What are Rauva’s eligibility requirements for opening a business account in Portugal?
This article provides information on the eligibility criteria, including the industries and countries that are accepted.
Accepted Business Types
We currently accept the following business types registered in Portugal:
a) Freelancers
- Requirement: Must be registered with the Portuguese Tax Authority
- What you need: Valid NIF and tax registration certificate
b) Sole Proprietorship (ENI)
- Full name: Empresário em Nome Individual
- What you need: Valid ENI registration certificate
c) Single-Member Limited Company
- Full name: Sociedade unipessoal por quotas (LDA)
- What you need: Company registration documents
d) Limited Liability Company
- Full name: Sociedade por quotas (LDA)
- What you need: Company registration documents and shareholder information
Restricted Industries
Below you will find a list of Swan's restricted industries:
|
Category |
Restricted activities |
|
Substance-related activities |
• Tobacco culture and products • Manufacture of tobacco products • Marijuana culture and illicit marijuana products |
|
Financial and regulatory risk activities |
• Shell banks • Trust & off-shore company service providers • Company domiciliation businesses • Non-licensed money service businesses and payment service providers • Crypto-assets trading, exchange and custody platforms • Crypto-currency mixing activity • Money remittance • Currency dealer & exchangers, FOREX |
|
Industries with a high environmental impact |
• Extractive industries such as oil, gas, and coal, including the extraction, processing, commerce, and other related activities • Nuclear material and power generation • Palm oil production • Polluting or dangerous industry chemicals |
|
Controversial or sensitive activities |
• Weapons and defense materials providers • Prostitution and escort services • Adult entertainment (pornography or similar activities) |
|
Gaming and entertainment |
• Gambling industry, including video games classified as online gambling • Game publisher of online games that permit value transfer between gamers • Online bartering services |
|
Other |
• Religious activities • Precious stones, gems, and jewels |
Geographical Requirements
Portugal Registration Required
- Your business must be registered in Portugal
- We currently only serve Portuguese-registered entities.
Current Account Restrictions
Cryptocurrency Businesses
Policy: We don't currently accept businesses involved in cryptocurrency trading, mining, or related services.
What you can do:
- Transfer funds FROM your Rauva account TO cryptocurrency exchanges
- Use Rauva for non-crypto business activities
US Taxpayers & Citizens
Policy: We cannot accept US taxpayers or US citizens who own 25% or more of the company.
Why this restriction: FATCA (Foreign Account Tax Compliance Act) compliance requirements mandate extensive reporting to US authorities.
Learn more: Visit the IRS FATCA information page or consult your accountant.
Non-Profit Organizations
Currently not accepted:
- Non-profit organizations
- Condominiums
- Associations
- IPSS (Instituições Particulares de Solidariedade Social)
Why: We're focusing on business accounts for now but may expand to other entity types in the future.
Special Circumstances
Refugee Status
Good news: Refugees can open accounts with Rauva!
Requirements:
- Must be registered as a freelance worker in Portugal
- Must provide evidence of residency in Portugal
- Standard freelancer documentation applies