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SCORE is a project created in direct response to the prevailing difficulties encountered by many [and especially by migrant] business owners in Luxembourg to open a business bank account. In Luxembourg, banks are only mandated by law to open [one/first] private bank account for a resident. The prerogative to offer an entrepreneur a business bank account is entirely left to the bank. To open a business bank account, they are generally guided by regulations on anti-money laundry, anti-terrorism, other criminal activities as well as their openness to entrepreneurship and SME.

Duration : 04/2021 - 12/2022

This project is realized thanks to the financial support from the European Social Fund, the Ministry of Labor (Fond pour l'Emploi), the Fondation Oeuvre Grande-Duchesse Charlotte and the KPMG Foundation.

Opening A Business Bank Account

In order to open a business/professional bank account for an individual, through the process of KYC (Know Your Customer), banks request for several information about the individual and the registered enterprise or cooperative. The evaluation of information and documents offered to the bank impacts on the eventual positive or negative response by the bank. To increase your chances of receiving a positive response, we have highlighted some points below.

  • Create a comprehensive professional portfolio/curriculum vitae.

  • Create a comprehensive business plan showing the origins of your initial business/project capital as well as the projected annual income sources for the intended business/project.

  • DO NOT Submit an incomplete file.

  • Complete all forms offered by the banks with true and verifiable information about yourself and your business/project

Required Documents

In general, the non-exhaustive list of documents below are required by most banks in Luxembourg in view of opening a professional or business bank account for individuals, collectives or enterprises.

  • Personal identification and residential documents for all legal beneficiaries of the project such as board of directors (e.g., ID card/passport, certificate of resident, Social Security number, etc)

  • Professional documents (e.g., CV/resume, portfolio, etc)

  • Comprehensive business plan

  • Business licence(s)

  • Extract of the registered entity from the Luxembourg Business Registry, LBR.

  • Extract from the Registre des Bénéficiaires Effectifs (for companies only).

  • CCSS registration number

  • VAT number

  • Completed application forms from the bank

  • Letter of motivation explaining why you want to open the account with this bank

This page is continuously being update.

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