Easily open a business account in Iceland as a non-EU resident
Opening a business account in Iceland as a non-EU resident is no longer a complex process. With digital payment solutions like Satchel, you can manage your finances remotely without the need to visit Iceland in person.
Whether you’re an entrepreneur or a freelancer, with Satchel, you can open a business account in Iceland as a non-resident quickly and efficiently.
Steps to open a business account:
- Complete the online application: Begin by filling out the online application form on Satchel platform.
- Submit required documents: Upload the necessary documents, such as identification and proof of address.
- Verification process: Once your documents are reviewed and approved, your account will be set up within 1-3 business days.
Benefits of choosing Satchel for your business account in Iceland
- Remote account opening: Open your account entirely online, without traveling to Iceland.
- European IBAN: Get a unique European IBAN, enabling seamless cross-border transactions.
- Multi-currency support: Manage transactions in multiple currencies with no hidden fees.
- Secure online transactions: Benefit from secure online payments with Satchel advanced platform.
Comparing business and personal accounts
Let’s look at the information provided in the following table, comparing the key features of business and personal accounts for non-EU residents:
| Feature | Business account | Personal account |
| Required documents | Business registration, ID, proof of address, corporate documents | Passport, proof of address |
| Account opening time | 1-3 business days | 1-3 business days |
| European IBAN | Yes | Yes |
| Supported currencies | 38 currencies through SWIFT and SEPA | Multi-currency support |
| Accessibility | Fully online, no in-person visits required | Fully online, no in-person visits required |
| Customer support | Personalized support for businesses | 24/7 support available |
| Additional services | Payment cards, secure online banking, simplified accounting | Payment cards, secure online transactions |
Whether you’re looking for a business account to manage your corporate finances or a personal account for everyday transactions, Satchel offers flexible solutions that cater to both EU and non-EU residents. With the convenience of remote account opening and a range of additional services, managing your finances in Iceland has never been easier.
Frequently asked questions (FAQ)
1. What documents are required to open a business account in Iceland for non-EU residents?
To open a business account in Iceland, non-EU residents must provide a valid passport, proof of address, and, for corporate accounts, additional documents like business registration papers and a detailed business description. These ensure a smooth and compliant account setup.
2. How long does it take to open a business account in Iceland?
It typically takes 1-3 business days after submitting your application and required documents for the account to be approved and activated.
3. Can I open a business account in Iceland remotely?
Yes, Satchel allows you toopen a business account in Iceland as a non-resident completely online, without visiting a branch, making it convenient for both EU and non-EU residents. You can manage the entire process remotely, from submitting your application to receiving your European IBAN and managing your account.
