Opening a bank account in Poland for a foreign company is crucial for conducting business. Why is it worth opening a bank account in Poland for a foreign company?
What is the procedure for opening such an account? Which bank to choose? In this article, we will discuss key aspects of opening a bank account in Poland for a foreign company.
Why is it worth opening a bank account in Poland?
A bank account enables foreign companies in Poland to:
- Settle transactions with contractors in local currency
- Protect capital effectively,
- Ensure solvency,
- Access new investment opportunities.
Legal regulations and opening a bank account in Poland
Procedures for opening a bank account in Poland for a foreign company vary among institutions. It results from differences in their internal regulations. Familiarizing with prevailing rules is the initial step before opening an account.
Understanding regulations regarding banking and conducting business is crucial for the proper functioning of a foreign company in Poland. A foreign entity must register in the Polish register of entrepreneurs and obtain a Tax Identification Number (NIP). NIP is essential to conduct legal business activity and to open a bank account in Poland.
How to open a bank account in Poland?
Most banks require an in-person visit of a real beneficiary while opening a bank account in Poland. During the meeting, he provides a sample of his handwritten signature. Moreover, a short interview regarding the business strategy is conducted.
To open a bank account for a foreign company in Poland, you must complete the forms required by the bank. They include:
- data regarding a foreign company,
- data regarding the beneficial owner,
- reasons for opening a bank account in Poland for a foreign company in a given institution,
- the company’s connections with the country where the bank has its headquarters.
The company must also undergo a “due diligence” procedure. Its goal is to provide a detailed assessment of the company’s current situation. It also determines the existing and potential risks related to its operations.
Opening a bank account in Poland for a foreign company usually requires proof of the company’s connections with the country such as:
- hiring employees who are Polish citizens,
- having business partners in Poland,
- distribution of goods in Poland.
Choosing a bank for opening a bank account in Poland
Selecting the right bank is another crucial step. The Polish banking market offers a wide range of services. This is why a thorough analysis of the offers is important.
An entrepreneur should pay attention to:
- conditions for opening a bank account in Poland,
- account maintenance fees,
- availability of internet services,
- customer support in English.
It is worth checking if the bank has experience with foreign companies. Make sure if it offers products for international transactions. Pay attention especially to foreign payments, currency risk management, and international trade financing.
Documents required for opening a bank account in Poland for a foreign company
Opening a bank account in Poland requires specific documents from a foreign company.
As a rule, all documents provided must be translated into Polish by a sworn translator. Documents must also be certified at the Polish embassy or consulate in the company’s home country.
| Bank Millennium | A current extract from the company register of a given country or another official document containing basic data about the entity. The company’s agreement, statutes or founding act. Certificate of residence if the entity is not subject to tax liability in Poland. The bank may also require additional documents if they are vital for conclusion of the contract. |
| PEKAO | Excerpt from the foreign register of companies containing at least the company’s name, registered office address and details of the representatives. The company’s agreement. Official documents relevant to the company’s registered office, containing additional data about the company and information about its legal status and representatives. |
| PKO BP | Documents confirming the company’s registration. |
| Santander | Excerpt from the foreign register of companies containing at least the company’s name, registered office address and details of representatives. The company’s agreement. Official documents relevant to the company’s registered office, containing additional data about the entity and information about its legal status and representatives. |
| ING Bank Śląski | Excerpt from the foreign register of companies containing at least the company’s name, registered office address and details of the representatives. The company’s agreement. Official documents relevant to the company’s registered office, containing additional data about the company and information about its legal status and representatives. |
Types of bank accounts in Poland
Banks offer various account types for foreign companies in Poland. The choice depends on the foreign entity’s needs and business nature.
| Current account | Used for daily financial operations, including deposits, withdrawals, and transfers. |
| Foreign currency account | Enables transactions in different currencies, essential for companies operating internationally. |
| Savings account | Offers favourable interest rates, usually with certain transaction frequency limitations. |
Security and access to funds in bank accounts in Poland
When opening a bank account in Poland, you should pay attention to issues of security and access to funds. Check if the bank provides services to prevent unauthorized access. It is also advisable to verify if two-factor authentication systems are available.
Foreign companies should be aware of banking practices regarding the blocking and unblocking of the account. Especially in case of suspected irregularities or non-compliant activity.
Opening a bank account in Poland – summary
Opening a bank account in Poland for a foreign company is a procedure that requires diligence and time. Choosing the right bank, understanding its regulations, providing documents and ensuring the safety of funds are key elements of this process.
