How to open a bank account?

When one wants to open an account with a bank one has to make an application on a printed form. For opening a current account the bank will also require introduction by someone know to the bank. In the case of a partnership, a copy of the partnership deed will have to be attache to the application. Specimen signatures of the person authorized to operate the account must also be submitted. If a company wishes to open an account the following have to be submitted:

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  • A certified copy of the resolution of the Board of Directors for opening the account.
  • A copy of the Certificate of Incorporation and the Certificate for commencement of Business. The latter is required only for public companies.
  • A copy of the Memorandum of Association and the Articles of Association.
  • Specimen signature of the persons authorized to operate the account.

If some society or club wishes to open an account, it must submit a copy of the certificate showing its registration, a copy of its bylaws, a copy of the relevant resolution of the magazine committee and specimen signatures of the persons who will operate the account.

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