Things to prepare when setting up a corporate account:

When you are a first timer in applying for a business bank account it is expected that banks will be asking for a lot of requirements to be submitted to them. You are expected to secure reference letters, proof of income and business permits to support your intention of opening a business account. It is important that you prepare for all the required documents ahead of time for a smooth transaction.

 

Below are some of the documents that you would need to secure:

 

1.)Prepare all valid ID’s ( Primary account holder and signatories).  All banks are strict in this requirement. The potential applicant and authorized signatories would need to present at least 2 government valid IDs to the bank. Both original and photocopies should be ready at all times.

The following IDs are acceptable in most banks:

Passport- this is needed if you will be opening either a local or offshore bank account

Social Security ID and Driver’s’ License- are two of the most common valid ID’s that the government releases.

 

You can just walk in and show them your documents in person and the bank personnel will be making another copy for records purposes. Meanwhile, if you are applying for an account offshore make sure that all documents have been certified to be true copies before mailing them out because some banks are more strict so we have to make sure that we comply with their rules to avoid wasting each others’ time and effort as well.

 

You can also hire business consultants that specializes in company formation service. They usually help new clients with all the things they need when starting up a business. They make things easier by acting as liaison officers to their clients.

 

2.)Prepare all the necessary bank certificates or referrals that you will be needing. If you happen to have an existing bank account you can request a referral from them to be addressed to another bank of your choice with a brief description of how long have you been a client of their bank and your current credit standing.

3.)Make sure to prepare documentation and proof about your source of funds. Most banks are keen about this one and they will be asking you a lot of specific questions such as how much are you potentially earning on a monthly and weekly basis or where is the money coming from. They want to make sure that there won’t be any money laundering activities that will be processed in any of their accounts. The documents that you will be presenting should match the amount that you should have on your account.

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