Business Banking for Entrepreneurs in Chile

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Opening a business bank account in Chile is a necessary step once you have incorporated your company. It is also one of the more frustrating ones, because Chilean banks are conservative — especially with foreign entrepreneurs. Here is what you need to know.

Which business structure?

Chile has four main legal structures for businesses. Your choice affects your banking options and requirements.

SpA (Sociedad por Acciones) is the most popular choice for entrepreneurs. It is flexible, has no minimum capital requirement, and works for a single owner or multiple shareholders. If you are starting a business in Chile and are not sure which structure to use, start with an SpA.

EIRL (Empresa Individual de Responsabilidad Limitada) is for solo entrepreneurs. Limited liability, but less flexible than an SpA and limited to one owner.

SRL (Sociedad de Responsabilidad Limitada) requires 2-50 partners and a minimum contributed capital of CLP 1,000,000. Common for small businesses with multiple owners.

SA (Sociedad Anónima) is a full corporation with a board of directors and formal governance. Suitable for large businesses or those seeking outside investment. The minimum capital is CLP 5,000,000 for a closed SA.

Which bank?

The same challenges that apply to personal banking apply here, amplified. Banks want to see a track record, revenue, and local ties. As a foreign entrepreneur, you may need to accept the first bank that says yes.

BancoEstado has the lowest fees and the most accessible requirements. Their microempresa services are designed for small businesses. This is usually the easiest starting point.

BCI is the most entrepreneur-friendly among private banks. Their BCI NACE program targets new businesses, and their digital platform is strong.

Banco de Chile and Santander are better options if your business is already generating significant revenue or you need international trade services. They offer more sophisticated products but are harder to access.

Banco BICE works well for mid-market businesses with larger capital requirements.

What you need to open an account

Company documents:

• Articles of incorporation (certified copy from the civil registry)
• RUT certificate for the business
• Municipal business license (patente municipal)
• Proof of business address

Personal documents (for all owners/directors):

• Chilean RUT and passport
• Personal bank references
• Personal financial statements or proof of income

For foreign entrepreneurs, also:

• Valid residence visa
• Apostilled and translated documents from your home country
• International banking references

The bank will also require a board resolution authorizing the account opening and specifying who can sign on the company's behalf. Expect the full process to take 2-4 weeks — longer if the bank requests additional documentation, which they usually do.

Costs

Monthly maintenance fees range from CLP 8,000 (BancoEstado) to CLP 45,000 (Santander) for basic business accounts. Premium corporate accounts run CLP 60,000-120,000 or more.

Domestic transfers between different banks cost CLP 500-2,000. International wires cost USD 50-100. Credit card processing fees run 2.5-4% of the transaction value.

For business credit, interest rates in 2025 range from 8-18% annually depending on the product and your risk profile. Working capital lines of credit are at the lower end; unsecured loans for newer businesses at the higher end. Most banks want to see at least 1-2 years of operating history before extending credit.

Frequently Asked Questions about Business Banking for Entrepreneurs

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