Requirements for Opening a Bank Account
In general, these are the requirements to open a bank account.
For Company account and personal account
Business Bank Account?
General requests for Companies
- Certificate of Incorporation
- Articles of Association
- Personal identification + Proof of address
General requests for personal account: Personal identification + Proof of address
Open a Bank Account Online
Opening a business bank account will vary depending on your type of business entity, the country you live in, and where your business is established.
Some banks also ask for more documentation than others.
It’s typically simpler to open a business bank account online!
There are three main types of business bank accounts:
- Business checking account: Use a business checking account for everyday business transactions.
- Business savings account: Use a business savings account to store surplus cash and build interest.
- Merchant services account: Use a merchant account if your business accepts credit card payments. Merchant account providers front you payment for your sales before the customer pays their credit card company. You need to have a business checking account before you can open a merchant account.
KYC or KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time. Banks must make sure that their clients are genuinely who they claim to be.
Banks may refuse to open an account or halt a business relationship if the client fails to meet minimum KYC requirements.
Directors and shareholders can not be nationals of the countries below:
Afghanistan
Bosnia and Herzegovina
Central African Republic
Democratic People’s Republic of Korea
Democratic Republic of the Congo
Eritrea
Guyana
Iran
Iraq
Lao People’s Democratic Republic (Laos)
Lebanon
Libya
Somalia
Sudan
Syria
Uganda
Vanuatu
Yemen
- In general companies operating in the below industries are not able to open an account:
- Adult Industry
- Arms Dealers
- Antique Dealers
- Auctioneers
- Cryptocurrency Companies
(some banks allow cryptocurrency for private exchange service) - Defence system
- Foreign Exchange Companies
- Gambling Companies / Casino
- Jewel / Gems / Precious Metals Dealers
- Nuclear Power
- Pawn Shops
- Plane Dealers
- Pyramid selling
- Stock Securities Companies
- Products / services illegal under the law
five-m.biz
Citizens of any country can remotely open a bank account abroad electronically. You can apply for a bank account online. You may need to have a bank account offshore or just across the border to protect your assets from a variety of risks in your home country.
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