luxembourg notary.

Public limited liability company (Société anonyme or S.A.)

In case of incorporation by means of a contribution in cash, the share capital amount must be deposited in a bank account opened in the name of the company prior to its incorporation. While there is no legal requirement for the bank account to be opened in Luxembourg, it is highly recommended to have a local bank account in particular to ensure a smooth process in the incorporation process with the Luxembourg notary.

Special limited partnership (Société en commandite spéciale or SCSp)

No bank account requirement.

Not applicable for this jurisdiction.

There is no requirement to open a bank account when registering a company in Mauritius.

However, there is a requirement for a Global Business Corporation to maintain, at all times, its principal bank account in Mauritius to show that the entity is managed and controlled from Mauritius.

S.A. de C.V.

Not necessary for incorporation. When necessary, a bank account may be opened anywhere.

S. de R.L. de C.V.

Not necessary for formation. When necessary, a bank account may be opened anywhere.

S.A.P.I. de C.V.

Not necessary for incorporation. When necessary, a bank account may be opened anywhere.

Branch office

Not necessary in order to establish a branch office. When necessary, a bank account can be opened anywhere.

B.V. (private company with limited liability)

Not necessary in order to incorporate. When necessary, a bank account can be opened anywhere (however the tax substance rules require that the most important bank account is managed and controlled from the Netherlands).

Co-operative U.A.

Not necessary in order to incorporate. When necessary, a bank account can be opened anywhere (however the tax substance rules require that the most important bank account is managed and controlled from the Netherlands).

C.V. (a limited partnership)

Not necessary in order to establish a CV. When necessary, a bank account can be opened anywhere.

Limited liability company

It is not necessary to have a bank account opened before a company may be incorporated.

Branch

Not necessary to register an overseas company.

There is no regulatory requirement to open a bank account prior to incorporation, and this is not a perquisite to doing business in Nigeria. It is, however, advisable to open and maintain a local bank account for a smooth and efficient business operations in Nigeria. It is also worthy to note that in Nigeria, the corporate documents of an already incorporated entity are required as a KYC prerequisite for opening a corporate bank account for such entity. In addition, all signatories to the bank account and approvers must obtain a Bank Verification Number (BVN) before the bank can open the account. This includes resident and non-resident foreigners.

Private LLCs

If the initial share contribution shall be made in cash, a bank account with a financial institution in Norway or in another EEA state must be opened prior to the registration with the NRBE.

Public LLCs

If the initial share contribution shall be made in cash, a bank account with a financial institution in Norway or in another EEA state must be opened prior to the registration with the NRBE.

Partnerships with unlimited liability

As there is no minimum capital requirement, no bank account must be created prior to incorporation.

Not prior to incorporation. It is mandatory to open a bank account in the Peruvian National Bank (Banco de la Nación).

The supply of certain goods and services -taxed with VAT- are subject to withholding tax. To this regard, the purchaser or service recipient shall withhold a percentage of the transaction price and deposit such amount within the supplier´s Peruvian National Bank account (Banco de la Nación). It must be noticed that the right of the purchaser or user of the service to offset input VAT related to such goods and services shall be exercised only after the deposit has been made.

Such funds are not free of disposal and they must be used to pay taxes. Under certain conditions, companies are entitled to get the cash back.     

Yes.

There is no such obligation; however, in practice, Polish authorities will not return VAT to a foreign bank account.

A bank account in a Portuguese bank needs to be open upon incorporation.

Corporations

Not required for incorporation. When necessary, a bank account may be opened anywhere.

Limited Liability Companies

Not required for formation. When necessary, a bank account may be opened anywhere.

From a practical perspective, yes.

Joint-stock company (public and non-public)

Not necessary in order to incorporate a company, but usually recommended. A local bank account must be opened immediately post-incorporation in order for shares to be paid up, to pay taxes and carry on business activities (eg, to pay salaries or a lease).

Limited liability company

Not necessary in order to incorporate a company, but usually recommended. A local bank account must be opened immediately post-incorporation in order to pay taxes and carry on business activities (eg, to pay salaries or a lease).

Limited liability company

Opening a local bank account to deposit the capital is a requirement, although can occur after issuance of the commercial registration certificate.

Limited liability company

Not necessary for incorporation. Upon successful registration, a corporate account can be opened with any major Singapore bank.

No requirement to open a bank account when registering a company in South Africa.

Joint-stock company (Jusik Hoesa)

Opening a bank account is not permitted prior to incorporation.

Limited company (Yuhan Hoesa)

Opening a bank account is not permitted prior to incorporation.

Branch (Sucursal)

According to common practice a Spanish bank account is opened, albeit not strictly necessary. Dealing with foreign bank accounts is difficult and often delays things.

Limited liability company (Sociedad Limitada)

According to common practice, a bank account must be opened prior to incorporation and a Spanish bank account is usually opened, but there are no strict requirements. Dealing with foreign bank accounts is difficult and often delays business operations.

Joint-stock company (Sociedad Anónima)

A bank account must be opened prior to incorporation. According to common practice, a Spanish bank account should be opened, but there are no strict requirements. Dealing with foreign bank accounts is difficult and often delays business operations.

Limited company (aktiebolag, AB)

Where the share capital shall be paid in cash, opening a bank account with a bank within the EEA is required.

Trading partnership (handelsbolag, HB)

Not applicable for this jurisdiction.

Limited partnership (kommanditbolag, KB)

Not applicable for this jurisdiction.

Branch office (filial, Branch)

Not applicable for this jurisdiction.

Stock corporation

In case of incorporation by cash, it is required to pay in the share capital in cash to a special blocked account to be opened with a Swiss bank before the incorporation meeting.

Before incorporation of the entity, a preparatory bank account must be opened at a local bank to receive the paid-in capital/working capital of such entity. After the company/branch office registration and business registration are completed, the entity may opt to open a permanent account at a local bank.

Private limited company

If a registered capital of a company exceeds THB5 million, a bank certificate issued under the company's name showing the amount not less than the amount of capital to be registered from a bank is required to be filed with the DBD within 15 days after the incorporation date of the company. A local bank account can be opened after an incorporation of a company.

Public limited company

Not applicable for this jurisdiction.

Partnerships

If a registered capital of a registered ordinary partnership or limited partnership exceeds THB5 million, a bank certificate issued under the name of the registered ordinary partnership or limited partnership showing the amount not less than the amount of capital to be registered from a bank is required to be filed with the DBD within 15 days after the incorporation date of the registered ordinary partnership or the limited partnership. A local bank account can be opened after an incorporation of a registered ordinary partnership or limited partnership.

Opening a bank account in a local bank is mandatory for JSCs prior to incorporation, as JSCs are obliged to deposit at least 25 percent of the incorporation capital of the company to a local bank account before incorporation. There is no such requirement for LLPs. Banks generally seek for the signature circular of the company, company registration certificate and tax number while converting the blocked account to a regular account after the incorporation.

Limited Liability Company

No. However, from an operational perspective, it is necessary to open an account in a local bank (ie, registered in Ukraine) in order to make mandatory payments (eg, taxes, salaries).

Private Joint-Stock Company

No. However, from an operational perspective, an account in a local bank (ie, registered in Ukraine) should be opened in order to make mandatory payments (eg, taxes and salaries).

LLC

No. A bank account is not required to be opened prior to incorporation but only after the LLC is established, when it becomes a requirement to open a local bank account with a bank registered in the UAE (international or local bank). There is no need to deposit the share capital in the bank account. The UAE's Wage Protection System (WPS) requires salaries of employees to be paid into their bank accounts in the UAE, so in order to comply with the WPS requirements, the LLC should have a bank account.

Branch

Yes, as part of the registration process, it is necessary to submit a bank guarantee to the MOE which should be issued by a local bank. For this purpose, it is necessary to open a bank account in the name of the branch. It is also necessary to have a bank account to comply with WPS.

FZ-LLC

Yes, in most free zones (but not all), it is a requirement to open a bank account as part of the formation process of the FZ-LLC. This is because an amount representing the minimum share capital must be deposited for the benefit of the company in a bank account held with a bank in the UAE. WPS is applicable in some free zones and is not applicable in others.

Dual Licensee Branch

No, it is not a requirement to open a bank account as part of the formation registration process for a Dual License Branch. It may, however, be required to open a bank account in the event that approval is required by the MOE for conducting the branch's activities.

Branch

No. Please note that WPS is applicable in some free zones.

Private limited company

No.

Limited liability partnership (LLP)

No.

Registered UK establishment

No.

A bank account is not required for incorporation. If a bank account is opened, it can be located in or outside the US.

It is not a requirement to open a bank account prior to incorporation. However, after incorporation, the company must open at least a bank account at a local bank, especially for the purpose of the registered capital contribution.