The type of bank account you will need to run your business in Europe will depend on how your business is structured. Banks may offer different services depending on whether you are setting up as a sole trader, limited liability company, partnership, subsidiary office or not-for-profit company.

Most countries in Europe offer a similar range of services to those available in the UK, including internet banking, electronic payment services, ATMs, credit and debit cards, and business advice services.

When choosing a bank, you should consider:

• location - is it close to your business?
• fees - are you charged by the bank for the services you use most?
• level of customer service
• whether the bank insures the money you deposit

Services and fees

What you pay to operate a business bank account depends on the services you select. For example, you may reduce the fees charged if you choose to run your bank account only by telephone or internet.

However, if you prefer your account to be managed by a branch manager or business adviser, and to receive regular printed statements, you are likely to be charged for these services.

If you are a business based in the UK and want to set up a business account in Europe, there are different requirements depending on the type of business you run and the country in which you want to open the account.

Limited liability companies

If you are setting up a limited liability company in Europe, most banks will require you to deposit a proportion of your company's paid-up capital in a business account in that country in order for you to register your business as a legal entity there.

Requirements may vary between countries. Some countries may have higher capital requirements, while others require the head office and the registered office to be in the same place.

The account in which that money is held is usually blocked until the company is formally registered by the relevant authorities.  To register your company formally, you need to obtain an official identification number from the relevant company registration authority.

You will use the company registration number in most of the company's correspondence with official authorities - eg taxation services, enterprise agencies, employment authorities.

Opening a business account

You must open a business bank account according to that country's rules. Banking rules are not harmonised and requirements vary from country to country.

To open a business bank account, you are commonly required to provide a number of documents, such as:

• proof of identification
• proof of residence

However, different countries will require different documents. Some banks may even require references and credit checks.

If you are a business based in the UK seeking banking services in Europe, most banks in Europe offer remote telephone, online banking services and ATM cash withdrawals. Standing orders, direct debits and electronic transfers are also available.

Bank branches

In many countries the branch network and contact with customers at branch level is still important in business banking.

It is important to maintain a good relationship with your customer manager. They are there to deal with all your queries about the day-to-day running of your business account. If you keep them up to date with your activities, they will be able to respond more swiftly when you require help from your bank.

Opening hours

Bank opening hours vary from country to country. Often the size of a town will determine the opening times of a bank branch.

In some countries and especially outside large cities, banks may close over lunchtime. In some countries, banks do not open at all on weekends, while in others, you will find that some banks open on Saturday morning.

For a simple approach to doing business in Europe, you could always consider a euro or other foreign currency business account with a UK bank. The major UK high street banks often have a network of partners in foreign countries who can offer local legal and tax knowledge and expertise.

Euro business accounts

A euro business account can help increase the speed and reliability of business banking within Europe. It will enable you to:

• have easy access to funds
• simplify payment and collection - matching invoices and receipts
• reduce exposure to exchange rate changes
• reduce administration and cost

Your UK bank will establish specific details that are compulsory for making and receiving payments in Europe, eg:

• Bank Identifier Code (BIC)
• International Bank Account Number (IBAN)

The BIC and IBAN are essential for business banking in Europe. These are secure details which should be kept confidential.

To enable your business to work within every European country, accounts can be in other foreign currencies as well as the euro.

Euro account services and charges

Euro accounts are available that offer the usual banking services - such as internet banking, a debit card and cheque book. However, ongoing account fees or service-specific charges may apply. The services offered and charges for using them vary.

Often a quarterly fee will be standard, as well as charges for services like:

• sending and receiving money
• bills and cheques
• letters of credit
• status enquiries

If you are a business based in the UK and are writing a business plan in order to apply for financing from a European bank, you should ideally write the plan in the language of the country in which you are applying. It may be simplest to first write it in English, or your first language, and then have it translated.

It may help to seek local professional advice before completing your plan. This would help you set out the document in the best way and ensure that the translation is adequate for the bank's needs.

There are fundamental elements that every business plan requires to improve the chances of success, such as:

• executive and company summary
• detailed breakdown of start-up costs
• marketing and sales strategy
• financial plan

See write a business plan: step-by-step.

Alternative funding for business in Europe

The European Investment Fund (EIF) has been established to improve the financial environment for small to medium enterprises (SMEs). To achieve this, the EIF works with a wide range of financial bodies who can offer direct funding for business development.

The EIF has two main areas of activity:

• venture capital - equity investments that support SMEs
• providing guarantees to financial institutions that cover credits to SMEs - including banks that invest in SMEs

Find out more about EIF intermediaries in the UK.

Europe does not currently have as extensive a credit checking system as the UK. Credit applications are reviewed and decisions are commonly based on:

• salary
• current debts
• family situation

However, if you or a director of your company holds an account and runs up bad credit, then a bank will put you in a special file which is shared by all lending institutions.

The UK is no longer part of the EU but it is still part of  the Single European Payment Area (SEPA). SEPA harmonises the way cashless payments are made across Europe.

It allows private individuals and business customers to make non-cash payments in euros - eg by credit or debit card, bank transfer or direct debit - to any beneficiary in the eurozone.

SEPA Credit Transfer (SCT) means there is no longer any difference between domestic and international payments. 

SEPA can offer businesses many facilities, such as:

• accepting payment cards from all SEPA countries
• simplified financial processing
• a single bank account to cover all of Europe
• faster settlement - standardised
• improved cash flow
• reduced costs

Banking costs under SEPA

The development of SEPA will mean lower banking costs due to:

• increased efficiency
• open market competition
• lower operational costs

The European Commission provides an overview of SEPA, including benefits, regulation and migration.

The type of bank account you will need to run your business in Europe will depend on how your business is structured. Banks may offer different services depending on whether you are setting up as a sole trader, limited liability company, partnership, subsidiary office or not-for-profit company.

Most countries in Europe offer a similar range of services to those available in the UK, including internet banking, electronic payment services, ATMs, credit and debit cards, and business advice services.

When choosing a bank, you should consider:

• location - is it close to your business?
• fees - are you charged by the bank for the services you use most?
• level of customer service
• whether the bank insures the money you deposit

Services and fees

What you pay to operate a business bank account depends on the services you select. For example, you may reduce the fees charged if you choose to run your bank account only by telephone or internet.

However, if you prefer your account to be managed by a branch manager or business adviser, and to receive regular printed statements, you are likely to be charged for these services.

If you are a business based in the UK and want to set up a business account in Europe, there are different requirements depending on the type of business you run and the country in which you want to open the account.

Limited liability companies

If you are setting up a limited liability company in Europe, most banks will require you to deposit a proportion of your company's paid-up capital in a business account in that country in order for you to register your business as a legal entity there.

Requirements may vary between countries. Some countries may have higher capital requirements, while others require the head office and the registered office to be in the same place.

The account in which that money is held is usually blocked until the company is formally registered by the relevant authorities.  To register your company formally, you need to obtain an official identification number from the relevant company registration authority.

You will use the company registration number in most of the company's correspondence with official authorities - eg taxation services, enterprise agencies, employment authorities.

Opening a business account

You must open a business bank account according to that country's rules. Banking rules are not harmonised and requirements vary from country to country.

To open a business bank account, you are commonly required to provide a number of documents, such as:

• proof of identification
• proof of residence

However, different countries will require different documents. Some banks may even require references and credit checks.

If you are a business based in the UK seeking banking services in Europe, most banks in Europe offer remote telephone, online banking services and ATM cash withdrawals. Standing orders, direct debits and electronic transfers are also available.

Bank branches

In many countries the branch network and contact with customers at branch level is still important in business banking.

It is important to maintain a good relationship with your customer manager. They are there to deal with all your queries about the day-to-day running of your business account. If you keep them up to date with your activities, they will be able to respond more swiftly when you require help from your bank.

Opening hours

Bank opening hours vary from country to country. Often the size of a town will determine the opening times of a bank branch.

In some countries and especially outside large cities, banks may close over lunchtime. In some countries, banks do not open at all on weekends, while in others, you will find that some banks open on Saturday morning.

For a simple approach to doing business in Europe, you could always consider a euro or other foreign currency business account with a UK bank. The major UK high street banks often have a network of partners in foreign countries who can offer local legal and tax knowledge and expertise.

Euro business accounts

A euro business account can help increase the speed and reliability of business banking within Europe. It will enable you to:

• have easy access to funds
• simplify payment and collection - matching invoices and receipts
• reduce exposure to exchange rate changes
• reduce administration and cost

Your UK bank will establish specific details that are compulsory for making and receiving payments in Europe, eg:

• Bank Identifier Code (BIC)
• International Bank Account Number (IBAN)

The BIC and IBAN are essential for business banking in Europe. These are secure details which should be kept confidential.

To enable your business to work within every European country, accounts can be in other foreign currencies as well as the euro.

Euro account services and charges

Euro accounts are available that offer the usual banking services - such as internet banking, a debit card and cheque book. However, ongoing account fees or service-specific charges may apply. The services offered and charges for using them vary.

Often a quarterly fee will be standard, as well as charges for services like:

• sending and receiving money
• bills and cheques
• letters of credit
• status enquiries

If you are a business based in the UK and are writing a business plan in order to apply for financing from a European bank, you should ideally write the plan in the language of the country in which you are applying. It may be simplest to first write it in English, or your first language, and then have it translated.

It may help to seek local professional advice before completing your plan. This would help you set out the document in the best way and ensure that the translation is adequate for the bank's needs.

There are fundamental elements that every business plan requires to improve the chances of success, such as:

• executive and company summary
• detailed breakdown of start-up costs
• marketing and sales strategy
• financial plan

See write a business plan: step-by-step.

Alternative funding for business in Europe

The European Investment Fund (EIF) has been established to improve the financial environment for small to medium enterprises (SMEs). To achieve this, the EIF works with a wide range of financial bodies who can offer direct funding for business development.

The EIF has two main areas of activity:

• venture capital - equity investments that support SMEs
• providing guarantees to financial institutions that cover credits to SMEs - including banks that invest in SMEs

Find out more about EIF intermediaries in the UK.

Europe does not currently have as extensive a credit checking system as the UK. Credit applications are reviewed and decisions are commonly based on:

• salary
• current debts
• family situation

However, if you or a director of your company holds an account and runs up bad credit, then a bank will put you in a special file which is shared by all lending institutions.

The UK is no longer part of the EU but it is still part of  the Single European Payment Area (SEPA). SEPA harmonises the way cashless payments are made across Europe.

It allows private individuals and business customers to make non-cash payments in euros - eg by credit or debit card, bank transfer or direct debit - to any beneficiary in the eurozone.

SEPA Credit Transfer (SCT) means there is no longer any difference between domestic and international payments. 

SEPA can offer businesses many facilities, such as:

• accepting payment cards from all SEPA countries
• simplified financial processing
• a single bank account to cover all of Europe
• faster settlement - standardised
• improved cash flow
• reduced costs

Banking costs under SEPA

The development of SEPA will mean lower banking costs due to:

• increased efficiency
• open market competition
• lower operational costs

The European Commission provides an overview of SEPA, including benefits, regulation and migration.

The type of bank account you will need to run your business in Europe will depend on how your business is structured. Banks may offer different services depending on whether you are setting up as a sole trader, limited liability company, partnership, subsidiary office or not-for-profit company.

Most countries in Europe offer a similar range of services to those available in the UK, including internet banking, electronic payment services, ATMs, credit and debit cards, and business advice services.

When choosing a bank, you should consider:

• location - is it close to your business?
• fees - are you charged by the bank for the services you use most?
• level of customer service
• whether the bank insures the money you deposit

Services and fees

What you pay to operate a business bank account depends on the services you select. For example, you may reduce the fees charged if you choose to run your bank account only by telephone or internet.

However, if you prefer your account to be managed by a branch manager or business adviser, and to receive regular printed statements, you are likely to be charged for these services.

If you are a business based in the UK and want to set up a business account in Europe, there are different requirements depending on the type of business you run and the country in which you want to open the account.

Limited liability companies

If you are setting up a limited liability company in Europe, most banks will require you to deposit a proportion of your company's paid-up capital in a business account in that country in order for you to register your business as a legal entity there.

Requirements may vary between countries. Some countries may have higher capital requirements, while others require the head office and the registered office to be in the same place.

The account in which that money is held is usually blocked until the company is formally registered by the relevant authorities.  To register your company formally, you need to obtain an official identification number from the relevant company registration authority.

You will use the company registration number in most of the company's correspondence with official authorities - eg taxation services, enterprise agencies, employment authorities.

Opening a business account

You must open a business bank account according to that country's rules. Banking rules are not harmonised and requirements vary from country to country.

To open a business bank account, you are commonly required to provide a number of documents, such as:

• proof of identification
• proof of residence

However, different countries will require different documents. Some banks may even require references and credit checks.

If you are a business based in the UK seeking banking services in Europe, most banks in Europe offer remote telephone, online banking services and ATM cash withdrawals. Standing orders, direct debits and electronic transfers are also available.

Bank branches

In many countries the branch network and contact with customers at branch level is still important in business banking.

It is important to maintain a good relationship with your customer manager. They are there to deal with all your queries about the day-to-day running of your business account. If you keep them up to date with your activities, they will be able to respond more swiftly when you require help from your bank.

Opening hours

Bank opening hours vary from country to country. Often the size of a town will determine the opening times of a bank branch.

In some countries and especially outside large cities, banks may close over lunchtime. In some countries, banks do not open at all on weekends, while in others, you will find that some banks open on Saturday morning.

For a simple approach to doing business in Europe, you could always consider a euro or other foreign currency business account with a UK bank. The major UK high street banks often have a network of partners in foreign countries who can offer local legal and tax knowledge and expertise.

Euro business accounts

A euro business account can help increase the speed and reliability of business banking within Europe. It will enable you to:

• have easy access to funds
• simplify payment and collection - matching invoices and receipts
• reduce exposure to exchange rate changes
• reduce administration and cost

Your UK bank will establish specific details that are compulsory for making and receiving payments in Europe, eg:

• Bank Identifier Code (BIC)
• International Bank Account Number (IBAN)

The BIC and IBAN are essential for business banking in Europe. These are secure details which should be kept confidential.

To enable your business to work within every European country, accounts can be in other foreign currencies as well as the euro.

Euro account services and charges

Euro accounts are available that offer the usual banking services - such as internet banking, a debit card and cheque book. However, ongoing account fees or service-specific charges may apply. The services offered and charges for using them vary.

Often a quarterly fee will be standard, as well as charges for services like:

• sending and receiving money
• bills and cheques
• letters of credit
• status enquiries

If you are a business based in the UK and are writing a business plan in order to apply for financing from a European bank, you should ideally write the plan in the language of the country in which you are applying. It may be simplest to first write it in English, or your first language, and then have it translated.

It may help to seek local professional advice before completing your plan. This would help you set out the document in the best way and ensure that the translation is adequate for the bank's needs.

There are fundamental elements that every business plan requires to improve the chances of success, such as:

• executive and company summary
• detailed breakdown of start-up costs
• marketing and sales strategy
• financial plan

See write a business plan: step-by-step.

Alternative funding for business in Europe

The European Investment Fund (EIF) has been established to improve the financial environment for small to medium enterprises (SMEs). To achieve this, the EIF works with a wide range of financial bodies who can offer direct funding for business development.

The EIF has two main areas of activity:

• venture capital - equity investments that support SMEs
• providing guarantees to financial institutions that cover credits to SMEs - including banks that invest in SMEs

Find out more about EIF intermediaries in the UK.

Europe does not currently have as extensive a credit checking system as the UK. Credit applications are reviewed and decisions are commonly based on:

• salary
• current debts
• family situation

However, if you or a director of your company holds an account and runs up bad credit, then a bank will put you in a special file which is shared by all lending institutions.

The UK is no longer part of the EU but it is still part of  the Single European Payment Area (SEPA). SEPA harmonises the way cashless payments are made across Europe.

It allows private individuals and business customers to make non-cash payments in euros - eg by credit or debit card, bank transfer or direct debit - to any beneficiary in the eurozone.

SEPA Credit Transfer (SCT) means there is no longer any difference between domestic and international payments. 

SEPA can offer businesses many facilities, such as:

• accepting payment cards from all SEPA countries
• simplified financial processing
• a single bank account to cover all of Europe
• faster settlement - standardised
• improved cash flow
• reduced costs

Banking costs under SEPA

The development of SEPA will mean lower banking costs due to:

• increased efficiency
• open market competition
• lower operational costs

The European Commission provides an overview of SEPA, including benefits, regulation and migration.

The type of bank account you will need to run your business in Europe will depend on how your business is structured. Banks may offer different services depending on whether you are setting up as a sole trader, limited liability company, partnership, subsidiary office or not-for-profit company.

Most countries in Europe offer a similar range of services to those available in the UK, including internet banking, electronic payment services, ATMs, credit and debit cards, and business advice services.

When choosing a bank, you should consider:

• location - is it close to your business?
• fees - are you charged by the bank for the services you use most?
• level of customer service
• whether the bank insures the money you deposit

Services and fees

What you pay to operate a business bank account depends on the services you select. For example, you may reduce the fees charged if you choose to run your bank account only by telephone or internet.

However, if you prefer your account to be managed by a branch manager or business adviser, and to receive regular printed statements, you are likely to be charged for these services.

If you are a business based in the UK and want to set up a business account in Europe, there are different requirements depending on the type of business you run and the country in which you want to open the account.

Limited liability companies

If you are setting up a limited liability company in Europe, most banks will require you to deposit a proportion of your company's paid-up capital in a business account in that country in order for you to register your business as a legal entity there.

Requirements may vary between countries. Some countries may have higher capital requirements, while others require the head office and the registered office to be in the same place.

The account in which that money is held is usually blocked until the company is formally registered by the relevant authorities.  To register your company formally, you need to obtain an official identification number from the relevant company registration authority.

You will use the company registration number in most of the company's correspondence with official authorities - eg taxation services, enterprise agencies, employment authorities.

Opening a business account

You must open a business bank account according to that country's rules. Banking rules are not harmonised and requirements vary from country to country.

To open a business bank account, you are commonly required to provide a number of documents, such as:

• proof of identification
• proof of residence

However, different countries will require different documents. Some banks may even require references and credit checks.

If you are a business based in the UK seeking banking services in Europe, most banks in Europe offer remote telephone, online banking services and ATM cash withdrawals. Standing orders, direct debits and electronic transfers are also available.

Bank branches

In many countries the branch network and contact with customers at branch level is still important in business banking.

It is important to maintain a good relationship with your customer manager. They are there to deal with all your queries about the day-to-day running of your business account. If you keep them up to date with your activities, they will be able to respond more swiftly when you require help from your bank.

Opening hours

Bank opening hours vary from country to country. Often the size of a town will determine the opening times of a bank branch.

In some countries and especially outside large cities, banks may close over lunchtime. In some countries, banks do not open at all on weekends, while in others, you will find that some banks open on Saturday morning.

For a simple approach to doing business in Europe, you could always consider a euro or other foreign currency business account with a UK bank. The major UK high street banks often have a network of partners in foreign countries who can offer local legal and tax knowledge and expertise.

Euro business accounts

A euro business account can help increase the speed and reliability of business banking within Europe. It will enable you to:

• have easy access to funds
• simplify payment and collection - matching invoices and receipts
• reduce exposure to exchange rate changes
• reduce administration and cost

Your UK bank will establish specific details that are compulsory for making and receiving payments in Europe, eg:

• Bank Identifier Code (BIC)
• International Bank Account Number (IBAN)

The BIC and IBAN are essential for business banking in Europe. These are secure details which should be kept confidential.

To enable your business to work within every European country, accounts can be in other foreign currencies as well as the euro.

Euro account services and charges

Euro accounts are available that offer the usual banking services - such as internet banking, a debit card and cheque book. However, ongoing account fees or service-specific charges may apply. The services offered and charges for using them vary.

Often a quarterly fee will be standard, as well as charges for services like:

• sending and receiving money
• bills and cheques
• letters of credit
• status enquiries

If you are a business based in the UK and are writing a business plan in order to apply for financing from a European bank, you should ideally write the plan in the language of the country in which you are applying. It may be simplest to first write it in English, or your first language, and then have it translated.

It may help to seek local professional advice before completing your plan. This would help you set out the document in the best way and ensure that the translation is adequate for the bank's needs.

There are fundamental elements that every business plan requires to improve the chances of success, such as:

• executive and company summary
• detailed breakdown of start-up costs
• marketing and sales strategy
• financial plan

See write a business plan: step-by-step.

Alternative funding for business in Europe

The European Investment Fund (EIF) has been established to improve the financial environment for small to medium enterprises (SMEs). To achieve this, the EIF works with a wide range of financial bodies who can offer direct funding for business development.

The EIF has two main areas of activity:

• venture capital - equity investments that support SMEs
• providing guarantees to financial institutions that cover credits to SMEs - including banks that invest in SMEs

Find out more about EIF intermediaries in the UK.

Europe does not currently have as extensive a credit checking system as the UK. Credit applications are reviewed and decisions are commonly based on:

• salary
• current debts
• family situation

However, if you or a director of your company holds an account and runs up bad credit, then a bank will put you in a special file which is shared by all lending institutions.

The UK is no longer part of the EU but it is still part of  the Single European Payment Area (SEPA). SEPA harmonises the way cashless payments are made across Europe.

It allows private individuals and business customers to make non-cash payments in euros - eg by credit or debit card, bank transfer or direct debit - to any beneficiary in the eurozone.

SEPA Credit Transfer (SCT) means there is no longer any difference between domestic and international payments. 

SEPA can offer businesses many facilities, such as:

• accepting payment cards from all SEPA countries
• simplified financial processing
• a single bank account to cover all of Europe
• faster settlement - standardised
• improved cash flow
• reduced costs

Banking costs under SEPA

The development of SEPA will mean lower banking costs due to:

• increased efficiency
• open market competition
• lower operational costs

The European Commission provides an overview of SEPA, including benefits, regulation and migration.

The type of bank account you will need to run your business in Europe will depend on how your business is structured. Banks may offer different services depending on whether you are setting up as a sole trader, limited liability company, partnership, subsidiary office or not-for-profit company.

Most countries in Europe offer a similar range of services to those available in the UK, including internet banking, electronic payment services, ATMs, credit and debit cards, and business advice services.

When choosing a bank, you should consider:

• location - is it close to your business?
• fees - are you charged by the bank for the services you use most?
• level of customer service
• whether the bank insures the money you deposit

Services and fees

What you pay to operate a business bank account depends on the services you select. For example, you may reduce the fees charged if you choose to run your bank account only by telephone or internet.

However, if you prefer your account to be managed by a branch manager or business adviser, and to receive regular printed statements, you are likely to be charged for these services.

If you are a business based in the UK and want to set up a business account in Europe, there are different requirements depending on the type of business you run and the country in which you want to open the account.

Limited liability companies

If you are setting up a limited liability company in Europe, most banks will require you to deposit a proportion of your company's paid-up capital in a business account in that country in order for you to register your business as a legal entity there.

Requirements may vary between countries. Some countries may have higher capital requirements, while others require the head office and the registered office to be in the same place.

The account in which that money is held is usually blocked until the company is formally registered by the relevant authorities.  To register your company formally, you need to obtain an official identification number from the relevant company registration authority.

You will use the company registration number in most of the company's correspondence with official authorities - eg taxation services, enterprise agencies, employment authorities.

Opening a business account

You must open a business bank account according to that country's rules. Banking rules are not harmonised and requirements vary from country to country.

To open a business bank account, you are commonly required to provide a number of documents, such as:

• proof of identification
• proof of residence

However, different countries will require different documents. Some banks may even require references and credit checks.

If you are a business based in the UK seeking banking services in Europe, most banks in Europe offer remote telephone, online banking services and ATM cash withdrawals. Standing orders, direct debits and electronic transfers are also available.

Bank branches

In many countries the branch network and contact with customers at branch level is still important in business banking.

It is important to maintain a good relationship with your customer manager. They are there to deal with all your queries about the day-to-day running of your business account. If you keep them up to date with your activities, they will be able to respond more swiftly when you require help from your bank.

Opening hours

Bank opening hours vary from country to country. Often the size of a town will determine the opening times of a bank branch.

In some countries and especially outside large cities, banks may close over lunchtime. In some countries, banks do not open at all on weekends, while in others, you will find that some banks open on Saturday morning.

For a simple approach to doing business in Europe, you could always consider a euro or other foreign currency business account with a UK bank. The major UK high street banks often have a network of partners in foreign countries who can offer local legal and tax knowledge and expertise.

Euro business accounts

A euro business account can help increase the speed and reliability of business banking within Europe. It will enable you to:

• have easy access to funds
• simplify payment and collection - matching invoices and receipts
• reduce exposure to exchange rate changes
• reduce administration and cost

Your UK bank will establish specific details that are compulsory for making and receiving payments in Europe, eg:

• Bank Identifier Code (BIC)
• International Bank Account Number (IBAN)

The BIC and IBAN are essential for business banking in Europe. These are secure details which should be kept confidential.

To enable your business to work within every European country, accounts can be in other foreign currencies as well as the euro.

Euro account services and charges

Euro accounts are available that offer the usual banking services - such as internet banking, a debit card and cheque book. However, ongoing account fees or service-specific charges may apply. The services offered and charges for using them vary.

Often a quarterly fee will be standard, as well as charges for services like:

• sending and receiving money
• bills and cheques
• letters of credit
• status enquiries

If you are a business based in the UK and are writing a business plan in order to apply for financing from a European bank, you should ideally write the plan in the language of the country in which you are applying. It may be simplest to first write it in English, or your first language, and then have it translated.

It may help to seek local professional advice before completing your plan. This would help you set out the document in the best way and ensure that the translation is adequate for the bank's needs.

There are fundamental elements that every business plan requires to improve the chances of success, such as:

• executive and company summary
• detailed breakdown of start-up costs
• marketing and sales strategy
• financial plan

See write a business plan: step-by-step.

Alternative funding for business in Europe

The European Investment Fund (EIF) has been established to improve the financial environment for small to medium enterprises (SMEs). To achieve this, the EIF works with a wide range of financial bodies who can offer direct funding for business development.

The EIF has two main areas of activity:

• venture capital - equity investments that support SMEs
• providing guarantees to financial institutions that cover credits to SMEs - including banks that invest in SMEs

Find out more about EIF intermediaries in the UK.

Europe does not currently have as extensive a credit checking system as the UK. Credit applications are reviewed and decisions are commonly based on:

• salary
• current debts
• family situation

However, if you or a director of your company holds an account and runs up bad credit, then a bank will put you in a special file which is shared by all lending institutions.

The UK is no longer part of the EU but it is still part of  the Single European Payment Area (SEPA). SEPA harmonises the way cashless payments are made across Europe.

It allows private individuals and business customers to make non-cash payments in euros - eg by credit or debit card, bank transfer or direct debit - to any beneficiary in the eurozone.

SEPA Credit Transfer (SCT) means there is no longer any difference between domestic and international payments. 

SEPA can offer businesses many facilities, such as:

• accepting payment cards from all SEPA countries
• simplified financial processing
• a single bank account to cover all of Europe
• faster settlement - standardised
• improved cash flow
• reduced costs

Banking costs under SEPA

The development of SEPA will mean lower banking costs due to:

• increased efficiency
• open market competition
• lower operational costs

The European Commission provides an overview of SEPA, including benefits, regulation and migration.

The type of bank account you will need to run your business in Europe will depend on how your business is structured. Banks may offer different services depending on whether you are setting up as a sole trader, limited liability company, partnership, subsidiary office or not-for-profit company.

Most countries in Europe offer a similar range of services to those available in the UK, including internet banking, electronic payment services, ATMs, credit and debit cards, and business advice services.

When choosing a bank, you should consider:

• location - is it close to your business?
• fees - are you charged by the bank for the services you use most?
• level of customer service
• whether the bank insures the money you deposit

Services and fees

What you pay to operate a business bank account depends on the services you select. For example, you may reduce the fees charged if you choose to run your bank account only by telephone or internet.

However, if you prefer your account to be managed by a branch manager or business adviser, and to receive regular printed statements, you are likely to be charged for these services.

If you are a business based in the UK and want to set up a business account in Europe, there are different requirements depending on the type of business you run and the country in which you want to open the account.

Limited liability companies

If you are setting up a limited liability company in Europe, most banks will require you to deposit a proportion of your company's paid-up capital in a business account in that country in order for you to register your business as a legal entity there.

Requirements may vary between countries. Some countries may have higher capital requirements, while others require the head office and the registered office to be in the same place.

The account in which that money is held is usually blocked until the company is formally registered by the relevant authorities.  To register your company formally, you need to obtain an official identification number from the relevant company registration authority.

You will use the company registration number in most of the company's correspondence with official authorities - eg taxation services, enterprise agencies, employment authorities.

Opening a business account

You must open a business bank account according to that country's rules. Banking rules are not harmonised and requirements vary from country to country.

To open a business bank account, you are commonly required to provide a number of documents, such as:

• proof of identification
• proof of residence

However, different countries will require different documents. Some banks may even require references and credit checks.

If you are a business based in the UK seeking banking services in Europe, most banks in Europe offer remote telephone, online banking services and ATM cash withdrawals. Standing orders, direct debits and electronic transfers are also available.

Bank branches

In many countries the branch network and contact with customers at branch level is still important in business banking.

It is important to maintain a good relationship with your customer manager. They are there to deal with all your queries about the day-to-day running of your business account. If you keep them up to date with your activities, they will be able to respond more swiftly when you require help from your bank.

Opening hours

Bank opening hours vary from country to country. Often the size of a town will determine the opening times of a bank branch.

In some countries and especially outside large cities, banks may close over lunchtime. In some countries, banks do not open at all on weekends, while in others, you will find that some banks open on Saturday morning.

For a simple approach to doing business in Europe, you could always consider a euro or other foreign currency business account with a UK bank. The major UK high street banks often have a network of partners in foreign countries who can offer local legal and tax knowledge and expertise.

Euro business accounts

A euro business account can help increase the speed and reliability of business banking within Europe. It will enable you to:

• have easy access to funds
• simplify payment and collection - matching invoices and receipts
• reduce exposure to exchange rate changes
• reduce administration and cost

Your UK bank will establish specific details that are compulsory for making and receiving payments in Europe, eg:

• Bank Identifier Code (BIC)
• International Bank Account Number (IBAN)

The BIC and IBAN are essential for business banking in Europe. These are secure details which should be kept confidential.

To enable your business to work within every European country, accounts can be in other foreign currencies as well as the euro.

Euro account services and charges

Euro accounts are available that offer the usual banking services - such as internet banking, a debit card and cheque book. However, ongoing account fees or service-specific charges may apply. The services offered and charges for using them vary.

Often a quarterly fee will be standard, as well as charges for services like:

• sending and receiving money
• bills and cheques
• letters of credit
• status enquiries

If you are a business based in the UK and are writing a business plan in order to apply for financing from a European bank, you should ideally write the plan in the language of the country in which you are applying. It may be simplest to first write it in English, or your first language, and then have it translated.

It may help to seek local professional advice before completing your plan. This would help you set out the document in the best way and ensure that the translation is adequate for the bank's needs.

There are fundamental elements that every business plan requires to improve the chances of success, such as:

• executive and company summary
• detailed breakdown of start-up costs
• marketing and sales strategy
• financial plan

See write a business plan: step-by-step.

Alternative funding for business in Europe

The European Investment Fund (EIF) has been established to improve the financial environment for small to medium enterprises (SMEs). To achieve this, the EIF works with a wide range of financial bodies who can offer direct funding for business development.

The EIF has two main areas of activity:

• venture capital - equity investments that support SMEs
• providing guarantees to financial institutions that cover credits to SMEs - including banks that invest in SMEs

Find out more about EIF intermediaries in the UK.

Europe does not currently have as extensive a credit checking system as the UK. Credit applications are reviewed and decisions are commonly based on:

• salary
• current debts
• family situation

However, if you or a director of your company holds an account and runs up bad credit, then a bank will put you in a special file which is shared by all lending institutions.

The UK is no longer part of the EU but it is still part of  the Single European Payment Area (SEPA). SEPA harmonises the way cashless payments are made across Europe.

It allows private individuals and business customers to make non-cash payments in euros - eg by credit or debit card, bank transfer or direct debit - to any beneficiary in the eurozone.

SEPA Credit Transfer (SCT) means there is no longer any difference between domestic and international payments. 

SEPA can offer businesses many facilities, such as:

• accepting payment cards from all SEPA countries
• simplified financial processing
• a single bank account to cover all of Europe
• faster settlement - standardised
• improved cash flow
• reduced costs

Banking costs under SEPA

The development of SEPA will mean lower banking costs due to:

• increased efficiency
• open market competition
• lower operational costs

The European Commission provides an overview of SEPA, including benefits, regulation and migration.

The type of bank account you will need to run your business in Europe will depend on how your business is structured. Banks may offer different services depending on whether you are setting up as a sole trader, limited liability company, partnership, subsidiary office or not-for-profit company.

Most countries in Europe offer a similar range of services to those available in the UK, including internet banking, electronic payment services, ATMs, credit and debit cards, and business advice services.

When choosing a bank, you should consider:

• location - is it close to your business?
• fees - are you charged by the bank for the services you use most?
• level of customer service
• whether the bank insures the money you deposit

Services and fees

What you pay to operate a business bank account depends on the services you select. For example, you may reduce the fees charged if you choose to run your bank account only by telephone or internet.

However, if you prefer your account to be managed by a branch manager or business adviser, and to receive regular printed statements, you are likely to be charged for these services.

If you are a business based in the UK and want to set up a business account in Europe, there are different requirements depending on the type of business you run and the country in which you want to open the account.

Limited liability companies

If you are setting up a limited liability company in Europe, most banks will require you to deposit a proportion of your company's paid-up capital in a business account in that country in order for you to register your business as a legal entity there.

Requirements may vary between countries. Some countries may have higher capital requirements, while others require the head office and the registered office to be in the same place.

The account in which that money is held is usually blocked until the company is formally registered by the relevant authorities.  To register your company formally, you need to obtain an official identification number from the relevant company registration authority.

You will use the company registration number in most of the company's correspondence with official authorities - eg taxation services, enterprise agencies, employment authorities.

Opening a business account

You must open a business bank account according to that country's rules. Banking rules are not harmonised and requirements vary from country to country.

To open a business bank account, you are commonly required to provide a number of documents, such as:

• proof of identification
• proof of residence

However, different countries will require different documents. Some banks may even require references and credit checks.

If you are a business based in the UK seeking banking services in Europe, most banks in Europe offer remote telephone, online banking services and ATM cash withdrawals. Standing orders, direct debits and electronic transfers are also available.

Bank branches

In many countries the branch network and contact with customers at branch level is still important in business banking.

It is important to maintain a good relationship with your customer manager. They are there to deal with all your queries about the day-to-day running of your business account. If you keep them up to date with your activities, they will be able to respond more swiftly when you require help from your bank.

Opening hours

Bank opening hours vary from country to country. Often the size of a town will determine the opening times of a bank branch.

In some countries and especially outside large cities, banks may close over lunchtime. In some countries, banks do not open at all on weekends, while in others, you will find that some banks open on Saturday morning.

For a simple approach to doing business in Europe, you could always consider a euro or other foreign currency business account with a UK bank. The major UK high street banks often have a network of partners in foreign countries who can offer local legal and tax knowledge and expertise.

Euro business accounts

A euro business account can help increase the speed and reliability of business banking within Europe. It will enable you to:

• have easy access to funds
• simplify payment and collection - matching invoices and receipts
• reduce exposure to exchange rate changes
• reduce administration and cost

Your UK bank will establish specific details that are compulsory for making and receiving payments in Europe, eg:

• Bank Identifier Code (BIC)
• International Bank Account Number (IBAN)

The BIC and IBAN are essential for business banking in Europe. These are secure details which should be kept confidential.

To enable your business to work within every European country, accounts can be in other foreign currencies as well as the euro.

Euro account services and charges

Euro accounts are available that offer the usual banking services - such as internet banking, a debit card and cheque book. However, ongoing account fees or service-specific charges may apply. The services offered and charges for using them vary.

Often a quarterly fee will be standard, as well as charges for services like:

• sending and receiving money
• bills and cheques
• letters of credit
• status enquiries

If you are a business based in the UK and are writing a business plan in order to apply for financing from a European bank, you should ideally write the plan in the language of the country in which you are applying. It may be simplest to first write it in English, or your first language, and then have it translated.

It may help to seek local professional advice before completing your plan. This would help you set out the document in the best way and ensure that the translation is adequate for the bank's needs.

There are fundamental elements that every business plan requires to improve the chances of success, such as:

• executive and company summary
• detailed breakdown of start-up costs
• marketing and sales strategy
• financial plan

See write a business plan: step-by-step.

Alternative funding for business in Europe

The European Investment Fund (EIF) has been established to improve the financial environment for small to medium enterprises (SMEs). To achieve this, the EIF works with a wide range of financial bodies who can offer direct funding for business development.

The EIF has two main areas of activity:

• venture capital - equity investments that support SMEs
• providing guarantees to financial institutions that cover credits to SMEs - including banks that invest in SMEs

Find out more about EIF intermediaries in the UK.

Europe does not currently have as extensive a credit checking system as the UK. Credit applications are reviewed and decisions are commonly based on:

• salary
• current debts
• family situation

However, if you or a director of your company holds an account and runs up bad credit, then a bank will put you in a special file which is shared by all lending institutions.

The UK is no longer part of the EU but it is still part of  the Single European Payment Area (SEPA). SEPA harmonises the way cashless payments are made across Europe.

It allows private individuals and business customers to make non-cash payments in euros - eg by credit or debit card, bank transfer or direct debit - to any beneficiary in the eurozone.

SEPA Credit Transfer (SCT) means there is no longer any difference between domestic and international payments. 

SEPA can offer businesses many facilities, such as:

• accepting payment cards from all SEPA countries
• simplified financial processing
• a single bank account to cover all of Europe
• faster settlement - standardised
• improved cash flow
• reduced costs

Banking costs under SEPA

The development of SEPA will mean lower banking costs due to:

• increased efficiency
• open market competition
• lower operational costs

The European Commission provides an overview of SEPA, including benefits, regulation and migration.