What is a business account? Key features and benefits

A business account is a specialised financial product designed to help businesses manage their finances professionally and independently from personal funds. In Spain, many legal entities are required by law to hold a dedicated business account, but even when not mandatory, such an account is essential for sound financial management. Choosing a professional account name also strengthens your brand image and helps customers and suppliers easily identify your business during transactions.

Over 85% of Spanish SMEs use business accounts because they offer services not typically available with personal accounts. Business accounts provide dedicated tools tailored to entrepreneurs, startups, small businesses, and larger corporations—from commercial credit lines to integrated POS systems.

In this article, we’ll explore what defines a business account, the different types available in Spain, their advantages, and how to open one step by step.

Summary

1. What is a business account?
2. Key features of a business account
3. Types of business accounts
4. Personal vs. business account: key differences
5. Why a business account pays off: real benefits
6. How to open a business account in Spain
7. Extra services and financial products

What is a business account?

A business account is a financial tool built for companies, sole proprietors, and legal entities. Its core purpose is to separate business finances from personal ones, creating a legal and accounting barrier between the two. Business accounts often include debit cards, cheque options, and access to overdrafts to simplify daily operations.

In Spain, certain business structures such as limited companies (SL) and public limited companies (SA) are legally required to open a business account from day one to deposit the initial share capital. While freelancers (autónomos) are not legally obliged, having a business account significantly helps with meeting tax requirements and managing finances effectively.

The business account becomes the financial command centre of your operation, centralising customer payments, supplier transactions, payroll, and every aspect of financial activity. This streamlines bookkeeping, tax filings, and cash flow tracking.

Unlike personal accounts, business accounts support specialised services such as POS terminals, e-invoicing, commercial credit, and multi-user access–features tailored for operational efficiency in business settings.

Additionally, business accounts are usually linked to the company’s tax ID and registered with the Spanish Commercial Registry, ensuring legal and financial traceability–crucial for issuing invoices, managing audits, and avoiding personal-fund mingling.

Key features of a business account

Separation of funds: Business accounts maintain a clear boundary between personal and professional finances. This helps comply with legal standards and simplifies cash flow tracking.

Multi-user access: Assign specific permissions to partners or team members–view-only access, payment approvals, or full account control. This improves delegation and financial management.

Business-specific services: These accounts support physical and online POS terminals, mass payments, automated payroll, and are often compatible with accounting software and ERP systems.

Financial products: Access to business loans, commercial credit lines, factoring, and custom financial solutions–typically not available with personal accounts.

Custom fee structures: Business accounts often have higher fees, but many banks offer incentives for high transaction volumes or startups. Fees may be fixed annually or charged quarterly.

Higher transaction limits: Transfer and cash limits are adapted to business cash flow needs–often 10x higher than personal accounts.

Audit-ready accounting: Detailed statements with advanced categorisation and references make tax filing and audits easier.

Cheque issuance: Some business accounts still support cheques–a useful option for sectors that rely on traditional payment methods.

Customisable management tools: Configure transaction limits, user access, and integrate the account into your business’s existing financial tools.

Types of business accounts

The Spanish financial market offers a wide range of business account options tailored to different business models and operational needs.

Accounts for freelancers

Freelancer accounts combine the flexibility required by independent professionals with core business services. These accounts usually come with reduced fees and a simplified online sign-up process.

A great example is the Vivid Business Account, which enables operations in multiple currencies. It’s ideal for handling essential tasks such as payments, invoicing, and receiving client funds.

Most banks offer special promotions for newly registered freelancers, including fee waivers and free services during the first few months. Curious what’s available right now? Check out Vivid’s current offers–you might be surprised how much you can save.

Ready to go solo? Our step-by-step guide makes setting up as a freelancer simple from the start.

For SMEs

SMEs typically require more advanced services, such as payroll management, physical and virtual POS systems, corporate online access, and treasury tools. These accounts are best suited for businesses with annual revenues between €50,000 and €2 million.

Tailored financial services include renewable credit lines, invoice advances, and commercial discounting. These are particularly beneficial for retail businesses, professional service providers, and small manufacturers managing multiple suppliers and employees. Manufacturing companies, in particular, should look for a current business account with access to credit facilities to meet their operational needs.

Take the time to compare the best business account options available–and pay close attention to the fees.

For international businesses

For businesses operating globally, there are specialised multi-currency accounts that allow you to manage euros, dollars, and other major currencies–often with preferential exchange rates.

Vivid stands out by supporting operations in a wide range of currencies and offering flexible international transfers. In contrast, many traditional banks still apply higher fees, whether for currency conversion or for sending money abroad.

SEPA accounts make it easy and affordable to operate across the European Economic Area, keeping cross-border costs to a minimum.

For startups

Startups often benefit from preferential conditions, such as free account maintenance during the initial months and lower minimum capital requirements. Many of these accounts can be opened entirely online and come with advanced mobile apps.

Tech companies and startups especially gain from business current accounts that include added investment and credit services–tailored to support rapid growth.

With Vivid, you can open a business account fully online in just a couple of hours, including all the necessary legal steps.

These solutions are ideal for digital-first businesses and tech-driven models that demand speed and flexibility.

Personal vs. business account: key differences

Why a business account pays off: real benefits

Opening a business account brings clear, measurable advantages that go far beyond meeting legal requirements. If you're looking to optimise your financial management, this is the tool to do it. The process is quick, straightforward, and you’ll get personalised support to help you unlock all the exclusive benefits available to businesses.

Tax and accounting benefits

Separating business and personal funds makes bookkeeping significantly easier and reduces the risk of errors when filing taxes. Businesses can automatically categorise income and expenses, simplifying quarterly VAT returns.

Full traceability also helps streamline compliance with corporate tax obligations. In case of a tax audit, having clear and separate financial records reduces risks and makes it easier to justify transactions.

Operational benefits

Using a dedicated business account enhances your professional image with clients and suppliers. It sends a strong signal of credibility when payments are managed professionally.

Business accounts also unlock access to financing options that can be up to six times higher than those available to personal account holders. Commercial credit lines offer the flexibility needed to manage cash flow during peak demand periods or while making key investments.

You can also streamline collections with tools like direct debits, POS terminals, and integrated e-invoicing. Corporate cards with configurable limits allow for precise control over employee spending.

Financial benefits

Many institutions offer special promotions for businesses–though these are often tied to hidden fees or require you to purchase additional services.

By contrast, some business accounts are interest-bearing. For example, Vivid Business offers up to 4% annual interest for the first two months, and after that, ongoing rates depend on your selected plan–no strings attached. Preferential fees on international transfers can also lead to substantial savings for globally active companies.

How to open a business account in Spain

Opening a business account in Spain follows a structured process that has become significantly more streamlined in recent years. Some banks also provide a risk rating for business accounts, using a scale from 1 (lowest risk) to 6 (highest risk), helping users assess the product's security.

Step 1: Prepare the required documents

For freelancers, you’ll need:

• Your DNI (National ID)
• Tax registration using form 036/037
• And potentially, your Social Security registration certificate

The process is fairly straightforward and can mostly be completed online.

For companies, required documents include:

• Notarised articles of incorporation
• Final CIF (tax ID)
• Power of attorney for legal representatives
• Identification documents for administrators and shareholders

Additional documents may include:

• Lease agreements for commercial premises
• Business insurance policies
• In some cases, a basic business plan or operational contracts depending on your activity

Step 2: Choose the bank and account type

When comparing offers, consider:

• Account maintenance fees
• Included services
• Any available promotions

It's important to assess your specific needs–monthly transaction volume, required services, and whether international operations are involved.

Your choice between digital and traditional banks should match your business profile. Digital banks typically offer more agility and lower costs.

Step 3: Submit your application

You can open your account in-person, entirely online, or through a hybrid model. Processing time varies:

• From just a few hours with digital banks
• Up to 7 working days for traditional in-branch processes

Initial deposit requirements range from €0 (common for freelancer accounts) to €3,000 for premium accounts for larger firms. Some banks may also request a security deposit, refundable after a set period.

Step 4: Activate and configure your account

Once approved, you'll set up your online account and download the bank’s mobile app. Business debit and credit cards can be requested at this stage–either in-app or in person if using a traditional bank.

You can also configure authorised users, assigning different access levels based on employee roles. Additional services such as POS terminals, direct debits, and SEPA transfers can be activated as needed for your operations.

Extra services and financial products

Business accounts offer more than just basic fund management–they provide a full financial ecosystem. These features create a strong financial foundation for managing company resources and making informed decisions to support efficient, strategic operations.

Business payment solutions

Physical and virtual POS terminals allow you to accept card payments with fees starting from just 0.6% per transaction. Online payment gateways can be easily integrated with e-commerce platforms, making digital sales seamless.

Financing services

Business credit lines typically range from €6,000 to €600,000, depending on your credit profile and available guarantees. Invoice advances provide immediate liquidity, financing up to 80% of invoice value when billed to clients with a solid credit rating. Leasing and renting solutions help businesses acquire vehicles, equipment, or tech infrastructure–without affecting short-term liquidity.

Explore Vivid’s business loans and find the financing solution that fits your needs.