You live in London, New York, Dubai or Singapore. You have just signed the articles of your French SAS (société par actions simplifiée, the flexible joint-stock company most foreign founders choose) or your French SARL (société à responsabilité limitée, the limited liability company with parts sociales instead of shares). The next step looks simple: open a company bank account in France, pay in the share capital, get the certificate, and register the company. Then the bank answers that it cannot open the account, or it takes weeks to decide, or it closes the account one year later without a clear explanation. Your capital is stuck, your registration is delayed, and your suppliers cannot be paid. This article explains the full path, from the capital deposit to the remedies against a refusal or a closure, with the exact legal texts you can rely on while living abroad.

French law distinguishes two moments. First, the formation stage: the bank holds your capital on a provisional account and issues a certificate of deposit of funds (certificat de dépôt des fonds), which the registration file requires. Second, the operating stage: the company needs a running account for payroll, VAT (value added tax) and suppliers, and the bank may refuse to open it or later close it. Each stage has its own rules, its own documents, and its own remedies. Part I describes how to open and fund the account from abroad. Part II explains what to do when the bank says no or shuts the account down, and how to challenge that decision without flying to Paris every week.

I. Open and fund your French company account from abroad

A. How the capital deposit, the certificate and the release of funds work

When you form a French company with cash contributions, the money must be deposited before registration and stays blocked until the company is registered. For a SARL, article L223-7 of the Commercial Code states that “Les parts sociales doivent être souscrites en totalité par les associés.” Where the contributions are cash, the same article provides that “Les parts représentant des apports en numéraire doivent être libérées d’au moins un cinquième de leur montant.” In practice this means that each cash share must be paid up immediately for at least one fifth of its nominal amount, and the balance within five years following registration. The article adds that “Les fonds provenant de la libération des parts sociales sont déposés dans les conditions et délais déterminés par décret en Conseil d’Etat.” For companies with shares, article L225-5 of the Commercial Code provides that “Les fonds provenant des souscriptions en numéraire et la liste des souscripteurs avec l’indication des sommes versées par chacun d’eux font l’objet d’un dépôt dans les conditions déterminées par décret en Conseil d’Etat”. The SAS follows the rules for joint-stock companies to the extent they are compatible with its own chapter, since article L227-1 of the Commercial Code recalls that “Une société par actions simplifiée peut être instituée par une ou plusieurs personnes qui ne supportent les pertes qu’à concurrence de leur apport.”

The official company-creation portal describes the concrete sequence for a founder. Once the file is assembled, the bank opens an account in the name of the company in formation. According to the official service-public guide on the professional bank account of a company, this account is provisional: it allows the deposit of the share capital, in return for which the bank issues a certificate of deposit of funds to be attached to the registration file. After registration, proof of registration must be sent to the bank to unblock the funds and finalize the opening of the professional account. Three French terms matter here. The Kbis is the official identity certificate of the company, an extract from the trade register. The greffe is the registry office of the commercial court that issues the Kbis. The INPI (Institut National de la Propriété Industrielle, the national institute for industrial property) operates the Guichet unique, the single online desk through which the registration file is filed. Once registered, the creation is published in the BODACC (Bulletin officiel des annonces civiles et commerciales, the official gazette for company announcements).

From abroad, four practical points decide whether this stage takes ten days or three months. First, choose the depositary before you transfer a single euro. Banks are the usual depositary, but a notary (notaire) or the Caisse des dépôts (the state-owned deposits institution) can also receive the funds, and some founders use them when banks are slow. Second, wire the exact subscribed amounts from an account in your own name, with a reference matching the draft articles, because the depositary must draw up the list of subscribers with the sums paid by each of them. A transfer from an unrelated third party, a crypto platform or an account whose holder name does not match creates questions that delay the certificate. Third, anticipate exchange-rate and timing issues: a transfer in dollars or pounds must arrive as the exact euro amount stated in the articles, and the certificate is issued only for funds actually received and cleared. Fourth, keep the certificate and the subscriber list with the registration file, then send the Kbis to the bank immediately after registration to release the money. If you are choosing between company forms at this stage, our pillar guide on choosing between a SAS, a SARL, a branch and a subsidiary in France explains which vehicle fits a foreign shareholder before you lock capital into it. If the registry blocks you for lack of a French address, our companion guide on domiciliation, commercial lease and proof of premises for the Kbis covers that adjacent hurdle.

A frequent mistake is paying suppliers or signing leases with the blocked capital before registration. The funds on the provisional account belong to the company in formation and are released only after registration. Acts signed before registration can be taken over by the company after registration through the reprise des actes, the formal take-over of pre-registration acts listed in the articles or approved by the shareholders, but money movements should wait for the release. Another mistake is depositing the capital and then letting the file sleep: if registration drags on, the funds stay frozen and the founders cannot use them. File the registration file on the Guichet unique as soon as the certificate is issued, track the completeness notices daily from abroad, and answer them within days, not weeks.

B. Why the bank asks for so many documents: identity, beneficial owner and business purpose checks

Foreign founders are often surprised by the questionnaire the bank sends: certified passport, proof of home address abroad, company draft articles, group chart, source of funds, business plan, expected turnover, list of countries where clients and suppliers are located, and sometimes a video call. This is not curiosity. Before entering into a business relationship, banks must identify the client and understand the purpose of the relationship. Article L561-5 of the Monetary and Financial Code provides that “Avant d’entrer en relation d’affaires avec leur client ou de l’assister dans la préparation ou la réalisation d’une transaction, les personnes mentionnées à l’article L. 561-2 : 1° Identifient leur client et, le cas échéant, le bénéficiaire effectif au sens de l’article L. 561-2-2”. The same article adds that they “2° Vérifient ces éléments d’identification sur présentation de tout document écrit à caractère probant.” In plain terms, the bank must check who you are with a probative written document, typically a valid passport, and verify the identity of the beneficial owner. Article L561-2-2 of the same Code defines that key person: “le bénéficiaire effectif est la ou les personnes physiques : 1° Soit qui contrôlent en dernier lieu, directement ou indirectement, le client ; 2° Soit pour laquelle une opération est exécutée ou une activité exercée.” If you control the French company through a foreign holding company or a trust-like structure, expect the bank to ask for the full ownership chain up to the natural person at the top.

The bank must also understand what the account will be used for. Article L561-5-1 of the Monetary and Financial Code states that “Avant d’entrer en relation d’affaires, les personnes mentionnées à l’article L. 561-2 recueillent les informations relatives à l’objet et à la nature de cette relation et tout autre élément d’information pertinent.” This is the legal basis for questions about your activity, your clients, your suppliers and your expected flows. A founder who answers precisely, with contracts, invoices or letters of intent, moves faster than one who describes the project in two vague sentences. Update this information during the relationship as well, because the article requires the bank to keep it current for as long as the account lives. A sudden change in activity, a new country of origin for large incoming wires, or a new shareholder can trigger fresh questions months after the opening.

When the bank cannot complete these checks, it must walk away. Article L561-8 of the Monetary and Financial Code covers the situation where “une personne mentionnée à l’article L. 561-2 n’est pas en mesure de satisfaire aux obligations prévues à l’article L. 561-5 ou à l’article L. 561-5-1”: in that case, “elle n’exécute aucune opération, quelles qu’en soient les modalités, n’établit ni ne poursuit aucune relation d’affaires et peut transmettre la déclaration prévue à l’article L. 561-15 dans les conditions prévues à cet article.” This text explains the refusals that look arbitrary from the outside. A file with an unverifiable address, an unidentified beneficial owner behind layers of foreign entities, funds whose origin cannot be documented, or a high-risk country connection can lead the bank to decline the relationship rather than breach its own duties. The refusal is then a compliance decision, and arguing louder does not fix it. A cleaner, better-documented file does.

Prepare therefore a complete file before the first contact, and send it in one batch. Include a certified copy of the passport of each shareholder and director, a recent proof of home address abroad with a sworn translation into French if needed, the draft articles showing the capital and its distribution, the ownership chart up to the ultimate natural persons, proof of the origin of the funds such as bank statements, a sale deed, a loan agreement or payslips, and a two-page business description with the French SIRET number expected (the SIRET is the fourteen-digit establishment identifier issued at registration; the SIREN is the nine-digit company identifier). If the company already exists, add the Kbis of less than three months, the list of current directors, and the register of beneficial owners filed with the registry. Non-resident founders should also prepare proof of their foreign tax residence, because the bank applies information-exchange duties on financial accounts held by non-residents. Online banks and payment institutions that accept non-resident directors can be faster, but they apply the same identification duties, and some refuse complex group structures altogether. Ask each candidate bank three questions in writing before transferring funds: whether it accepts a non-resident director and foreign shareholders, which documents it requires for the capital deposit, and what deadline it offers for issuing the certificate once the funds arrive.

II. Act when the bank refuses, freezes or closes the account

A. Refusal to open: the written refusal certificate and the Banque de France designation

A bank may decline to open an account, but it cannot simply say no and close the door. French law gives any person without an account a right to an account, and it organizes a designation procedure run by the Banque de France (the French central bank, which also acts here as the authority that appoints a bank for refused applicants). Article L312-1 of the Monetary and Financial Code opens with the principle: “A droit à l’ouverture d’un compte de dépôt dans l’établissement de crédit de son choix, sous réserve d’être dépourvu d’un tel compte en France”. The beneficiaries include “Toute personne physique ou morale domiciliée en France”, which covers a French company with its registered office in France even when its shareholders and directors live abroad. Note the condition: the applicant must have no such account in France. A company that already holds a company account in another French bank cannot use this procedure to force a second bank to open one.

The refused bank owes you a document, and that document unlocks everything. The same article L312-1 provides that “L’établissement de crédit qui a refusé l’ouverture d’un compte fournit au demandeur systématiquement, gratuitement et sans délai, sur support papier, et sur un autre support durable lorsque celui-ci en fait la demande expresse, une attestation de refus d’ouverture de compte”. Always ask for this refusal certificate in writing at the moment of the refusal, and keep the envelope or the electronic receipt proving the date. Without it, the file sent to the Banque de France is incomplete and loses weeks. Once refused, the applicant “peut saisir la Banque de France afin qu’elle lui désigne un établissement de crédit situé à proximité de son domicile ou d’un autre lieu de son choix, en prenant en considération les parts de marché de chaque établissement concerné, dans un délai d’un jour ouvré à compter de la réception des pièces requises définies par arrêté”. The Banque de France page on the right to an account confirms the pace: once the complete file arrives, it designates a bank branch within twenty-four hours, and the designation stays valid for six months. The bank so designated must then open the account, since article L312-1 states that “Ils procèdent à l’ouverture du compte de dépôt dans les trois jours ouvrés à compter de la réception de l’ensemble des pièces qui lui sont nécessaires à cet effet.”

For a company, the request uses a dedicated form. The official form for a company requesting the right to an account allows a legal person such as a company to apply to the Banque de France for the designation procedure. Attach the refusal certificate, the draft articles or the Kbis depending on the stage, the identity documents of the legal representative, and proof of the registered office in France. A domiciliation contract with an approved domiciliation company counts as proof of premises for this purpose. Send the file by the channel the Banque de France indicates for your area, keep proof of sending, and calendar the two deadlines: one working day for the designation once the file is complete, three working days for the opening once the designated bank holds all the documents it needs.

The account opened through this procedure carries basic banking services defined by decree. Article D312-5 of the Monetary and Financial Code lists them: “Les prestations de base mentionnées au II de l’article L. 312-1 comprennent : 1° L’ouverture, la tenue et la clôture du compte”, followed by bank identity statements, incoming transfers, monthly statements, cheque and transfer deposits, SEPA direct debits and transfers, remote balance consultation, cash deposits and withdrawals, and a payment card for online payments and withdrawals in the European Union. This is a working account, not a full credit facility: overdrafts, chequebooks beyond the basics and loans are not included. For a young subsidiary that needs to receive capital, pay the accountant and collect early invoices, it is enough to operate while negotiating a full commercial relationship in parallel.

Two limits must be understood. First, the designation does not override anti-money-laundering duties. The same refusal logic from article L561-8 applies to the designated bank: if it cannot identify the client and the beneficial owner or understand the purpose of the relationship, it cannot enter into it. Build the Banque de France file with the same documentary care as the bank file, or the designation leads to a second refusal. Second, the procedure assumes the company is genuinely without an account. If the group already runs French accounts through another entity, use that reality in the file rather than hiding it, and explain why this company needs its own account: separate payroll, separate VAT number, separate liability. Our guide on VAT registration, reverse charge and refunds for foreign-owned French companies shows why a dedicated account per company simplifies VAT filings and refunds.

B. Closure or freeze while operating: notice, continuity and challenge from abroad

A closure after months of normal operation hurts more than an initial refusal, because salaries, social charges, VAT and supplier payments all run through the account. Start by reading the account agreement you signed. Article L312-1-1 of the Monetary and Financial Code requires that “Les établissements de crédit sont tenus de mettre à la disposition, sur support papier ou sur un autre support durable, de leur clientèle et du public les conditions générales et tarifaires applicables aux opérations relatives à la gestion d’un compte de dépôt, selon des modalités fixées par un arrêté du ministre chargé de l’économie.” The agreement sets the notice period for closing the account and the fee schedule. In practice, banks closing a professional account on their own initiative give a notice period, commonly thirty to sixty days under the agreement, during which cheques, direct debits and transfers must be rerouted. A brutal closure with immediate effect and no notice, leaving salaries and tax payments rejected, is the fact pattern that supports a claim most clearly, because the company can show the damage day by day.

Distinguish three situations, because each calls for a different response. A freeze for verification means the bank temporarily blocks certain operations while it updates its knowledge of the client, for example after a large incoming wire from a new country or a change of shareholder. Answer the questionnaire within days with documents, and ask in writing which operations remain possible and when the review ends. A contractual closure with notice means the bank ends the relationship at the agreed term. Use the notice period to open a replacement account, transfer direct debits and standing orders, inform the payroll provider, update the VAT and social-charge payment mandates, and keep a written record of each step. A closure for suspected illegal purpose or false information follows a different regime and can be faster; if you receive such a letter, do not rewrite history in your reply, gather the documents that prove the lawfulness and accuracy of the file, and seek advice before responding. In every case, never let the company run without an account: open the second account before the first one closes, even if the new bank offers fewer services at first.

From abroad, run the challenge in four parallel tracks. First, write to the bank by registered letter with acknowledgment of receipt, or by any durable channel the agreement recognizes, asking for the reasons for the measure in writing, the exact end date of the notice period, and the list of pending operations. Keep every message, because the later stages all depend on proof. Second, contact the bank mediator (médiateur bancaire), whose details appear in the account agreement and on the bank website. Mediation is a written procedure that a non-resident can conduct entirely from abroad, and a reasoned opinion often unlocks a negotiated extension of the notice period. Third, file a complaint with the ACPR (Autorité de contrôle prudentiel et de résolution, the French banking supervisor) through its online channel if the bank breaches its information or notice duties; the supervisor does not award damages, but its involvement concentrates minds. Fourth, for urgent damage such as blocked salaries or a frozen capital release, apply to the urgent-applications judge (juge des référés, the judge who orders interim measures in urgent cases) for the release of specific sums or the temporary continuation of the account. An interim application needs recent dated evidence: the closure letter, the rejected salary file, the unpaid VAT notice, the replacement account details. A founder living abroad can instruct counsel in France without travelling, give evidence by sworn statement, and appear by representative where the court allows it.

Protect the operating chain while the dispute runs. Move the payroll file early, because late salaries trigger employee claims and social-charge surcharges that dwarf the banking dispute itself. File VAT returns on time even if payment is delayed, and contact the tax office collection unit to explain the blocked payment with documents; penalties for late filing and late payment are separate, and filing on time halves the problem. Inform the accountant, who can redirect SEPA mandates to the new account and reconcile the rejected items. Document every cost caused by the closure: emergency transfer fees, rejected-payment charges, late-payment interest, lost supplier discounts, and staff time. If the closure was abrupt and unjustified, this ledger becomes the damages claim. If the closure followed months of unanswered compliance questionnaires, the same ledger shows why answering faster would have cost less, and the lesson applies to the new account from day one.

Conclusion

Opening a French company account from abroad is a documentary marathon, not a formality. Deposit the capital through a clean wire that matches the articles, obtain the certificate of deposit, register without delay, and release the funds with the Kbis. Treat the anti-money-laundering questionnaire as the core of the file: identified beneficial owner, documented source of funds, and a precise business purpose move the file faster than any insistence. If a bank refuses, demand the written refusal certificate the same day and apply to the Banque de France for designation within the six-month window. If a bank closes the account, use the notice period to secure a replacement, protect salaries and VAT, mediate, complain to the supervisor where duties were breached, and ask the urgent-applications judge for interim relief when damage is immediate. Each of these steps can be handled from abroad with written proof, tracked deadlines and counsel in France. Companies that keep a complete file and a second banking option never let one letter from a bank stop their business.