Opening a business account for a Luxembourg SARL or SARL-S: what you will be asked for

Two founders incorporate a SARL-S in Luxembourg City in a week, with €1,000 of capital. Opening the business account takes six. The bank asks for the statutes, the RCS extract, an RBE confirmation, passports and proof of address for both, a business plan, and an explanation of where the first €200,000 of client money will come from.

None of that is unusual in Luxembourg. Knowing it in advance shortens the six weeks.

SARL or SARL-S

A SARL (société à responsabilité limitée) needs at least €12,000 of share capital. A SARL-S, the simplified form, can start with €1 to €12,000, must be owned by individuals, and is meant for smaller ventures. Both are full legal entities that can hold accounts, sign contracts and invoice abroad.

Low capital is not a problem in itself. It does mean the reviewer will ask how the company funds its first months.

The documents

Expect to provide:

1. An extract from the Registre de commerce et des sociétés (RCS) and the coordinated statutes.
2. Confirmation of the beneficial owners filed in the Registre des bénéficiaires effectifs (RBE).
3. Identity documents and proof of address for each director and each beneficial owner.
4. A description of the business: what it sells, to whom, in which countries, and expected volumes.
5. Evidence of source of funds: share capital, founder loans, investment agreements or signed client contracts.

Where reviews stall

Most delays come from inconsistencies. The owners declared to the provider differ from the RBE. An address on the ID differs from the proof of address. The business description says "consulting" while the expected payments come from a crypto exchange.

Before applying, check that the RBE filing is current, that every person's documents agree, and that the business description is specific: "software development services for retail clients in France and Belgium, invoiced monthly in euros, about €30,000 a month in year one" gets through faster than "IT services".

Paying into Luxembourg: the local rail

Source: European Payments Council: SEPA Instant Credit Transfer. Checked when this guide was last updated; the scheme's own page has the current figures.

Where Rivet fits

A Rivet business account accepts applications from registered companies such as a Luxembourg SARL or SARL-S, with a document list shown up front and a verification decision aimed within three business days. Once approved, the company gets US dollar details on every plan and, from the Growth plan, euro details with an IBAN and sterling details, all in its own name. Rivet is not a bank; regulated partner institutions hold the funds, and they make the final approval.

For the full document list most providers use, see KYB documents to open a business account and our explainer on beneficial owners.