Iberia covers Spain and Portugal. Companies registered there can choose between established local banks and digital first providers. Requirements commonly include a local tax identifier, a clear beneficial owner structure and evidence of genuine business activity.
- Countries covered
- Spain and Portugal.
- Typical timeline
- A few days to a couple of weeks with digital providers, longer with traditional banks.
- Common requirement
- A local tax identifier and a clear beneficial owner structure.
- Watch out for
- Apostilled documents for foreign owners in Spain, and a fiscal representative for non residents in Portugal.
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
The Iberian banking landscape
Spain and Portugal are closely linked economies within the European Union, both using the euro and sitting inside the SEPA area. Each has established local banks alongside digital first providers. In Spain, large banks such as Santander, BBVA, CaixaBank and Sabadell serve businesses, while Portugal has its own established banks. Some digital providers are licensed in one European Economic Area country and passport their services across the region, so a business may have both local and pan European options.
What you usually need to open an account
Requirements are broadly similar across the two countries, though each bank sets its own checks.
- A local tax identifier. Spain uses the NIE for individuals and the NIF for companies, while Portugal uses the NIF.
- Identification for directors and beneficial owners, with apostilled documents often required for foreign owners in Spain.
- A clear beneficial owner structure, identifying those who hold more than 25 percent.
- Evidence of genuine business activity, and in Portugal a fiscal representative may be needed for non residents.
Traditional banks compared with digital providers
Traditional banks tend to offer branch access and a full range of services, including lending and trade finance, but can take longer to onboard foreign owned companies. Digital first providers often open accounts faster and offer multi currency features, though cash handling and some services may be limited. Choose based on whether you value branch access and a full service relationship or speed and online features. Confirm current terms with each provider.
Compare business account options in Iberia
Several providers serve businesses registered in Spain and Portugal. Browse the provider reviews to compare features and fees, then confirm current eligibility and terms before applying. Shown as of 28 May 2026.
Browse business account reviews →Common questions
Can a non resident open a business account in Iberia?
How long does it take to open a business account in Iberia?
Which providers serve Iberia?
What documents are required?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 28 May 2026. Confirm current terms with the provider before applying.