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Simplifying business bank account opening: A new guide from ABBL

Published on 17 December 2024

Opening a business bank account is a critical step for any company, whether it’s a budding startup, a family-run SME, or a subsidiary of a larger group. However, the process can often feel complex and daunting, especially for first-time entrepreneurs. To address this challenge, the Luxembourg Bankers’ Association (ABBL) has published a comprehensive guide: "Commercial Businesses: Your Path to a Successful Bank Account Opening". This guide is designed to demystify the process, offering clarity and support to entrepreneurs at all levels.

Summary

    Why was this guide created?

    Banks play a vital role in supporting businesses through financing, cash flow management, and strategic advice. However, opening a business bank account—the first step in establishing a banking relationship—often presents challenges for entrepreneurs.

    “Our aim is to make the process of opening a bank account as simple and transparent as possible,” explains ABBL CEO Jerry Grbic. “This guide is part of a broader effort by the ABBL and its members to align banking services with business needs, and support economic growth.”

    This guide is part of a broader effort by the ABBL and its members to align banking services with business needs, and support economic growth.

    Jerry Grbic

    CEO, ABBL

    Who is the guide for?

    The guide is tailored for a diverse audience, including:

    • First-time entrepreneurs navigating the banking system for the first time.
    • Established business owners seeking to streamline their banking processes.
    • Companies of all sizes, from startups to SMEs and subsidiaries of large corporations.

    What does the guide offer?

    The guide is divided into two main sections:

    1. Building a strong banker-client relationship
      This section provides advice on establishing and maintaining a solid relationship with your bank, including transparency on key obligations and constraints banks must adhere to.

    2. Documentary requirements and checklist
      The second part outlines the minimal standards of information and documentation banks require when opening a business account. A detailed checklist is included to help entrepreneurs prepare efficiently and avoid delays.

    Together, these sections create a roadmap for navigating the complexities of the account opening process with confidence.

    How was the guide developed?

    The guide represents a shared vision of Luxembourg’s leading banking institutions. According to ABBL Secretary General Camille Seillès, it reflects the collective expertise of the financial sector, with input from the Commission de Surveillance du Secteur Financier (CSSF).

    The requirements outlined in the guide are a minimum standard developed by financial experts. While every effort has been made to ensure accuracy, the guide does not replace professional advice. Instead, it serves as a reliable starting point for entrepreneurs.

    Camille Seillès

    Secretary General of the ABBL

    Additional support for entrepreneurs

    Alongside the guide, the ABBL has updated its list of banking contacts, providing entrepreneurs with direct access to a growing network of institutions supporting businesses of all sizes.

    > Find specialised banking contacts here

    > Explore the guide and its resources below: