How to Open a Corporate Bank Account in Guatemala?

Opening a corporate bank account in Guatemala is a key step when incorporating your business in the country. It is usually the last step of the incorporation process and completing it allows your business to begin commercial operations. Having a bank account means your company can store its funds and make financial transactions in the company name.

Guatemala has experienced progressive economic stability over the last 4 years, with economic growth of 3.1% in 2018 and 2019. Moreover, Guatemala is considered to be one of the largest economies in Central America. This makes it an exciting place for investors looking to expand their business in Latin America. 

In this article we provide more information on setting up a corporate bank account in Guatemala, outlining the key steps to follow.

Set Up a Corporate Bank Account in Guatemala: 4-Step Guide

The process of opening a bank account in Guatemala can be summarized into four general steps, each of which will be further discussed below: 

1. Step 1 – Incorporate a company in Guatemala:
2. Step 2 –Choose a bank account type.
3. Step 3 – Choose a banking provider.
4. Step 4 – Hand over the required documents. 

1. Incorporate a Company in Guatemala

Only a legally registered company can have a bank account. Therefore, before you can open a corporate bank account in Guatemala you will need to carry out the incorporation process by registering your company before the Mercantile Registry (Registro Mercantil). 

As you are in the process of registering your company, you will be asked to decide what type of legal entity your company falls under. As a business executive, you should consider all types of available legal entities and choose the one that is most adequate for your business expansion strategy. 

If you choose to register your company as an S.A., you will be asked to attach the following documentation during registration:

• Public deed of constitution.
• Certificate of appointment of the legal representative(s).
• Identification of the business owner(s).
• Tax domicile of the company.
• Receipts or other proof of payment of fees.

After submitting the required documents for your company type, the Mercantile Registry will approve the company constitution. At this point, your company will be officially incorporated and you are ready to move on with opening a corporate bank account. 

2. Choose a Bank Account Type

Before you approach a possible banking provider, you should know what type of bank account you would like to open. Different account types will differ in the options they offer and the restrictions they have in place. There are three different types of corporate bank accounts in Guatemala: 

• Corporate checking account: This will help you manage cash flow, transactions, payments, and international transfers; either through online banking or with associated cards and checkbooks.
• Corporate savings account: Can be used to earn interest on saved profits. For this account, you need to maintain a minimum amount of money to keep earning interest. On some occasions, the banks will require notice before withdrawal of funds. 
• Business term deposit: The term deposit bank account is a savings account but is subject to expiry dates and fixed interest rates to guarantee you a set return. You can only withdraw money before the term expires by paying a penalty fee.

In Guatemala, you can open a corporate bank account in Quetzals or US dollars without complications, you just need to state it before opening the account. 

3. Choose a banking provider

Once you know what type of bank account is best for your business, you may begin to evaluate your options of banking providers. Guatemala has a great variety of banks. As a business executive, you should choose which bank to have an account with by determining which bank’s services are most convenient for your business model.

Some popular banks for foreign businesses in Guatemala are: 

• Banco Agromercantil.
• Banco Industrial.
• Banco Promérica.
• Banco G&T.
• BAC.
• Bantrab.

Our recommendation: We recommend that clients, as far as possible, choose a bank if they have a pre-existing relationship with it.

4. Hand over the Required Documents 

Once you have decided where you would like to bank, you can request that they open a corporate account for your business. The bank will then ask you to hand over a number of documents. Each bank has its own specific requirements for opening a business bank account, but most procedures are similar. Due to strict anti-money laundering legislation, every institution that may open a corporate bank account in Guatemala needs to know who the account holders and final beneficiaries are.

This is a list of the requirements most banks in Guatemala will ask for when opening a corporate bank account:

• Copy of appointment of the current legal representative.
• Copy of deed of incorporation.
• Commercial patent.
• Company patent.
• RTU (Registro Unico Tributario) copy or tax ID. 
• Copy of the legal representative and other signatories’ personal ID.
• Utility bill for water, electricity, or the company phone to corroborate the address of the business.
• Commercial references.

PRO TIP: To speed up the process of opening a bank account in Guatemala, it is recommended to travel to the country. Business executives can take this opportunity to get acquainted with the Guatemalan business culture and build commercial relationships that will support the expansion of the company.

Common Questions on Opening a Corporate Bank Account in Guatemala

Based on our extensive experience, these are the common questions and doubts of our clients on opening a company bank account in Guatemala:

Get Support From Bilingual Legal Specialists to Incorporate a Company in Guatemala

Guatemala is a popular option for multinational expansion in Central America. There are many booming industries in this Central American country that are attracting more foreign investment every year. While expanding your business, make sure to seek professionals that can support you.

At Biz Latin Hub, our team of multilingual legal specialists offer a range of market entry and back-office solutions to ensure businesses can begin operations in Latin America with minimal risk and greatest chances of success. Contact us for advice on opening a corporate bank account and incorporating your company in the Central American region. 

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