Opening a commercial bank account in Israel

Pick & Weiss Legal Offices
December 10, 2012
January 9, 2019

Lior Pick, Attorney at Law (CPA)

Anna Liskanich, Attorney at Law

The banking system in Israel is modern and sophisticated. All of the major banks in Israel are proficient in all international financial operations, and provide various financial services to different types of companies, with comprehensive, efficient, and high quality financing solutions for every business purpose. Israeli banks are represented worldwide, most having branches in several important financial centers.

In accordance with the Israeli Company Law, a foreign company shall not manage their business in Israel, unless registered as a foreign company (branch) in the Registrar of Companies. Accordingly, all company finances must be conducted through a commercial bank account opened in Israel.

Primary list of necessary documents for opening a commercial bank account in Israel:

1. Identification Documents of authorized signatory or a representative under a Power of Attorney must be personally identified by the bank to activate the account. The following documents should be submitted to the bank:

a. A passport.

b. An additional identifying document – a document bearing photo and personal number (driver’s license is acceptable).

2. Identification Documents of B.O. – passport and additional document of B.O. (certified with apostil).

3. Documents of incorporation – originals and updated incorporation documents of the company: certificate of incorporation, memorandum and articles of association, by-laws and others etc. (certified by the issuing authorities or a diplomatic or consular with apostil). If any of the above-mentioned documents is not in Hebrew or English, a notarized translation of those is required

4. Certification of Incumbency or Certification of Good Standing of the Company (issued within 6 month).

The banks will require additional documents on a case by case basis.

Under the banking legislation of Israel, the bank requires a personal interview with a client in the bank’s office in Israel. Israeli banks approach the business account opening procedure rather seriously and thoroughly. Laws and regulation require banks to have a complete understanding of their customers’ business.

Pick & Weiss Law Firm is a leading Israeli law firm which provides comprehensive range of company registration, banking and tax planning services to business professionals and entities.

Pick & Weiss Law Firm has vast experience and excellent working relationships with all of the major banks in Israel, which can significantly reduce the time required to complete the process of opening a commercial bank account.

The aforementioned should not be perceived as a recommendation and/or expression of opinion. In all instances we recommend receiving professional individual advice in accordance with the concrete circumstances of each and every event.

We would be happy to be at your disposal for any queries and or explanations regarding this matter or in general.

Yours sincerely,

Pick & Weiss Legal Offices


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