Opening a corporate bank account in Bolivia is an essential step once a new company is incorporated in the Andean country. It can be useful to register all the business transactions of your expanding company and eventually inform the local authorities about your financial information.
Entities such as the Tax Office and the Registry of Commerce (Registro de Comercio) can ask for a company’s financial records – including bank accounts data – to ensure company invoicing is reported correctly.
We outline the necessary steps you must carry out to open a corporate bank account in Bolivia.
Process to open a corporate bank account in Bolivia
1. Register the company at local offices
Companies must be registered at the Bolivian Registry of Commerce and at the Bolivian Tax Office. Make sure you also obtain a municipal operating license for your company. Once a company meets the requirements required for registry, it will be eligible to open a corporate bank account in Bolivia at any financial local entity.
2. Designate a person to manage the corporate bank account in Bolivia
Local and foreign companies should designate a person to manage the corporate account in Bolivia. This person must meet the following requirements:
- Locals: Must have a power of attorney (POA) with a banking authorization, granted by the company shareholders. Notice that legal representatives can be designated to manage a corporate bank account in Bolivia.
- Foreigners: Must apply for a Bolivian temporary residence to receive a foreign identification. Once this procedure is done, the shareholder can grant a power of attorney (POA) with banking authorization. Legal representatives can be as well designated to manage a corporate bank account, as long as an official identification is presented.
The Corporate Bank Account in Bolivia can be managed by two different individuals designated by the shareholders to act jointly or separately according to the POAs granted to them as authorized signatures. They are responsible for all the financial transactions in the corporate bank accounts.
3. Choose a bank
In light of the current situation surrounding COVD-19 and the lockdowns experienced by most countries in the region, financial institutions are implementing fully online procedures to open a corporate bank account in Bolivia and accept digital copies of required documents.
Banks like Banco Nacional de Bolivia and Banco Bisa accept digital signatures for documents and online processes.
Open your corporate bank account in Bolivia with Biz Latin Hub
Biz Latin Hub’s team will be glad to assist your company with the best legal advice and the application of the regulation for opening a corporate bank account in Bolivia. Finding support for doing business in a foreign culture and language is very beneficial. Therefore, it is strongly recommended to seek professional guidance and assistance.
Biz Latin Hub has vast experience in doing business in Latin America. Our multilingual team of local lawyers and trade experts provides a wide range of market entry and back-office services. We ensure high-quality work by supporting your business with tailor-made solutions. Take advantage of advice from our trade law specialists and other legal providers, hiring and recruitment services, taxation and accounting, visa procedure assistance, payroll management, and other professionals.
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