Open a Merchant Account in Luxembourg
Open a Merchant Account in LuxembourgUpdated on Friday 09th November 2018
based on 1 reviews.
Luxembourg is known for the well-regulated financial system and for the professional services available for investors. However, during the last several years, the government has tried and successfully achieved to diversify its economy and the number of businesses in other industries has risen considerably. Among these new business ventures are also online companies established by young enterprisers in Luxembourg. Essential for these companies are merchant accounts which allow the offer secure payment methods to customers.
Our lawyers in Luxembourg can assist foreign investors who want to open companies in the Grand Duchy and attach merchant accounts to these businesses.
The Luxembourg merchant account
With more than 200 hundred banks operating in Luxembourg, opening a bank account here is quite simple for both local and foreign citizens and companies. This is also available to establishing merchant accounts in Luxembourg. Furthermore, a great number of financial companies offer merchant account services, as Luxembourg has one of the most developed industry when it comes to state-of-art financial services.
Opening a merchant bank account is possible for Luxembourg online and traditional companies and individuals setting up sole proprietorships here. Our law firm in Luxembourg can assist foreign investors who want to open online or other types of companies in the Grand Duchy.
Requirements to open a merchant account in Luxembourg
As mentioned in the beginning, the merchant account allows Luxembourg companies to process certain types of payments. These payments are usually made online or through special credit card processors installed on the company’s premises. Depending on the type of payments accepted, opening a merchant account in Luxembourg will imply several steps, among which submitting a set of documents with the selected payment processor or bank in Luxembourg:
- - filing an application form;
- - filing information about the business or the individuals requesting the services.
Then, the payment processing device must be installed in the case of companies requesting such services.
We also invite you to watch a video on how to set up a merchant account in Luxembourg:
For information or assistance in opening a merchant bank account in Luxembourg, do not hesitate to contact our local law firm.