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!

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Open business bank account in 4 simple steps

How to open a business bank account in Sri Lanka

Counselit Company Secretary will help you prepare board resolutions and open bank account for your company by filing bank forms and submitting necessaary documents on your behalf.
Choose a Bank Account Type
You can choose to open either a business current account(checking account), business savings account or a business foreign currency account, depending on your needs.


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Find the Best Bank
Once you’ve selected which type of bank account your business needs, you’ll want to select the best bank based on account fees, required minimums, interest rates, online banking and business banking services.
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Pass a Board Resolution
For every bank account a business opens, a separate Board Resolution is required and it is most often the first resolution almost every new company creates after incorporation. Remember Banks require Board Resolution to be in the exact format as given in their application.
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Submit documents & sign up
Submit your Business Registration Certificate(BRC) or Certificate of Incorporation, certified copy of form 1, certified articles of association, Board Resolution, proof of change of name/directors, and Bank Account openning form to the selected branch.
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THE PROCESS EXPLAINED

Travel to close deals, not to open bank accounts

Setting up a business bank account is the next step after incorporating a company. However, opening a business bank account is usually a long and difficult process. Our Company Secretaries will coordinate with your bank and submit all documents on behalf of your company to process your application. You will not need to be present in person and your company secretary will sign all bank application forms on behalf of your company.

  1. How many bank accounts can my business have?

    You're free to have any number of bank accounts under your company name. I recommend having three accounts to keep your business finances in perfect shape- operating account, tax account, and profit account. For your day-to-day business operations, a checking account is the way to go. A business savings account is perfect for your profit account.

  2. Who can open a business current account?

    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.
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Why Choose Counselit?

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

    You will be subject to an interview with the Branch Manager and you may have to provide Bank statements of such accounts held with other Banks. You require to have an introduction of a third party to open a current account unless in the case of a Limited Liability Company.

  • Company documents

    Banks usually request the name and address of your company, personal identification of the person authorized to act on behalf of your copmany, company's articles, certificate of assumed name, business license, and corporate bylaws.

  • KYC Of The Customer

    Be prepared for KYC (Know Your Customer) checks. Banks are required to verify your business identity and ownership structure upfront. This involves document submission and occasional follow-up requests. While it might seem like extra work, KYC procedures ensure a secure financial system for everyone.

  • Approval From The Bank.

    Banks rely on documents you submit to confirm your business identity. If something's missing, your application might be put on hold or even denied. Banks can also deny your new account if it can’t verify the information you submitted. For example this happens when may small business owners run businesses out of their homes or when they don’t get their business mail at the place of business.

Need assistance with

setting up a business

bank account?

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