- Required Documents To Open A Business Bank Account
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Required Documents To Open A Business Bank Account – One of the first steps taken after the incorporation of a public limited company is the opening of a current account in the name of the Company. A company can open one or more current accounts in any bank and is required to carry out commercial transactions. In this article, we analyze the procedure to open a current or bank account of a joint-stock company, together with the necessary documents.
The current bank account is opened by entrepreneurs who have a greater number of regular transactions with the bank. Includes deposits, withdrawals and reverse transactions. Also known as a checking account.
Required Documents To Open A Business Bank Account
Current account can be opened in cooperative bank and commercial bank. In the current account, the amount can be deposited and withdrawn at any time without prior notice. It is also suitable for making payments to creditors by cheque. Checks received from customers can be deposited into this account for collection.
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Generally, current account holders do not receive interest on their current account balance with the bank.
Based on RBI KYC norms, various banks have formulated procedures and list of documents required to open a company current account. The following is an extensive list of mandatory documents for opening a current account in the name of a company:
All companies have to necessarily open a bank account in the name of the company after starting the joint stock company. This account establishes your trustworthiness in the market. It is not mandatory. In this article, we know the procedure to open a current bank or company account with the required documentation. If you have any questions about it, you can contact the company suggestion.
CS Seema Bansal with two years experience under CS firm and also holding B. Com and M. Com degree. Having expert knowledge of ROC related work and other compliance related business with MCA. You only need to upload photos or scanned copies of the required documents if you are applying online for a personal or joint alternative account.
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Note that this is for the joint account with the child. Prepare the following documents to upload to complete the online application.
1 – Select the nationality as “Malaysia” and enter the child’s 12-digit Malaysia IC in the application
Tip: Make sure your document is valid. Please review the details (eg expiry dates, visibility of details) before submitting your application.
Tip: Use natural light (instead of the flash mode on your camera) or position the document where the reflection won’t erase any part of the image.
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Tip: Frame your image leaving at least 1cm of space on each side of the document when you photograph it digitally.
Tip: Capture both the profile picture and all printed details. Do not block or crop any detail.
Tip: Make sure your phone is parallel to the document when taking the photo. Try placing the document against a piece of white paper and use it as a parallel frame.
Important: Your Singpass should be ready to use once your personal details are displayed on your Singpass mobile app. Once your Singpass is set up, you can register for a digbank account. Learn more here. After you have set up a new company, you can now open a corporate bank account in Singapore. In fact, it would be advisable to do so as soon as possible for practical reasons.
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Opening a corporate bank account would separate your personal and business finances (including your business assets, cash flow, expenses, etc.), bringing potential benefits to you and your business.
For one, your business finances can be managed independently without mixing them with your personal finances. This would better protect you from corporate liabilities that may arise in the future, as there is a clear separation between your personal and business finances.
On the other hand, if you use a single bank account to manage funds, you are essentially treating your business funds as your personal money. In this way, you run the risk of subjecting your personal funds to, for example, creditors who may try to pierce the corporate veil (ie take responsibility for your company’s debts).oc
Moreover, such an account would also allow you to monitor and evaluate your business performance more accurately and conveniently based on records that are unique to your business.
Corporate Bank Account Opening Services
Authorized signatories are those designated to operate the account and must appear in the resolution of the company’s board of directors, in accordance with the company’s constitution.
Given the plethora of reputable banks in Singapore, how should you decide which bank to open your corporate bank account with?
Your task to decide becomes more difficult, especially since different banks offer competitive corporate bank account options, each with their own advantages and coverage.
Here are some tips and pointers that can help you narrow down your options, referring to the services offered by some local banks. The following infographic provides a quick summary:
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As a new business owner, you may be concerned about initial setup costs. The initial deposit required to open a corporate bank account can range from S$0 to S$3,000.
This amount does not depend only on the bank you approach: each bank may offer different types of corporate bank accounts, which incur different initial deposit amounts.
Considering how initial deposit amounts vary considerably between and within banks, this shouldn’t be the only factor you should consider.
Instead, it may be helpful to consider other factors before deciding which account to move forward with.
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In addition to the initial deposit, another key consideration would be the minimum balance to maintain in your corporate bank account. This is because this can have implications for your company’s cash flows and financial management.
Also, falling below the minimum balance would involve additional fees, which will not be desirable for a new and growing business.
As seen in the table, although the DBS Digital Business Account does not have a stipulated minimum balance, a monthly fee of $18 is charged for the account. On the other hand, Aspire’s business account has no minimum balance or lower fee requirements.
The type and nature of your business is also a crucial consideration in choosing your corporate bank account.
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If your business is likely to involve cross-border transactions, you may want to open a corporate bank account that allows foreign currency transactions.
As you can see, the currencies offered by each bank may differ. Thus, knowing which currencies your business will deal with is definitely crucial when choosing a bank.
If you’ve decided which bank to open your corporate bank account with, it’s time to apply for the account:
Step 1: Apply online or go to the bank to apply Open a corporate bank account online
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Some banks now offer one-day express account opening services that can be done online, improving convenience for business owners like you.
Examples of corporate bank accounts that can be opened online include the OCBC Business Growth Account, DBS Business Digital Account, UOB eBusiness Account and Aspire Business Account.
So, if you can apply online, you can simply fill the online form on the bank’s website and open your business within a day.
Some banks may require the presence of the director and authorized signatories at the bank to open a corporate bank account. You may want to check with the bank you are opening the account with about these requirements.
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Whether you are opening a corporate bank account online or in person, depending on the bank, you may also be asked to submit additional documents.
As you may have noticed, opening a corporate bank account can happen in a day, but it can also take weeks. This largely depends on the time required for verification by the banks.
In general, with proper documentation, the process should be effortless. The physical presence of authorized principals and signatories at the time of account creation can also avoid unforeseen delays.
With Aspire, company directors can set up a new corporate bank account with no set-up fees, monthly fees, minimum deposit or lower fees. Apply online, without going to a bank, with your identity documents and set up your bank account in minutes. Click here to learn more!
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If you need help opening a corporate bank account for your business, please contact us for a quote.
The information provided does not constitute legal advice. You should obtain specific legal advice from an attorney before taking any legal action. Although we make every effort to ensure the accuracy of the information on this website, you rely on it at your own risk.