An informative brochure to guide entrepreneurs through the process of opening a business bank account in Luxembourg!
Introduction: The launch of a company is a vibrant journey, the ultimate aim for the entrepreneur being to achieve a vision that has been nurtured for months. It is the moment when abstract ideas turn into a concrete and tangible venture. Choosing the entrepreneurial path is thus a way of constantly developing new ideas. In these endeavors, preparation should not be left to chance, and the entrepreneur most not solely rely on initial intuition and passion. Preparing a business launch is very similar to the process of gardening, where a plant can only thrive through consistent care and the incorporation of essential ingredients at the right moment, that foster fertile ground. Indeed, no business idea can be transformed into a tangible venture without the application of key managerial practices and without following several regulatory steps, which are crucial for a successful launch. Just like in the process of growing a plant, from the initial germination of an idea to the eventual establishment of a company, each administrative milestone must be carefully considered. The flourishing of a business account opening is one of those key milestones, to be undertaken in collaboration with a reliable banking partner. To this end, bank advisors are essential partners, as your future success is tied to theirs. That being said, it is important to keep in mind that banking professionals can only operate within a certain legal framework made of constraints and obligations. Being aware of those policies and regulations will help you move into this next important step, while fostering a strong and enduring relationship with your banker. For the purpose of facilitating your progression towards a bank account opening, the House of Entrepreneurship of the Chamber of Commerce and the ABBL (Luxembourg’s Banking Association) Foundation for Financial Literacy have jointly designed a practical step-by-step guide dedicated to new business leaders.
Read the full guide HERE
The Luxembourg Banker’s Association ABBL has compiled a list of dedicated contact people within banks and other providers of banking services in Luxembourg potentially interested in onboarding particular segments of corporate clients. To ease the process for businesses to open a professional bank account in Luxembourg and put entrepreneurs in touch with the right contact people, the ABBL specifically issued lists for small and medium-sized enterprises (SMEs), alternative investment funds (AIFs) and fintech firms.
You can find the lists here.