---
title: "Business bank account in Andorra: documents and checks"
url: https://andorrefiscal.fr/en/business/business-bank-account
description: "Opening a company bank account in Andorra: capital certificate, anti-money laundering checks, documents, CRS, 9.5% IGI, deposit guarantee."
updated: 2026-10-11
language: en
publisher: Andorre Fiscal (https://andorrefiscal.fr)
---

# Opening a business bank account in Andorra

> Markdown version of the page https://andorrefiscal.fr/en/business/business-bank-account (Andorre Fiscal), up to date as of 11 October 2026. To cite this page, use its address: https://andorrefiscal.fr/en/business/business-bank-account

To set up an Andorran company, you must first open an account “in formation” and deposit the capital in it: the notary requires the bank certificate. The bank then carries out thorough checks (identity, beneficial owners, source of funds) and collects the information needed for automatic exchange. Here is what is compulsory, what is usual and what to plan for.

By [the Andorre Fiscal editorial team](https://andorrefiscal.fr/en/about#redaction) · Verified on 11 October 2026 · [18 official sources](https://andorrefiscal.fr/en/business/business-bank-account#sources)

- **3** authorised banks, according to the AFA register
- **€100,000** of deposits guaranteed per depositor and per bank
- **9.5%** IGI on banking and financial services
- **2018** first automatic exchanges of information

## Key points

- To incorporate a company with a cash contribution, the notary requires a certificate of deposit of the capital; the Govern says to open this account “in formation” with an Andorran bank.
- A foreign-owned company must also prove, after 18 months, the opening and operation of an account with a bank established in Andorra.
- The anti-money laundering law requires the bank to identify shareholders and beneficial owners, and to understand the purpose of the relationship and the source of funds; failing that, it must refuse to open the account.
- The bank collects a tax residency self-certification: reportable accounts are communicated as part of the automatic exchange.
- Banking services bear IGI at 9.5%; deposits are guaranteed up to €100,000 per depositor and per bank.
- Three banks are authorised by the AFA: Andorra Banc Agrícol Reig, Crèdit Andorrà and Mora Banc Grup; Andorra has been part of the SEPA area since 1 March 2019.

## 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](https://andorrefiscal.fr/en/living-in-andorra/bank-account) as a private individual.

**When a bank account is required**

| Situation | What is required | Text |
| --- | --- | --- |
| Incorporation with a cash contribution | Bank certificate of the deposit of the capital in the company’s name, given to the notary; the Govern specifies an account “in formation” with an Andorran bank | Regulation of 16 April 2014, art. 41; Govern |
| Foreign-owned company, 18 months after the investment | Opening and operation of an account with a bank established in Andorra | Regulation of 9 April 2025, art. 7 |
| Payments linked to a foreign investment | Through a bank authorised in Andorra or through a bank in a country not considered high-risk for money laundering | Llei 5/2025, art. 12 |
| Payment of corporate income tax | Direct debit or named bank transfer to the Govern | IS regulation, art. 47 |

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](https://andorrefiscal.fr/en/business/set-up-a-company#couts). 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:

**Authorised banks in Andorra**

| Company name | Website given in the register | Register No. |
| --- | --- | --- |
| Andorra Banc Agrícol Reig, SA | andbank.com | EB 01/95 |
| Crèdit Andorrà, SA | creand.ad | EB 02/95 |
| Mora Banc Grup, SA | morabanc.ad | EB 06/95 |

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.

> **Caution: No possible verification, no account**
>
> If the bank cannot carry out these checks or has doubts about the information received, it **cannot** enter into the relationship, and must end an existing relationship (art. 10). Anonymous accounts and accounts in a fictitious name are prohibited (art. 7).

These checks take place before the account is opened, and therefore before the deposit of the capital needed to [set up the company](https://andorrefiscal.fr/en/business/set-up-a-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](https://andorrefiscal.fr/en/glossary#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.

> **Common misconception**
>
> “An account in Andorra remains invisible to the French tax authorities.”
>
> **In fact.** Since 2018, information on the reportable accounts of foreign tax residents has been sent automatically to their State of residence. See our analysis: [Andorra, tax haven or not](https://andorrefiscal.fr/en/tax/is-andorra-a-tax-haven).

## 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](https://andorrefiscal.fr/en/tax/andorra-vat-igi), 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](https://andorrefiscal.fr/en/glossary#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](https://andorrefiscal.fr/en/residency/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:

**Provided for in the texts — Compulsory**

- Certificate of deposit of the capital for a cash contribution
- Active account with a bank established in Andorra for a foreign-owned company
- Identification, beneficial owners, source of funds
- Tax residency self-certification

**Banking practice — Usual**

- KYC form for each shareholder
- Business plan and professional background
- Detailed evidence of the source of the capital
- Recent documents, apostilled if necessary

**Source of blockages — To be avoided**

- Funds whose source cannot be documented
- A business plan different from the one in the investment application
- Transactions unrelated to the declared activity
- Changes of shareholders not reported

## Preparing for your appointment

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. 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. 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. 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](https://andorrefiscal.fr/en/business/economic-substance).

## Frequently asked questions

### Can you set up an Andorran company without a bank account in Andorra?

In practice, it is difficult. For a cash contribution, the notary requires a bank certificate of the deposit of the capital, and the Govern says to open the account with an Andorran bank. A foreign-owned company must also show an active account with a bank established in Andorra to prove its effective activity.

### Can the bank refuse to open an account?

Yes. If it cannot identify the shareholders and the beneficial owners, understand the purpose of the relationship or verify the source of funds, or if it has doubts about the information received, the law prohibits it from entering into the relationship. It must also end an existing relationship for the same reasons.

### Will the French tax authorities know about my Andorran account?

If it is reportable under the automatic exchange, yes: the bank collects your tax residency and the information is sent to the State of residence. If you remain a French tax resident, you must also declare your accounts opened abroad yourself, with your income tax return, on form No. 3916.

### Can a neobank replace an Andorran bank?

Not entirely. The notary requires a bank certificate of the deposit of the capital, and the Govern says to open this account “in formation” with one of the country’s three banks; a foreign-owned company must also prove an active account with a bank established in Andorra. Beyond that, the texts we have read do not prohibit an additional account abroad, except for payments linked to foreign investment. According to the AFA register, no electronic money institution is authorised in Andorra.

### What bank charges should you expect?

They vary from bank to bank and are not published in the official sources we use: ask for the written tariff conditions. Bear in mind that banking and financial services bear IGI at 9.5%, more than double the general rate of 4.5%.

### Are a company’s deposits guaranteed?

Yes, up to €100,000 per depositor and per bank, by the Andorran deposit guarantee fund. The statutory exclusions cover, in particular, financial institutions, public authorities and the bank’s directors or major shareholders, not ordinary commercial companies.

### Can you keep a business account in France?

The texts we have read do not prohibit it, except for payments linked to foreign investment, which must go through a bank authorised in Andorra or a bank in a country not considered high-risk for money laundering. A company managed in practice from France is, however, exposed to other risks: see our guide on economic substance.

## Sources

1. [Regulation of 16 April 2014 implementing the law on companies](https://www.portaljuridicandorra.ad/R20140416C_1) — Certificate of deposit of the capital given to the notary (art. 41).
2. [Regulation of 9 April 2025 on foreign investment](https://www.portaljuridicandorra.ad/R20250409A) — Account with a bank established in Andorra, proof of effective activity (art. 7).
3. [Llei 5/2025, Title I: foreign investment, consolidated version](https://www.portaljuridicandorra.ad/L2025005) — Payments linked to foreign investments (art. 12).
4. [Llei 14/2017 on the prevention of money laundering, consolidated version](https://www.portaljuridicandorra.ad/L2017014) — Due diligence, beneficial owners, source of funds, refusal (art. 7 to 10).
5. [Llei 19/2016 on the automatic exchange of information, consolidated version](https://www.portaljuridicandorra.ad/L2016019) — Self-certification, entity accounts, penalties (art. 10 and Annex I).
6. [Llei 11/2012 on IGI, consolidated version](https://www.portaljuridicandorra.ad/L2012011) — Rate of 9.5% on banking and financial services (art. 60).
7. [Llei 20/2018 on the Andorran deposit guarantee fund, consolidated version](https://www.portaljuridicandorra.ad/L2018020) — Guarantee of €100,000 per depositor and per bank, excluded deposits (art. 5, 8 and 9).
8. [Govern: setting up a business in Andorra (Punt Empresa)](https://www.govern.ad/ca/tematiques/empresa-i-emprenedoria/creacio-i-modificacio-d-empreses/punt-empresa/creacio-d-una-empresa-a-andorra) — Account in formation with one of the country’s three banks, KYC form per shareholder.
9. [AFA: register of authorised banking entities](https://www.afa.ad/ca/entitats-supervisades/entitats-financeres/entitats-bancaries/registre-dentitats-autoritzades) — Three active banks (EB 01/95, 02/95, 06/95), consulted on 11 October 2026.
10. [AFA: register of electronic money institutions](https://www.afa.ad/ca/entitats-supervisades/entitats-financeres/entitats-de-diner-electronic/registre-d2019entitats-autoritzades) — No authorised institution, consulted on 11 October 2026.
11. [European Payments Council: SEPA scheme countries (EPC409-09, version 8.0)](https://www.europeanpaymentscouncil.eu/sites/default/files/kb/file/2025-12/EPC409-09%20EPC%20List%20of%20SEPA%20Scheme%20Countries%20v8.0.pdf) — Andorra within the geographical scope of SEPA since 1 March 2019.
12. [Andorran Banking: SEPA](https://www.andorranbanking.ad/en/aba_topics/sepa_/) — Joined SEPA credit transfers on 5 March 2019, and direct debits in the second quarter of 2021.
13. [Llei 8/2013 on the operating entities of the financial system, consolidated version](https://www.portaljuridicandorra.ad/L2013008) — Professional secrecy of financial entities (art. 5.4).
14. [Llei 10/2017 on the exchange of information on request, consolidated version](https://www.portaljuridicandorra.ad/L2017010) — Transmission without breach of secrecy, information held by banks (art. 6.4 and 16.2).
15. [2009 France–Andorra agreement on the exchange of information (Decree No. 2011-30)](https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000023387261) — Access to information held by banks (art. 5).
16. [French General Tax Code, Article 1649 A (Légifrance)](https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000045764822) — Declaration of accounts opened, held, used or closed abroad.
17. [French General Tax Code, Article 1736 (Légifrance)](https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000054373979) — Fine of €1,500 per undeclared account, €10,000 without an assistance agreement (IV, 2).
18. [impots.gouv.fr: form No. 3916-3916-bis](https://www.impots.gouv.fr/formulaire/3916/declaration-par-un-resident-dun-compte-letranger-ou-dun-contrat-de-capitalisation-o) — Declaration of accounts abroad with the income tax return.

Consolidated texts on the Portal jurídic d’Andorra have no official value: only the version published in the BOPA is authentic. [How we verify](https://andorrefiscal.fr/en/methodology).

**General information, not advice.** This guide sets out the rules in force on 11 October 2026, based on official texts. It is no substitute for a professional review of your situation (lawyer, tax adviser, gestoria). Spotted an error or a change? [Write to us](https://andorrefiscal.fr/en/contact).

## Further reading

- [Setting up a company](https://andorrefiscal.fr/en/business/set-up-a-company): SL or SA, capital, steps and timescales
- [Foreign investment](https://andorrefiscal.fr/en/business/foreign-investment): The prior authorisation
- [Is Andorra a tax haven?](https://andorrefiscal.fr/en/tax/is-andorra-a-tax-haven): OECD, automatic exchange, treaties
- [VAT in Andorra (IGI)](https://andorrefiscal.fr/en/tax/andorra-vat-igi): Standard rate and special rates
- [Accounting and obligations](https://andorrefiscal.fr/en/business/accounting-and-filings): Returns, calendar, gestoria
- [Basing your company in Andorra](https://andorrefiscal.fr/en/business/economic-substance): The economic substance required