Opening a business bank account in Andorra

Is an Andorran bank compulsory for a company?

Yes, at several stages. Here is what the texts we have read provide for a company’s account; for a personal account, see how to open an account in Andorra as a private individual.

The bank certificate for the incorporation states the IBAN, the amount of the capital and the share of each founding shareholder, according to the Govern. The minimum capital is €3,000 for an SL and €60,000 for an SA: see the costs of setting up a company in Andorra. Apart from payments linked to foreign investment, the texts we have read do not require all of the company’s flows to go through an Andorran bank.

Which banks in Andorra for a company?

Three banks are authorised and active in Andorra, according to the register of the Andorran Financial Authority (AFA), consulted on 11 October 2026; the Govern likewise refers to three banking institutions. They are listed below in the order of the register, without any ranking:

AFA register of authorised banking entities, consulted on 11 October 2026. The other institutions listed, such as Banca Privada d’Andorra, in liquidation, or Vall Banc, now appear there only as inactive entities.

According to the Govern, the “in formation” account of a future company can be opened with any one of these three banks, known by the names of their websites: Andbank, Creand and MoraBanc. We do not recommend any of them: compare their written terms, bearing in mind that each bank may refuse the relationship.

SEPA credit transfers and direct debits

Andorra has been within the geographical scope of the SEPA schemes since 1 March 2019, according to the European Payments Council (EPC). According to the Andorran banks’ association, the banks joined the SEPA credit transfer scheme on 5 March 2019, then the SEPA direct debit scheme in the second quarter of 2021. The company’s account can therefore send euro transfers to France and receive them from France within the SEPA framework, even though Andorra is not a member of the European Union.

Why the bank asks so many questions

Because the law obliges it to: Llei 14/2017 on the prevention of money laundering requires banks to apply due diligence measures from the start of the relationship (art. 8 and 9):

• identify the customer and verify their identity on the basis of reliable and independent documents;
• identify the beneficial owners and understand the company’s ownership and control structure, on the basis, in particular, of proof or an extract from the relevant register;
• understand the intended purpose and nature of the business relationship;
• identify and verify the source of funds;
• then monitor transactions, to make sure that they match the customer’s profile.

These checks take place before the account is opened, and therefore before the deposit of the capital needed to set up the company. An account can be opened earlier, provided that no transaction is possible until identification has been completed.

After that, the bank examines transactions in the light of the declared activity and source of funds, keeps documents up to date, more often for customers considered high-risk (art. 9), and reviews the information on beneficial owners when the customer’s situation changes (art. 10). Let it know of any change in activity, shareholders or volumes: an unusual and unexplained transaction may prompt requests for supporting documents.

Business account: the documents usually requested

Each bank sets its own list. In the light of the obligations set out above and the Govern’s guidance, expect in most cases to provide:

• for each shareholder, a certified copy of a passport or identity card and a know-your-customer (KYC) form, in which the matrimonial property regime matters;
• proof of address and an outline of your professional background;
• evidence of the source of the funds contributed: sale of a property, savings, dividends, sale of a business, with the corresponding deeds;
• the company’s business plan: activity, target clients, expected volumes;
• for the company, the company name authorisation and the foreign investment authorisation, then the articles of association and the entry in the register;
• a tax residency self-certification for the company and, where applicable, for its shareholders.

Provide recent documents that are consistent with one another. For the deed of incorporation, the Govern requires apostilled documents, translated if necessary.

Banking secrecy and automatic exchange: what the bank passes on

Secrecy still exists, but it no longer stops the tax authorities. Llei 8/2013 subjects the entities of the financial system, their directors and their employees to professional secrecy, the breach of which is a criminal offence (art. 5.4). Llei 10/2017 on the exchange of information on request specifies, however, that passing on this information does not breach professional secrecy, and that it cannot prevent Andorra from providing information held by a bank (art. 6.4 and 16.2). The 2009 France⁠–⁠Andorra tax agreement also provides for access to information held by banks (art. 5).

Andorra has also applied the automatic exchange of financial account information (CRS) with France and the European Union since 2018; Llei 26/2025 extended it to electronic money and digital assets. When the account is opened, the bank asks for a tax residency self-certification; providing false, incomplete or inaccurate data is an offence (Llei 19/2016, art. 10). In certain cases, the bank has 90 days to obtain it; without a self-certification validated within that period, no transaction is possible on the account until it is confirmed.

For a company account, the bank determines whether the company is an “active” or “passive” non-financial entity within the meaning of the law. If it is passive and persons who control it are tax resident in another State, the account is reportable, with their name, address, residence and tax identification number.

If you remain a French tax resident, you must also declare your accounts opened, held, used or closed abroad, at the same time as your income tax return, on form No. 3916-3916-bis (Article 1649 A of the French General Tax Code). The fine is €1,500 per undeclared account; it rises to €10,000 when the State concerned has not concluded with France an assistance agreement allowing access to banking information (Article 1736, IV-2); the 2009 agreement with Andorra provides for this access.

Bank charges: how much does a business account cost?

Charges are freely set and specific to each institution; we do not publish any. One point is fixed by law: banking and financial services bear IGI, Andorra’s VAT, at the increased rate of 9.5%, instead of 4.5% (Llei 11/2012, art. 60). Compare the banks’ written terms: account maintenance, international transfers, cards, online banking.

IGI on banking and financial servicesincreased rate

9.5%

IGI at the general ratefor comparison

4.5%

Are your deposits guaranteed?

Yes, within the limits of Llei 20/2018. The Andorran deposit guarantee fund (Fagadi), presented by the AFA, the Andorran Financial Authority, adds together all the deposits of the same customer with the same bank and covers them up to:

per depositor and per bank

€100,000

for certain exceptional depositsreceived in the previous three months

€300,000

The €300,000 ceiling covers, for example, the proceeds of a private residential property sale, received in the previous three months.

The deposits of an ordinary commercial company are not among the exclusions in the law, which cover, in particular, financial institutions, collective investment undertakings, public authorities and the bank’s directors or major shareholders (art. 5).

The account, the centrepiece of your applications

Beyond incorporation, the account serves as evidence. To renew self-employed residency, the company’s activity is demonstrated by the income it has generated (Llei 9/2012, art. 38 ter): bank statements are its most direct reflection. What is compulsory, usual or to be avoided:

Preparing for your appointment

1. 1

   Trace the history of your funds

   Gather the documents that show where the money contributed to the capital and to the first months of activity comes from.

2. 2

   Make the file consistent

   The business plan given to the bank must match the one in the foreign investment application and the corporate purpose.

3. 3

   Plan the timetable ahead

   The certificate of deposit of the capital is needed before the signing at the notary’s: start the banking process early.

4. 4

   Keep the account active

   Receipts, expenses, salaries: an active account is part of the evidence of effective activity, detailed in our guide to basing your company in Andorra.

Which status suits you?

Four questions to identify the residency status to look into, and its conditions.

Take the test