France corporate bank account in 2023
Healy Consultants assists our Clients with opening a corporate bank account in France. Our experienced banking team will prepare all requisite documentation on your behalf and submit them to the bank. We will also attend the bank interview on your behalf. Please click on the links below to find out more about France business banking.
French corporate banking
- France boasts a mature and competitive banking system, dominated by 4 French corporations included in the 10 largest European banking groups: i) BNP Paribas ii) Société Générale iii) Crédit Agricole and iv) BPCE. Foreign banks never managed enter successfully the French market, HSBC being the only one with a significant presence in the country;
- French corporate and personal banking products and customer service are of excellent standard, with notably easy access to i) multiple currencies ii) internet and telephone banking iii) checking accounts iv) saving accounts v) debit and credit cards vi) fixed term deposit and vii) wealth management services;
- French banks boast the highest rate of financial advisors per Client among main EU countries, enabling them to provide very reactive costumer service;
- Starting a France company is currently an interesting option to benefit from inexpensive corporate loans, with interest rates averaging i) 2.2% for companies with less than 25 employees and ii) 1.8% for larger companies.
Healy Consultants banking services
- Healy Consultants bank account opening team can open the corporate account within 2 weeks of France company formation and obtain internet banking approval within the subsequent week. Our fee for this service will be €4,950;
- While our experts will liaise with the banks to prevent our Clients from travelling for the interview, there is still a 50% chance that the bank may require our Clients willing to start a business to travel for a one hour interview in France. There will be a fee discount of €950 if you have to travel;
- Following bank account approval, the preferred French bank will directly and independently email our Client the corporate bank account number, required to set up his business in France;
- Healy Consultants will be pleased to open an France corporate account. Our Client will not have to travel for this engagement. It is a time consuming task, Healy Consultants will shelter our Client from the administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a newly formed company, when shareholders and directors and bank signatories reside overseas. Healy Consultants will prepare a business plan for the bank to optimize the probability of corporate bank account approval;
- Healy Consultants may also assist to open an additional international corporate bank account with a top tier bank, outside of France. Examples include London, New York, Germany, Bulgaria, South Africa, Australia, or Dubai. It is a time consuming task and our fee for this service is €4,950 without travel or €2,550 with travel. All banks will be top tier banks in these countries with excellent internet banking services.
Opening a French corporate bank account
- Before setting up a business in France, a foreign entrepreneur should inform himself the different banking options available, as French banking fees vary considerably compared to other EU countries. Healy Consultants recommends our Clients to choose HSBC, Société Générale, BPCE and BNP Paribas for French corporate bank account solutions;
- All these banks also provide tailored solutions for foreign entrepreneurs willing to set up a small business in France;
- Documents required to open a corporate account for a company in France are i) a valid passport ii) a proof of address and iii) a Trade Register certificate (Kbis form, given during the process of France company setup);
- Indicative yearly costs for banking services are: i) bank account maintenance fees – €30 ii) international credit card – €40 iii) international banking transfers – €20 + 0.3% commission iv) checkbook – free iv) ibanking services – free;
- All businesses in France are entitled to open a corporate account. In case of refusal, a designated bank will have to provide an account with services including i) a debit card and ii) collection of checks and transfers.
- French banks will consider providing funds to finance investment projects, provided sufficient information is provided. Documents requested include i) a well-prepared business-plan, inclusive of a feasibility study ii) availability of collateral assets iii) qualifications of business owners and management iv) last 3 years audited financial statements and v) a detailed review of the project’s strength, weaknesses, opportunities and threat (SWOT matrix);
- Healy Consultants will help our Clients obtain corporate finance in the form of a loan, overdraft or simply preferential credit terms;
- Our in-house experts may also provide our Clients with assistance to secure trade finance services in France including i) bank guarantees ii) letters of credit iii) finance against trust receipt (for imported goods) and iv) document against payment and against acceptance.
Exchange controls and other regulation
- Although France does not have exchange controls, notification must still be provided to the Central Bank for monetary transfers over €10,000. This is done to disrupt money laundering activities;
- All France companies and individuals must disclose their assets detained abroad to the authorities or are subject to penalties including i) a €1,500 fixed fine and ii) a fine representing 5% of assets for each year undeclared.