How to open a bank account?
When it comes to corporates there is always a set of rules that you need to follow and this same applies to the opening of the current bank account of the company and many questions creep into the mind, for example:
- What type of bank account company need at the initial stage?
- Who can be the authorized signatory?
- What kind of documents are required from the board of the company?
- In how many days company shall have a bank account?
- Which bank to choose in India?
- How much time bank take to open an account?
- How to operate net banking?
Having a separate bank account for a limited Company is a legal requirement and also has practical benefits for maintaining accurate financial records, protecting personal assets, and obtaining financing.Can a Company run without a bank account?
You need an exclusive bank account to store the capital and make and receive payments.
Can a Company force an employee to open an exclusive bank account?
No Company can force an employee to open an exclusive Salary Account with the Company.
How to open a bank account of a Private Limited Company?
After the successful registration of a Private Limited Company in India along with obtaining a PAN number, the next step is to open a current bank account of the Company.
A regular savings account cannot be used by businesses.
The company can select a bank as per their requirement and wishes.
What are the documents required for the bank account?
Certificate of Incorporation
Copy of PAN Card
A copy of the Board Resolution passed by the Board of Directors
KYC for all Directors and Members
Color Passport Size Photographs
Details of Authorized Signatory of the account
Account opening form
Memorandum of Association
Articles of Association
K2Y can help the Company to open a bank account with professional guidance and support to expedite the process.
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