Starting a business in Portugal? One of the first steps you’ll need is a dedicated business bank account. Whether you’re launching a company, working as a freelancer, or investing through a visa program, having the right account is essential for legal compliance and financial organization.
🏦 Why You Need a Business Bank Account
Opening a business account in Portugal is mandatory for most legal entities. It helps separate your personal and business finances, allows you to receive payments, pay taxes, and stay compliant with Portuguese law.
- ✅ Required for company registration
- ✅ Enables tax reporting and invoicing
- ✅ Essential for credibility with clients and suppliers
📋 Who Needs One?
These profiles typically require a Portuguese business bank account:
- ✔ Limited companies (LDA, SA)
- ✔ Sole proprietors (Empresário em Nome Individual)
- ✔ Freelancers operating as independent professionals
- ✔ Entrepreneurs under D2 or Golden Visa programs
📝 Documents Required to Open a Business Account
You’ll typically need the following documents (may vary by bank):
- ✅ NIF (Tax Identification Number)
- ✅ Business registration certificate (or proof of registration in progress)
- ✅ Company statutes (for LDA/SA entities)
- ✅ Identification documents of all shareholders
- ✅ Proof of address (Portugal or abroad)
💼 Top Banks for Business Accounts in Portugal
1. Millennium BCP
- ✔ Dedicated SME account options
- ✔ English-speaking staff and online banking
2. Caixa Geral de Depósitos
- ✔ Government-backed bank
- ✔ Solid reputation and full-service support
3. Novobanco
- ✔ Offers tailored plans for freelancers and small businesses
4. ActivoBank (for sole traders)
- ✔ Digital-first banking with low fees
- ✔ Ideal for freelancers and small operations
🔁 Can You Open an Account Remotely?
Some banks allow remote opening via a representative (lawyer or accountant), especially during the company setup phase. This is useful for D2 Visa applicants and other entrepreneurs relocating to Portugal.
💶 Fees and Services
Fees vary by bank and plan. Here’s a rough overview:
- Monthly account maintenance: €5–€20
- International transfers: May incur extra fees
- Debit card included, credit cards optional
- Online banking portals in Portuguese and English
⚠️ Things to Watch Out For
- ❗ Some banks require an in-person appointment for verification
- ❗ Ensure your business address and NIF are correctly registered
- ❗ Not all banks are equally expat-friendly—look for English support
✅ Final Thoughts
Opening a business bank account in Portugal is a crucial step when launching a company or working as a freelancer. It helps manage your operations legally and efficiently, builds credibility, and ensures you’re ready for taxes and invoicing from day one.
Make sure you choose a bank that suits your needs—whether you’re going digital or prefer in-branch support. Always confirm the latest requirements before booking your appointment.
📺 Want to See How It’s Done?
If you’d like a visual walkthrough of how to open a business account in Portugal—including tips for freelancers and company founders—check out this helpful video:
🎬 Click below to watch: