Opening a corporate bank account in Paraguay is vital when incorporating a company in one of the most attractive economies for doing business in Latin America.
Paraguay has a fast-growing economy with a continuous growth percentage of 4.5% reported in the last decades. The country has experienced important changes in regard to fiscal and debt adjustments that have favored its economy and led to years of prosperity and a strong GDP.
Find out about how to open a corporate bank account in Paraguay while expanding your company in the region.
Why open a corporate bank account in Paraguay
Although Paraguay is of the most stable economies in the region, opening a corporate bank account in the country is the best way to prevent the devaluation of your economic resources in a foreign currency. Likewise, it is the fastest and safest way of managing your business financial records before the local authorities.
Furthermore, those who open a corporate bank account in Paraguay will benefit from the advantages offered by Mercosur for Micro, Small and Medium Enterprises (MSME), or foreign entrepreneurs that decide to invest in the region. Lastly, banks in Paraguay are recognized for the efficiency and reliability of their services.
Requirements to open a corporate bank account in Paraguay
Each financial entity has the autonomy to establish its own customer admission policies. However, there are some standard requirements that both natural and legal persons must comply with. Most of the requirements to open a bank account in Paraguay are imposed by the current Banking Law, along with other resolutions of Paraguay’s Central Bank.
Some of the documents required to open a corporate bank account in Paraguay are:
- Single Service Contract.
- Natural person link request.
- Authenticated photocopy of the signatories Identity card.
- Authenticated photocopy of R.U.C.
- Authenticated photocopy of the current municipal patent.
- Authenticated copy of bylaws.
- Authenticated copy of the last assembly minutes.
- Authenticated copy of powers.
- Shareholders’ signature registration card.
- Assets manifestation.
- Deposit established by each financial entity for opening a corporate bank account.
Rely on a trusted local partner when expanding your business
Doing business in Paraguay can be challenging when dealing with language barriers, corporate bank accounts, tax regulations, business culture, and hiring local staff.
For these reasons, it is essential to work with a trusted local partner to ensure that your company is fully compliant with local legislation. Hiring a local provider of counseling services in Paraguay will help you to open a bank account and certainly contribute to the success of your business.
Opening a corporate bank account with expert advice
Business owners should think carefully about which financial entity is the most appropriate before opening a corporate bank account. Avoid penalties or sanctions from local institutions and generate success for your business in Paraguay by seeking a trusted corporate secretarial services provider to support your company formation needs, including opening corporate accounts.
Expand to Paraguay through Biz Latin Hub. Our team of local and expatriate professionals has the depth of knowledge and experience to enable foreign companies in Paraguay through providing a full range of market entry and back-office services. This includes market entry strategy, trade law advice and support, company formation, ongoing commercial representation, hiring, visa processing, and due diligence activities.
Get in touch with us to start your international business adventure now.
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