Know Information About Using Cuenta Corriente In Starting A Company In Chile
One can say that starting a company in Chile is the same as starting a company in any other country. This, in some extent, is true, with only some of the rules differing due to the legislation, economic factors, social factors, and public policies of each country. However, one thing is for certain in all countries, every new company would need to have enough knowledge in setting up their corporate/company bank account.
There are three important things to note before going deeper into the topic of bank accounts. First is that the requirements for opening a corporate bank account vary from bank to bank. Second, is that in starting a company in Chile, the company would need to acquire an R.U.T. or the Tax Chilean Number in order to be eligible for a company/corporate bank account. And lastly, there are some banks that have an “International Desk” which is very useful for companies with foreign owners.
There are two types of Corporate/Company Bank Accounts in Chile – Cuenta Vista or Account at Sight, and Cuenta Corriente or Current Account.
Two Types of Company Bank Accounts in Chile
A Cuenta Vista account offers a limited package of services. It mainly allows its owner to operate a debit card and make online transfers. The downside to this is that with this account, you have no access to checks, credit cards, etc., since it generally operates on the two services previously mentioned. Because of this, the account is easy to obtain and does not require a great amount of documentation and/or requirements. A Cuenta Vista account operates in Chilean Pesos and the banks can charge commissions for its handling and maintenance. Although this can be used for a company bank account, it is usually not recommended to use for starting in a company in Chile, due to its limited services.
The second type of Corporate/Company Bank Account in Chile is the Cuenta Corriente account. This is the account usually used by companies/corporations. In this account, money can be withdrawn through checks and at commercial stores. It is extremely useful in requesting and obtaining any credit, and it allows access to a credit line and a credit card. In starting a company in Chile, locals and legal advisors highly recommend opening a Cuenta Corriente as it can help in facilitating company operations and logistics enormously.
Three alternatives in opening a Cuenta Corriente
- Through an International Desk, commonly used by large international companies looking to establish themselves in Chile. This desk is a specialized area in bank that provides assistance in the internalization of companies for foreigners that are starting a company in Chile, or for local companies that wants to branch out abroad;
- Through Accreditation of Income and Liquidity, which is an easy way to open a Cuenta Corriente since through the accreditation of a significant amount of income, sales, and recent accounting movements, it is proven that the company can meet and respond to its financial obligations;
- And through the Naming of a Guarantor, which is usually used by new companies with no track records. Most companies that opened a Cuenta Corriente through this, in most cases, have a non-Chilean owner that appointed a Chilean to act as a guarantor to the banks.
In conclusion, there are a lot of ways you can open a company/corporate bank account when starting a company in Chile. By having the confidence on how to open a corporate bank account is a tremendous help for businessmen and entrepreneurs.