Irish Corporate Bank Account Setup

Can a non-resident Irish company open a corporate bank account in Ireland?

Yes, Irish banks will open business accounts in your business name for non-resident individuals. However, they often request to meet the company director in person. Irish banks will also want to see company documentation including the Certificate of Incorporation of your Limited Company from CRO. 

We work with the 2 major banks in Ireland - AIB and Bank of Ireland. In our experience, these are the only 2 banks in Ireland that are set up to work with international companies just setting up in Ireland. It is vital that you approach and engage with the banks in the right way, from day 1. We have successfully opened 100s of Bank Accounts in Ireland for Non-resident companies globally. 

The bank account can be opened remotely with a video call. 

There is excellent online banking, and you have the option to open multi-currency accounts too. 

How long does it take to open a corporate bank account?

Once the company is incorporated, it takes between 5 to 10 working days to get your corporate bank account open.

In our experience so far, digital banks can usually be opened in 1 week. Traditional bank accounts can take up to 4 weeks.

It is important to note that the bank account cannot be opened until the RBO has been fully registered. 

Why do you need an Irish Business Bank account?

• Keeps personal and business finances separate.

• Simplifies accounting and tax reporting.

• Enhances your business's credibility with customers and suppliers

Options for Business Bank Accounts

When choosing a bank, consider the following:

1. Traditional Banks: AIB and Bank of Ireland are popular choices for Non-resident companies in general. Some of these traditional banks will require you to have an Irish resident Director and attend a physical, in-person meeting. 

2. Digital Banks: Revolut and Fire offer quick online setups and hence are being preferred a lot by some foreign companies prioritising quick service and flexibility. 

Conclusion

In summary, setting up a business bank account is crucial for your company's success in Ireland. It not only helps in managing finances but also builds trust with clients and partners. Make sure to choose the best business bank account for startups in Ireland that fits your needs.