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Opening a Business Account for Associations Online — How Does It Work?
Which documents are required to open a business account for associations with Finom?
How long does it take to open a business account for associations with Finom?
How long does it take to open a business account for associations with Finom?
Which types of entities can open a business account for associations with Finom?
How much does it cost to open a business account for associations with Finom?
Can I open a business account for amateur sports associations (ASD) with Finom?
Can I open a business account for nonprofit associations with Finom?
Are there any user or card limits for association accounts with Finom?
Can I add an accountant or treasurer as separate users in a Finom association account?
Are there integrations between Finom’s association account and management software (for accounting, membership, etc.)?
What security guarantees does Finom offer for funds deposited in an association account?
Is it possible to obtain a statement from a Finom association account for financial statements and reporting?
Does the Finom association account support F24 form payments?
Can I open a Finom association account without having a registered office in Italy?
Is there a mobile app to manage a Finom association account?
Which documents are required to open a business account for associations with Finom?
To open a business account for associations with an Italian IBAN at Finom, the following basic documents are required.
If the association is registered with the Chamber of Commerce:
- Association’s tax code and REA number.
- Current Chamber of Commerce certificate or Business Register certificate.
- Company articles of association or deed of incorporation.
- Valid ID and video identification of each legal representative.
- A list of Ultimate Beneficial Owners (UBOs) holding more than 25% of the shares, with copies of their documents.
If the association is not registered with the Chamber of Commerce:
- Proof of registration in a public registry: Register of Legal Persons, RUNTS (National Register of the Third Sector), or Sports Association Register (Ministry of Sport).
- Company articles of association.
- Deed of incorporation.
- Tax code and certificate of tax code assignment.
- VAT number and VAT certificate (if applicable).
- Valid ID and video identification of the legal representative.
- A list of Ultimate Beneficial Owners (UBOs), if applicable, with their documents.
The procedure is entirely online: after uploading the required documents and completing KYC/KYB verification (Know Your Customer / Know Your Business), the account will be activated in around 24 hours.
Open accountHow long does it take to open a business account for associations with Finom?
In most cases, it takes just one business day (around 24 hours) to complete the account opening process and unlock all features.
During the regulatory verification phase, you still have immediate access to your online account, banking platform, and Italian IBAN.
How long does it take to open a business account for associations with Finom?
In most cases, it takes just one business day (around 24 hours) to complete the account opening process and unlock all features.
During the regulatory verification phase, you still have immediate access to your online account, banking platform, and Italian IBAN.
Which types of entities can open a business account for associations with Finom?
With Finom, both recognized and unrecognized associations can open an account.
Other third-sector entities are also supported, including foundations, social cooperatives, and consortia.
If you are unsure about your association’s status, you can contact the Finom team — they will verify eligibility and guide you through the opening process.
How much does it cost to open a business account for associations with Finom?
Opening a business account for associations with Finom has no initial cost: activation is free, and your Italian IBAN is generated within a few hours.
Available plans include Basic, Smart, Pro, and Grow, with monthly fees starting at €21 (€17 with annual payment).
All plans include free SEPA transfers, with limits that vary by plan. The Basic and Smart plans also include a 30-day free trial, allowing you to test the service with no commitment.
Can I open a business account for amateur sports associations (ASD) with Finom?
Yes, Finom allows amateur sports associations (ASD) to open a business account.
Both recognized and unrecognized associations are eligible for an Italian IBAN.
The process is 100% online: simply upload the association’s documents (deed of incorporation, company articles of association, and tax code) and complete the video identification of the legal representative.
The account will be activated in around 24 hours, with no need to visit a branch.
Can I open a business account for nonprofit associations with Finom?
Yes, Finom allows non-profit associations to open a business account with an Italian IBAN.
Non-profit associations — whether recognized or not — are eligible.
To complete the process, you’ll need the deed of incorporation, updated company articles of association, the association’s tax code, and video identification of the legal representative.
The entire process is carried out online, and the Italian IBAN will be activated in around 24 hours.
Are there any user or card limits for association accounts with Finom?
In Finom’s association accounts, limits vary depending on the selected plan:
- Basic: includes 2 users with dedicated access.
- Smart, Pro, and Grow: offer extended multi-user access with no predefined limits.
Regarding physical and virtual cards, the limits per user also depend on the plan — from 1 physical and 3 virtual cards with Basic to 3 physical and unlimited virtual cards with Pro and Grow.
Can I add an accountant or treasurer as separate users in a Finom association account?
Yes. With a Finom association account, you can create multiple users with different roles and permissions.
The Basic plan includes 2 users, while the Smart, Pro, and Grow plans offer unlimited multi-user access.
This allows you to give dedicated access to your accountant, treasurer, or board members, assigning specific authorization levels to each.
Are there integrations between Finom’s association account and management software (for accounting, membership, etc.)?
Finom’s association account integrates with more than 30 accounting and invoicing software solutions.
You can easily connect your account to the management system you use for your association’s bookkeeping and synchronize transactions, invoices, and reconciliations in real time.
While direct integration with membership software is not guaranteed, all major accounting systems are supported, simplifying administrative management.
What security guarantees does Finom offer for funds deposited in an association account?
Funds deposited in a Finom association account are protected by a multi-level safeguarding system:
- Segregated funds: held in a Safeguarding Foundation supervised by De Nederlandsche Bank (DNB), the Dutch Central Bank. Client funds are legally separated from Finom’s own assets.
- Top-tier partner banks: funds are held with leading European banks such as BNP Paribas, in dedicated accounts.
- Unlimited protection: not subject to the €100,000 deposit guarantee cap of the Italian Interbank Deposit Protection Fund — all balances are covered at 100%.
- Advanced technical security: passkey authentication, 3D Secure, EU servers compliant with GDPR, and AML/KYC (Anti-Money Laundering / Know Your Customer) controls.
Even in the unlikely event of Finom’s or a partner bank’s insolvency, funds remain protected and are returned under DNB supervision.
Is it possible to obtain a statement from a Finom association account for financial statements and reporting?
Yes, with a Finom association account, you can download official account statements at any time in digital format (PDF or CSV).
These documents are valid for preparing annual financial statements, reporting to members, and complying with potential tax inspections.
In addition, thanks to automatic reconciliation, all transactions are constantly updated and can be easily integrated with accounting software.
Does the Finom association account support F24 form payments?
Yes. With a Finom association account, you can fill out and pay F24 Ordinary and F24 Excise Duty forms directly online, thanks to the integration with the fintech platform Fabrick.
The service is available on both web and mobile: you can save a draft and confirm the payment later.
Everything is included in all Finom plans at no extra cost, allowing associations to manage taxes, contributions, and payments on a single digital platform.
Can I open a Finom association account without having a registered office in Italy?
No. To open an association account with Finom, a legal presence in Italy is required.
Associations must have a registered office or permanent establishment within Italian territory to obtain an Italian IBAN.
Foreign entities without a permanent establishment in Italy cannot open a Finom account.
Is there a mobile app to manage a Finom association account?
Yes. Finom offers a full mobile app for iOS and Android that allows real-time management of an association’s business account.
Through the app, you can:
- Check balances and transactions.
- Issue and use physical and virtual cards.
- Send and receive transfers.
- Approve multi-user payments.
- Manage e-invoices and push notifications.
All the main functions of the web platform are also available on smartphones, so the association can operate from anywhere.
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Connect all your other online banking accounts to Finom. Access all your wallets, transactions, account statements, and tax assessments across several banks on a single platform. You can even delete those bank apps altogether
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How to open a Finom business account?
Open online in less than 15 minutes and enjoy your new business account with one of Europe’s smartest and fastest financial services. No hidden commissions.
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Finom pricing and plans
Subscription plans at a fair cost tailored to fit your business.
For freelancers who need simple, essential features
You save € 48
For individual entrepreneurs or small teams taking their first steps. Simple, essential tools to start and stay in control
You save € 96
For small to medium-sized businesses with straightforward needs. Flexible tools and higher limits for daily operations
Business account
Business account
Business account
Chat support
Up to 1 business day
Chat support
Up to 3 hours
Chat support
Up to 3 minutes
Account Manager
Account Manager
Account Manager
Interest account
Provided by Aksys Global Markets Europe Ltd
Interest account
Provided by Aksys Global Markets Europe Ltd
Interest account
Provided by Aksys Global Markets Europe Ltd
Free account setup
Free account setup
Free account setup
Payment Solutions
Provided by Finom Payments
Payment Solutions
Provided by Finom Payments
Payment Solutions
Provided by Finom Payments
Free VISA physical cards per user
0
Free VISA physical cards per user
1
Free VISA physical cards per user
3
Free VISA virtual cards per user
1
Free VISA virtual cards per user
3
Free VISA virtual cards per user
10
Scheduled payments
Scheduled payments
Scheduled payments
Bulk payments
Bulk payments
Bulk payments
You save € 48
For individual entrepreneurs or small teams taking their first steps. Simple, essential tools to start and stay in control
You save € 96
For small to medium-sized businesses with straightforward needs. Flexible tools and higher limits for daily operations
You save € 360
For small to medium-sized businesses ready to scale. The flexibility to grow with advanced features and higher limits
Business account
Business account
Business account
Chat support
Up to 3 hours
Chat support
Up to 3 minutes
Chat support
Up to 3 minutes
Account Manager
Account Manager
Account Manager
Account Management Team
Interest account
Provided by Aksys Global Markets Europe Ltd
Interest account
Provided by Aksys Global Markets Europe Ltd
Interest account
Provided by Aksys Global Markets Europe Ltd
Free account setup
Free account setup
Free account setup
Payment Solutions
Provided by Finom Payments
Payment Solutions
Provided by Finom Payments
Payment Solutions
Provided by Finom Payments
Free VISA physical cards per user
1
Free VISA physical cards per user
3
Free VISA physical cards per user
3
Free VISA virtual cards per user
3
Free VISA virtual cards per user
10
Free VISA virtual cards per user
Scheduled payments
Scheduled payments
Scheduled payments
Bulk payments
Bulk payments
Bulk payments
You save € 360
For small to medium-sized businesses ready to scale. The flexibility to grow with advanced features and higher limits
You save € 1,080
For small to medium-sized businesses scaling at speed. Our most comprehensive package with concierge-level support and full customization
Business account
Business account
Chat support
Up to 3 minutes
Chat support
Up to 3 minutes
Account Manager
Account Management Team
Account Manager
Dedicated Account Manager
Interest account
Provided by Aksys Global Markets Europe Ltd
Interest account
Provided by Aksys Global Markets Europe Ltd
Free account setup
Free account setup
Payment Solutions
Provided by Finom Payments
Payment Solutions
Provided by Finom Payments
Free VISA physical cards per user
3
Free VISA physical cards per user
3
Free VISA virtual cards per user
Free VISA virtual cards per user
Scheduled payments
Scheduled payments
Bulk payments
Bulk payments
Security is our top priority
GDPR Compliance
Our servers are protected and hosted in the European Union
Reliable partners
To minimize risks, we’ve partnered with one of the largest multinational banks, BNP Paribas, to hold your funds
Safeguarded funds: unlimited
We have a separate Safeguarding Foundation supervised by the DNB to manage your money
Passkeys and 3D Secure
Your money is protected with secure passwordless authentication and single-use passwords
Customer support, providing real-time care
Help is just a click away
Interactive Help Center available 24 hours
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Account-Related Questions
Is a business account for associations required by law?
In Italy, there is no general legal obligation to open a business account for associations. However, in practice, it is almost always necessary:- to receive public contributions or traceable donations
- to pay taxes and contributions (e.g., F24 forms)
- to ensure transparency in financial management toward members and authorities
Why should an association have a business account?
Having a dedicated business account for associations is useful for several practical reasons:- clearly separate association funds from members’ personal finances
- receive membership fees, public contributions, and donations in a traceable way
- make official payments (taxes, suppliers, reimbursements) with full transparency
- provide organized account statements for financial reporting and fiscal audits
Which business account for associations should I choose?
Choosing the right business account for your association depends mainly on:- the size of the association (small cultural group, ASD, or larger organization)
- the number of monthly transactions (transfers, payments, receipts)
- the need for additional tools (e-invoicing, multi-user cards, F24 tax payments)
Are there differences between the various types of association accounts?
Operationally, a business account for associations works the same way regardless of the entity type (cultural, sports, non-profit, foundation, etc.). The real difference lies in the documents required when opening the account:- For recognized associations, you need the deed of incorporation, the company articles of association, and the tax code.
- For unrecognized associations, the deed of incorporation and tax code may be enough.
- Foundations and social cooperatives may require additional specific documents.
Does an association have to use an association account to pay F24 forms?
Not all associations are required to submit and pay F24 forms — it depends on their tax regime and activities. However, whenever taxes, contributions, or withholdings must be paid, using an association account is essential to ensure payments are traceable. The F24 form may include VAT, income taxes, social security contributions, or local taxes, and having a dedicated account simplifies both accounting and tax management.Can an association use a personal account instead of a business account?
Legally, an association could handle some operations through a personal account, but it is not recommended. It’s better to maintain a clear separation between personal and organizational funds.What’s the difference between a business account for non-profit associations and a business account for companies?
Operationally, a non-profit association account works the same way as a business account for companies: Italian IBAN, SEPA transfers, physical and virtual cards, e-invoicing, and multi-user access. The main difference lies in the documentation required for opening:- For companies: Chamber of Commerce registration, company articles of association, and UBO list.
- For non-profit associations: deed of incorporation, company articles of association, and tax code, plus verification of the legal representative.
Is a business account required to receive public funding or donations?
In practice, yes: to receive public funding or traceable donations, a dedicated business account for associations is almost always required. Public administrations and most funding institutions do not accept payments to personal accounts for transparency and tax control. A separate account also makes it easier to distinguish the association’s income from members’ personal finances, simplifying reporting and accounting.
