Opening a Business Bank Account in El Salvador
Documents banks ask for
- The registered deed of incorporation, or for a S.A.S. the registry document.
- The company’s NIT and NRC, and its business licence (matrícula).
- The legal representative’s ID and the registered credential of their appointment.
- The list of shareholders and, for an established company, its IVA and income tax returns.
- A declaration of the beneficial owners, and for US persons a FATCA check.
Source: Banco Agrícola: deposit accounts; Banco Agrícola: small and medium businesses; Banco Promerica: current account2,3,4
Requirements differ between banks and products. Banco Agrícola, for example, asks for company income of $500 or more and an opening deposit of $300 for a current account or $25 for a business savings account.2
Foreign legal representatives
At Banco Agrícola, a foreign legal representative presents a Salvadoran residence card, a passport and a Salvadoran NIT. If the representative does not have these, the company appoints a Salvadoran legal representative through a special power of attorney. Other banks set their own rules, so ask before you appoint the company’s management.2
Customer checks
The Special Law against Money Laundering, Decree No. 426 of October 2025, makes banks identify the beneficial owners of company customers: every individual who owns or controls, directly or indirectly, 25% or more of the capital or votes, or controls the company by other means. Companies listed on a stock exchange are exempt. Banks keep the records for at least 15 years.5
Foreign capital paid into the account is certified by the bank for the ONI registration.6
The private banks
- Banco Agrícola
- Banco Cuscatlán
- Banco Davivienda Salvadoreño
- Banco Promérica
- Banco de América Central
- Banco Atlántida El Salvador
- Banco ABANK
- Banco Industrial El Salvador
- Banco Azul de El Salvador
- Banco Apoyo Integral
Source: Financial System Superintendency (SSF): private banks1
The SSF also supervises the state banks. In March 2026 an amendment to the Banking Law removed the requirement that Salvadorans or Central Americans own 51% of a bank.7,8
Frequently Asked Questions
What documents do banks ask for to open a company account?
Banks ask for the registered deed or S.A.S. registry document, the company NIT and NRC and business licence, the legal representative ID and appointment, the shareholder list and a declaration of the beneficial owners.
Can a foreign legal representative open the account?
At some banks, such as Banco Agrícola, a foreign legal representative presents a Salvadoran residence card, a passport and a Salvadoran NIT. Otherwise the company appoints a Salvadoran legal representative.
How many banks operate in El Salvador?
The Financial System Superintendency (SSF) lists 10 private banks.
Sources
- Financial System Superintendency (SSF): private banks (in Spanish)
- Banco Agrícola: deposit accounts (in Spanish)
- Banco Agrícola: small and medium businesses (in Spanish)
- Banco Promerica: current account (in Spanish)
- Special Law against Money Laundering, Decree No. 426 of 7 October 2025 (Judicial Documentation Centre, PDF, in Spanish)
- Regulations of the Investment Law (eRegulations El Salvador, PDF, in Spanish)
- Financial System Superintendency (SSF): state banks (in Spanish)
- U.S. Department of State: 2026 Investment Climate Statement, El Salvador
Figures checked 8 November 2026. Prepared by InvestSalvador.com for general information. It is not investment, tax or legal advice; please confirm details with a qualified adviser before acting.
