How to Open a Corporate Bank Account in Chile?

When it comes to setting up a business in Chile, one of the key steps is opening a corporate bank account. Having a corporate bank account in Chile is essential for managing your business finances. They allow you to pay suppliers, and receive payments from customers. In this article, we’ll walk you through the steps to open a corporate bank account in Chile and give you some tips to make the process as smooth as possible.

First, Choose the Right Bank

The first step in opening a corporate bank account in Chile is to choose the bank that best suits your business needs. Major banks in Chile include Banco de Chile, Banco Santander, Banco Estado, and Banco de Crédito e Inversiones (BCI). Research the different banks, and compare their fees, account options, and requirements to determine which one is the best fit for your company.

Gathering the Required Documents

After selecting a bank, gather all the necessary documents to open the account. Typically, banks require a valid ID of the company’s representative. Additionally, they’ll ask for a certified copy of the company’s bylaws or incorporation documents, a certificate of good standing from the Chilean IRS (Servicio de Impuestos Internos or SII), a tax identification number (RUT) for the company and its representatives, a document that proves the address of the company, and a document that proves the source of funds of the company.

Schedule an Appointment

Contact the bank to schedule an appointment with a representative who can help you open the account. You can usually do this by phone, email, or by visiting the bank’s website.

Attend the Appointment

On the day of your appointment, attend the meeting with the bank representative, and bring all the required documents. The representative will review your documents, ask you some questions about your business, and provide you with the necessary paperwork to sign to open the account if everything is in order.

Make the Initial Deposit

After signing the paperwork, make the initial deposit into the account. The amount required may vary depending on the bank and the type of account you are opening.

Finally, Wait for Approval

After making the initial deposit, you must wait for the bank to approve your account. The approval process usually takes a few days to a week. Once your account is approved, you will receive your account details and be able to start using the account.

In conclusion, opening a corporate bank account in Chile is a straightforward process if you have all the necessary documentation and meet the bank’s requirements. Choosing the right bank, gathering the required documents, scheduling an appointment, attending the appointment, making the initial deposit, and awaiting approval are the necessary steps in opening a corporate bank account in Chile. Following these steps, you can open an account that suits your business needs and start managing your finances in Chile.

How to register a company in Chile?

1. Choose the right type of company
2. Appoint a legal representative
3. Prepare the Deed of Incorporation
4. Submit the documents to the Commercial Registry
5. Publish the notice in the Official Gazette
6. Obtain the RUT or Tax ID Number
7. Open a corporate bank account