How to Open a Corporate Bank Account in Colombia: Types and Requirements

By Easyco Updated October 10, 2026

Colombia is one of the most popular countries in South America to start a business because of all of the benefits the government offers and the constant growth and development of new and interesting industries. The final step in the process of setting up a company in Colombia is opening a corporate bank account.

In Colombia, there are a various banks and types of bank accounts to choose from. It is necessary that the company evaluates and compares which is the one that is going to be the best for current plans but also future requirements it may need. Why is it necessary to have a bank account? What documents do I need? Which type of bank account is right for my business?

Corporate bank account in Colombia - Easyco

Why do you need a Corporate Bank Account in Colombia?

Having a Bank Account for your business in Colombia is necessary if you want to start operations. This bank account is going to be used to deposit the share capital of the company, as well as to do all transactions regarding the business, such as payments to providers, acquisition of material, payment of the payroll, etc. Having a Corporate Bank Account is also necessary for the payment of taxes and deductions.

Furthermore, having a Corporate Bank Account also helps the company have a better image, and gives trust to clients and providers. It looks more professional than just having a bank account in the name of the owner, or one of the managers.

Colombian banks apply strict know-your-customer rules (SARLAFT). For a foreign-owned company they review the shareholders, the beneficial owners and the origin of the funds, so the review can take longer and the bank may ask for more documents. Capital sent from abroad must come in through the foreign exchange market and be registered with the Banco de la República as foreign investment.

What are the requirements to open a Corporate Bank Account in Colombia?

These are some of the documents required when opening a Corporate Bank Account in Colombia. Remember that these requirements are general and may differ from bank to bank.

The company’s certificate of existence and legal representation from the Chamber of Commerce, recently issued
The company’s RUT, showing its NIT
ID or passport of the legal representative, and of shareholders and beneficial owners as the bank requires
The bank’s account opening and KYC forms, including the shareholder structure and beneficial owners
Proof of the origin of the funds; established companies are also asked for financial statements and the latest income tax return

What types of Corporate Bank Accounts are available in Colombia?

There are some different types of Corporate Bank Accounts your business can have in Colombia. These are the most popular and the ones that most banks offer:

Checkings Account

The most popular type of Corporate (and personal) Bank Account is a Checkings Account. This is the type of bank account used to pay for day-to-day expenses, withdrawals, and transactions. The bank most of the time gives you a card to use regularly at stores or the ATM. Some banks charge maintenance fees or require a minimum balance. Most debits from Colombian bank accounts are subject to the 0.4% financial transactions tax (GMF, known as the “4 per 1,000”).
Savings Account

A Savings Account is ideal if the company has money that is not going to be spent in the near future. This type of bank account pays interest on the money deposited, either at an annual or interest-based rate. Some banks require a deposit of a minimum amount in order to open a Savings Account, but other banks don’t. Some may also have maintenance fees and other costs.

Banks do not always offer cards for Savings Accounts, and sometimes have a maximum number of withdrawals allowed per month.

Corporate accounts in Colombia are held in Colombian pesos. Foreign currency is converted through the foreign exchange market, and companies with frequent foreign-currency operations can register a compensation account abroad with the Banco de la República. This is very useful if your business does transactions abroad or receives payments in US Dollars.

Do I need to register a company to open a Corporate Bank Account in Colombia?

Yes, in order to open a Corporate Bank Account in Colombia, you need to have a Tax Identification Number or ‘NIT’ (Número de Identificación Tributaria, in Spanish). You obtain this number when you have successfully registered your business in the Chamber of Commerce, and you need it to comply with tax regulations.

How a company is set up in Colombia

Choose the company type. For most foreign founders it is the S.A.S.
Check that the name is available in the RUES, the national business registry.
Sign a power of attorney abroad, apostilled and translated into Spanish, so a local representative can act for you.
Draft the bylaws. An S.A.S. is formed by private document, without a notary.
Register the company with the Chamber of Commerce of its domicile. The Chamber also registers the company in DIAN’s RUT, which gives it its NIT.
Bring in the capital through the foreign exchange market and register the foreign investment with the Banco de la República.
Open a corporate bank account and complete the RUT with DIAN.
Set up electronic invoicing and register the shareholder and minutes books with the Chamber of Commerce.

Full guide: how to set up a company in Colombia.