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.
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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.

Common Questions when opening a corporate bank account in Bolivia?
Based on our extensive experience these are the common questions and doubts from our clients when looking to open a company bank account in Bolivia
No. However, you can open a bank account from abroad with the support of the designated legal representative for your Bolivian company empowered through a power of attorney (POA), the process typically requires a physical presence at the bank branch or in-person meetings with bank representatives.
The following documents are required to open the company bank account:
– Copy of the articles of incorporation of the company; This will include a commercial registry certificate, company bylaws and amendments ( if any) and tax identification (NIT – Número de Identificación Tributaria).
– A POA granted from your company’s board of directors or shareholders authorizing the opening of the bank account and designating individuals with signing authority.
– Passport copies of all shareholders and national identification cards for members of the company.
– Proof of Address: The address for the company’s authorized signatories, which can be utility bills or similar documents.
– Letters of reference or recommendation from other banks or business partners mentioning their phone numbers and emails for verification
Any company member authorized by the company’s shareholders or Board of Directors through a Power of Attorney can have access to the company bank account. Additionally, it is mandatory for a foreign individual to count with a Foreign Identification card, which is obtained after the foreign individual completes the residency request process in Bolivia.
We recommend the following banks for foreign companies, Banco Bisa and Banco Mercantil Santa Cruz.
Companies choose to open bank accounts in Bolivia for routine business transactions like receiving payments, paying providers, and payroll, to meet legal requirements for maintaining corporate funds in a regulated financial institution, to accessing a range of banking services such as online banking, wire transfers, and establish a banking relationship that may be useful for obtaining credit, loans, or other forms of financing.
Yes, Bolivia does have banking secrecy laws in place, which are designed to protect the privacy and confidentiality of individuals’ and businesses’ financial information held by banks. These laws typically prohibit banks from disclosing financial information about their clients without the client’s consent or a valid legal reason, such as a court order or a request from a regulatory authority (UIF)
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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The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.