Open Business Bank Account For Your Business
Counselit Company Secretaries streamline the process of drafting board resolutions and setting up business bank accounts for your business, making it simpler and faster!
Business bank account in 4 simple steps
How To Open a Business Bank Account In Sri Lanka
Travel to Close Deals, Not To Open Bank Accounts
Setting up a business bank account is the first next step after incorporating a company. However, opening a business bank account is usually a long and difficult process and requires coordination of company directors, secretary and the bank. Our Company Secretaries will coordinate with your bank and submit all documents on behalf of your company to process your application.
How many bank accounts can my business have?
You're free to have any number of bank accounts under your company name. We recommend having three accounts to keep your business finances in perfect shape- operating account, tax account, and profit account. For your day-to-day operations, a checking account is the way to go. A business savings account can be perfect for your profit account.Who can open a business current account in Sri Lanka?
All businesses registered in Sri Lanka as a Sole proprietorship, Partnership Business, Limited Liability Companies, Non profit organizations are eligible to open a current account.What documents do I need to open a company bank account in Sri Lanka?
Mandate with the company seal KYC - personal Signature cards CIF Forms KYC - Non personal Directors NIC/DL/Passport with address verification document Board Resolution (specifically mention the account type and the required Currency) Directors Photographs Certified copy of Form 01/20 Directors can hand in their signed KYC personal forms and verification documents to the nearest branch. Certified copy of Form 18 Certificate of Incorporation Certified copy of Articles of association Beneficial Ownership Form TIN Certificate or TIN indemnity if still not started the tax paying process.
Why Choose Counselit for openning your business bank account?
Counselit offers fast and convenient bank account opening service for your business. We are always ready to assist you in preparing the documents required by the bank, which support your application and increase the chance for opening of the account. Our firm has extensive experience in dealing with various banks and our wide knowledge of the common requirements to guide and advise our clients concerning the steps that should be followed.
Physical Presence of Customer
To open a bank account, the bank will require the company directors or business owner to be physically present at either the branch where you want the account or the nearest branch. If a branch visit isn't feasible, you can send by hand or post the duly signed KYC forms along with a digital photograpgh of the directors.
Company documents
Banks usually request the name and address of your company, personal identification of the company directors or persons authorized to act on behalf of your company, ROC-certified copy of articles, eROC application form 01 and Form 18, business registration certificate (BRC) certified by the Company Secretary.
KYC of Company Directors
Be prepared for KYC (Know Your Customer) checks. Banks are required to verify your identity and ownership structure of your business upfront. This includes submission of ID verification documents and occasional follow-up requests.
Approval From The Bank.
Banks rely on documents you submit to confirm the identity of your company and company officers. If something's missing, your application might be put on hold or even denied. Banks can also deny your new account if they can’t verify the information you submitted. For example this happens when may small business owners run businesses out of an address of a friend, relative or someone they know or when they don’t get mails sent by bank at the registered business address.
Need assistance with
setting up a business
bank account?
Schedule a FREE consultation with a Counselit Company Secretary today.