How to open a Corporate Bank Account in Peru?

Peru has one of the most stable economies in South America, with an independent central bank and a banking system that works in both soles and US dollars.

If you want to do business in Peru, you’ll need to open a corporate bank account to manage your finances. Furthermore, it gives your company a better image and your clients and providers’ trust. If your company is not set up yet, start with company registration in Peru.

Who can open a corporate bank account in Peru? What are the different types of bank accounts? What documents are required?

Here’s a step-by-step guide on how to open a corporate bank account in Peru:

1. Determine which type of bank account you need

Before opening a corporate bank account in Peru, it’s important to determine which type of account is best for your business. The most common types of accounts are checking accounts and savings accounts. Peruvian banks open company accounts in soles (PEN) and in US dollars, and many companies keep both. Check also online banking, international transfers and the bank’s fees.

2. Gather your documents

In order to open a corporate bank account in Peru, you will need to provide the following documents:

• The incorporation deed registered with SUNARP and a recent certificate from the registry (such as the vigencia de poder of the representatives)
• Your company’s tax identification number (RUC)
• A document proving the identity of the company’s legal representative
• A document proving the identity of each authorized signatory
• The bank’s know-your-customer forms, with the shareholders, the beneficial owners and the origin of the funds

3. Choose a bank

Peru has several banks that offer corporate banking services, including BCP (Banco de Crédito del Perú), BBVA Perú, Interbank and Scotiabank Perú. It’s important to research each bank’s offerings and fees to find the best fit for your business.

Furthermore, choosing a bank that offers the best fees and completion times for international transactions is important.

4. Schedule an appointment with the bank

Once you’ve chosen a bank, you’ll need to schedule an appointment to open your account. Make sure to bring all of the required documents with you to the appointment.

5. Complete the account opening process

During the appointment, you’ll need to provide the bank with all required documents and fill out any necessary forms. The bank also reviews the company, its legal representatives, its shareholders and its beneficial owners before approving the account, and for foreign-owned companies this review can require additional documents.

6. Start using your account

Once your account has been approved, you can start using it to manage your finances in Peru. Most debits and credits on Peruvian bank accounts pay the financial transactions tax (ITF) of 0.005%. If the capital comes from abroad, keep the transfer records: they support the shareholders’ contributions.

By choosing the right account type, gathering the necessary documents, and working with a reputable bank, you can easily manage your finances in Peru and focus on growing your business.

Get help from Easyco

Easyco coordinates company formation in Peru up to the issue of the RUC, and supports companies afterwards with tax, accounting, payroll and legal representation. Read how to set up a company in Peru, or contact us to discuss your project.

Easyco also provides:

• Appointment of a legal representative
• Providing a registered office address
• Handling tax and accounting
• Payroll and employer of record services
• Trademark registration with INDECOPI
• Recruiting and hiring