How to Open a Business Bank Account?

Now that you have incorporated your business how do you open a Business Bank account? See below some of the standard information you will be required to submit. Please note this list is not exhaustive as most banks also have their account opening forms that would need to be completed.

N.B.Additionally the Bank may require additional information specific to their needs or your financail situation.

Let us get to it:-

1.???? Two (2) pieces of valid identification (Passport preferably, Driver’s License or National ID Card) for each Signatory/Director. If your chosen IDs will expire within 6 months the bank might refuse to accept it and insist you renew before the application is accepted.

2.???? Proof of address for each Signatory/Director (Utility bill or Bank Statement independent of the bank you are requesting the Account be opened at). Most times this should be within 3 months of your submision.

3.???? Proof of address for the business (Utility bill or Bank Statement independent of the Bank you are requesting the account be opened at).

4.???? Information about the business (e.g. Price list/Menu list, Pamphlets, Flyers, Rent Agreements, Business Plan (if available), Name of client/customers/suppliers, Sample Invoices, Business Opening/Closing hours, etc.).

5.???? If the business has been operating over a 1 year, we require the Annual Return (from corporate affairs) or financial statements for the company and financial projections.

6.???? Registration Documents from Corporate Affairs are as follows;

a)???? Corporations – Certification of Incorporation, Notice of Directors or Notice of Change of Directors, Notice of Address or Notice of Change of Address, Request for Name Search & Name Reservation, Articles of Incorporation, By-Laws and Share Register & Share Certificate(s)

b)??? Sole Proprietors & Partnerships – Certification of Registration & a copy of the Application for Registration which lists the ownerships and address of the business.

For partnerships, if there are no share certificates issued and the company is not equally owned by all principals, a letter indicating the percentage of ownership must be signed by all principals.

c)???? Clubs (only registered) – A letter from the governing body or elected board, addressed to the Manager of the Bank, stating their interest in opening a business account, the purpose of the organization and who are the signatories of the account. In addition, a copy of the minutes of their meeting which states who are the elected members of the club (President, Treasurer, etc.).

d)??? Charities (only registered) – Constitution, By-Laws & Certificate of Registration, which lists the trustees and a letter from the organization identifying the signatories and the purpose of the account.

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