We handle the full account-opening process, from document preparation to follow-up with relationship managers.
Portuguese Banks and Corporate Account Opening
Portugal has a well-developed banking system integrated into the European Union's financial infrastructure. Its largest banks have extensive experience serving international companies, including those engaged in foreign trade, commodities trading, import-export supply, and settlements with counterparties in Europe, Asia, Africa, and beyond.
We help you choose a bank based on your company's structure, the nature of its international activity, and the geography of its payments. We also prepare your documents and coordinate with bank representatives.
The process typically includes these stages:
- Bank selection and preliminary approval. We identify the right institution based on the company's business, ownership structure, directors' residency, and the geography of international payments.
- Document preparation and submission. The bank receives the registration documents, details of the founders and beneficial owners, a business description, and expected turnover and main counterparties.
- KYC/AML review. The bank analyzes the company's structure, source of funds, nature of business, and planned transactions.
- Meeting with a bank manager for identification and signing. Depending on the bank, this is done in person at a branch or through available remote identification and signing options.
- Account opening and activation. Once the bank approves, the account paperwork is completed, you receive your IBAN details, and online banking and other agreed services are set up.
Companies registered in Portugal, including MIBC companies, successfully work with leading Portuguese banks such as:
Caixa Geral de Depósitos (CGD)
Portugal's largest state-owned banking group, founded in 1876. It has a broad international correspondent network and experience serving foreign trade companies. Offers international payments, documentary letters of credit, bank guarantees, FX operations, and trade finance. A good fit for companies handling international shipments and complex commercial deals. Website: https://www.cgd.pt
Millennium BCP
One of Portugal's largest private banks, with strong corporate infrastructure and international business ties, including in Asian markets. Offers international transfers, letters of credit, bank guarantees, FX operations, and foreign trade financing. Worth considering for companies working with overseas suppliers and buyers. Website: https://www.millenniumbcp.pt
Novo Banco
A major Portuguese commercial bank with dedicated solutions for international business. Provides trade finance services, including documentary letters of credit, bank guarantees, international collections, and import-export financing. Suited to trading and intermediary companies with an international footprint. Website: https://www.novobanco.pt
Banco Santander Totta
Part of the Santander international banking group, with extensive global infrastructure. Offers corporate accounts, international payments, FX operations, letters of credit, bank guarantees, and financing for foreign trade contracts. May suit companies engaged in international trade, including commodities. Website: https://www.santander.pt
Banco BPI
One of Portugal's leading commercial banks, part of the CaixaBank group. Experienced in corporate banking, with international payments, documentary letters of credit, bank guarantees, export financing, and FX operations. Also geared toward companies with regular foreign trade activity. Website: https://www.bancobpi.pt
Crédito Agrícola
A Portuguese cooperative banking group with a strong regional network. Specializes in serving small and mid-sized businesses, including trading, manufacturing, and agribusiness companies. Offers corporate accounts, international payments, lending, and commercial financing tools. Website: https://www.creditoagricola.pt
ABANCA
An international banking group of Spanish origin with a presence in Portugal. Offers corporate banking, international transfers, FX operations, documentary letters of credit, bank guarantees, and foreign trade financing. Of interest to businesses with international supply chains and overseas counterparties. Website: https://www.abanca.pt
Bankinter Portugal
The Portuguese arm of the international Bankinter group. Provides corporate accounts, international payments, FX operations, bank guarantees, letters of credit, and trade finance tools. Offers solutions for companies working with foreign partners, including suppliers in Asia. Website: https://www.bankinter.pt
Documents Required to Open a Corporate Account
- Certidão Permanente: current extract from the commercial registry
- Company incorporation documents
- NIPC: company tax number
- RCBE: ultimate beneficial owner register details
- Passports or ID cards of directors and beneficial owners
- Tax numbers (NIF) and proof of residential address for the individuals involved
- Business description covering activities, expected turnover, counterparties, and payment geography
Proof of commercial activity: contracts, invoices, business plan
When reviewing an application, banks assess the corporate structure, the nature of the business, the source of funds, and the geography of international payments.
Portuguese banks have the tools to support international trade operations, including settlements with Asian and other foreign markets.
Account Opening Support from MadeiraLab
MadeiraLab provides professional support in opening corporate accounts for Portuguese companies, including those in the Madeira International Business Center. We pay particular attention to companies with foreign founders, international trading operations, and complex corporate structures.
Start the account-opening process early. Contact MadeiraLab to begin document preparation.