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How to Open a Corporate Bank Account

Click through each step to see the order in which to handle it.

  1. Gather the required documents in advance

    Prepare the documents your bank requires ahead of time, which typically include a corporate registry extract, business registration certificate, company seal certificate, and the representative's identification.

  2. Book a branch appointment

    Opening a corporate account almost always requires an in-person branch visit as a fraud-prevention measure, and some banks require an advance reservation β€” check before you go.

  3. Complete beneficial ownership verification

    Financial institutions are required to verify a corporation's beneficial owners (such as anyone holding a significant ownership stake) as part of anti-money-laundering rules, which means filling out a related disclosure form.

  4. Register your company seal or signature

    Register your company seal, or a designated signature if your jurisdiction uses that instead, with the bank to be used on account-related documents.

  5. Apply for online banking and a security token

    Applying for corporate online banking and a security device (such as an OTP token) at the same time as account opening lets you handle future transactions digitally.

Why opening a corporate account is more involved than a personal one

Corporate accounts require more documentation than personal accounts because financial institutions have to carefully verify a corporation's actual owners and business purpose to prevent their use in fraud schemes. This is general information, and exact eligibility and required documents vary by bank β€” confirm with your specific bank before visiting a branch.

Register a business card once your account is set up

After opening your corporate account, it is also worth registering a business credit card with the relevant tax platform so your business expenses are tracked correctly from the start.

Frequently Asked Questions

Can I open a corporate account immediately after incorporation?

You can generally open one once your incorporation registration is complete and you can produce a corporate registry extract, though some banks add extra verification steps to confirm the business actually operates.

Why is opening a corporate account harder than opening a personal one?

It is because financial institutions must carefully verify a corporation's actual owners and business purpose, as part of broader efforts to prevent the misuse of accounts in fraud.