During the account application process, the bank will inquire about the company's business nature, source of funds, etc. Most banks even require the company to submit business certificates, such as major business clients, supplier information, shareholder identification documents, etc.
Banks carefully select clients who open corporate accounts to determine whether the clients are trustworthy, and the application will then take one to two months to be approved by the bank.
If you want to increase the success rate of opening a company account, the first condition is that the account opening director and shareholder have a good credit record.
Therefore, you can ask our secretarial company to help you open a company account. Our team has rich experience and familiar bank referrals, and can definitely help customers open a company bank account more smoothly.
Documents required to open a company account
The documents required to open a company account vary depending on the requirements of major traditional banks or virtual banks for different types of company accounts. However, regardless of whether it is a sole proprietorship or a partnership, the following documents are generally required to verify the legitimacy and identity of the company:
- Company Registration / Business certification documents: such as Business Registration Certificate and Certificate of Incorporation
- Shareholders List：Identification documents and address proofs of shareholders, directors and all authorized signatories
- Company background: source of funds, reasons for establishing the company
- Company Organization Structure
- Business documents: such as invoices, purchase and logistics orders, leases, contracts, etc.
Why do you need to open a company bank account? KYC？
KYC stands for Know Your Customer. It is a necessary step for banks to review companies in accordance with regulatory requirements. It aims to confirm the identity and details of customers. It can not only prevent illegal activities such as money laundering and financing of terrorism, but also reduce the risk of fraud by verifying the identity and background of customers. It is beneficial to both banks and customers.
Frequently Asked Questions about Opening a Corporate Account
1. Can an unlimited company open a bank account? Even an unlimited company can apply to open a bank account. The documents required are slightly different from those required for a limited company. If it is a partnership, it must submit a Partnership Business Name Form 1(c); if it is a sole proprietorship, it must submit a Sole Proprietorship Business Name Form 1(a).
2. Is it harder for an unlimited company to apply for a company account than a limited company? In fact, it is not particularly difficult for an unlimited company to apply for an account. It seems that it is more difficult to successfully apply for an unlimited company, often because of insufficient documents. The reason is that limited companies generally have an office address, while unlimited companies are usually smaller businesses, usually working from home, and it is even less likely to spend money to hire a consultant to handle account opening matters on their behalf. It does not mean that it is easier to successfully open an account for a limited company. The most important thing is whether the documents submitted by the company application are sufficient.
