We study complex commutative Banach algebras (and, more generally, continuous inverse algebras) in which the holomorphic functions of a fixed $n$-tuple of elements are dense. In particular, we characterize the compact subsets of~$\C^n$ which appear as joint spectra of such $n$-tuples. The characterization is compared with several established notions of holomorphic convexity by means of approximation conditions.