Opening commercial bank accounts in Israel
Opening a commercial bank account in Israel is a complicated processes compared to other parts of the world. The modern and sophisticated nature of the country’s banking system ensures that all the banks are competent in all international financial operations. This allows provision of a wide range of financial services to different types of firms.
Israel Company Law does not allow foreign companies to manage their businesses in Israel, unless the registrar of companies has registered them as a foreign company (branch). This means that all finances of the company should be done through a commercial bank account opened in Israel. To open a commercial bank in Israel, you must provide the following documents.
- Incorporation documents: They include original and updated documents of incorporation of the company such as the memorandum of association, certificate of incorporation, articles of association, by-laws and other essential documents.
- Identification of authorized signatory documents or a proxy under power of an attorney that the bank must identify before activating your account.
- Good Standing of the Company or Incumbency certificate, which must have been issued within six months.
- Identification of B.O. documents: This includes identification or your passport and any other B.O. document that is certified by apostil.
- Other documents required in specific cases.
Banks in Israel are cautious, especially when it comes to opening commercial bank accounts. They will usually arrange for a personal interview with clients in the bank’s office in Israel as required by the Israel’s banking legislation. This is meant to ensure that the bank completely understands the clients’ businesses, and that they abide by laws and regulations of the land.
Our Company
Given the complicated & sophisticated nature of opening a bank in Israel, you need an experience legal adviser to go through the process with you, hand in hand.
ECOVIS Legal Israel is an established law firm in Israel that aims to provide thorough banking, registration of companies, commercial issues and tax planning services to different types of entities and business professionals.
With a broad experience and great working relationships with the main banking institutions in Israel, we work with clients to ensure that the time to complete the procedures involved in opening a commercial bank account is minimized significantly.
Our Services
- Preparation of all legal requirements asked by the bank and a lawyer verification.
- Aiding with filling out the forms that the banks require you to submit in order to open a business account. We also assist with verification of signatures and documents by a lawyer & notary.
- Helping clients to find and match a bank that is most suitable for their business and personal needs or activities.
- Providing full support for the duration of opening the bank account overseas.
- Assisting with the opening of an overseas bank account for clients worldwide.
- Providing a connection between your personal banker and the bank’s branch
