What are the Documents Do I Need to Open a Limited Company Account?

After the incorporation of a company either Public or Private, it became an important task to open a bank account in the name of the company to maintain its transaction in the modern business era. In the case of a company has to open a Current Deposit account in the name of the company. But most of the time a company owner or partner remains in a dilemma that Which documents do I require to Open a Limited Company Account? and What are the procedures for opening a bank account in the name of the company? Here I am trying to explain these common problems.

Here, we are mainly talking about major two types of Limited Company;

1. Private Limited Company (Ltd)

2. Public Limited Company (plc).

Usually, to open a Limited Company account one has to bring the following documents;

1. Certificate of Incorporation-Registration with the Register of the Joint Stock Company & Firm.
2. For Public Limited Company Certificate of Commencement of Business.
3. Memorandum of Association– Object, Name of the company, Address, liability etc. are described in this document.
4. Articles of Association-Terms of internal document are described in this document.
5. Resolution of the Board of directors of the company for opening of the account and the persons authorized to operate the account.
6. Power of Attorney granted to its managers, officers or employees to operate bank account & company business transactions on its behalf (if applicable).
7. Form 12-Particulars of directors, Managers & Managing agents and any change therein.
8. Proof of Appointments/resignation of the Directors.
9. Share holding patterns of the shareholders of the company.
10. BIN(Business Identification Number) if needed.
11. NID/Passport/Driving License (original to be presented for verification) of all Directors/owners/account operators/authorized signatories.
12. Two copies of recent Passport Size Photographs of all Directors/owners/account operators/authorized signatories attested by the introducer.
13. Electricity Bill / WASA Bill / Gas Bill / Telephone Bill / Current Rent or lease Agreement / Certificate of Employer / Holding Tax receipt from City Corporation or Municipality / TIN or BIN Certificate as proof for Address (original to be presented for verification).
14. If Directors are foreign nationals; Approval from relevant regulatory authorities, Constitutional documents for Companies or firms, Form QA-22 (as per Bangladesh Bank format) to be obtained in duplicate.

Read Also: How to open a bank account in Bangladesh?

Along with the above mentioned documents when you go to the desired bank where you want to open your company account the assigned bank official will verify and scrutinize these documents and give you desired account opening form you have to,

• Duly filled Account Opening Form which is provided by the respective bank. (to be signed by the Applicant in front of Bank’s Official)
• Duly signed specimen signature card.
• And deposit initial deposit amount to the cash counter.

Now we know about fees and charges imposed by the bank and government especially in a year for maintaining a bank account;

1. Account maintenance fee: Account maintenance fee is decided by the Bangladesh Bank.
2. SMS alert fee.
3. Online service charge.
4. Entertainment Charge etc. (https://www.bb.org.bd/mediaroom/schedule_charg/banklinks.php)

Government-imposed fees and charges;

1. Source Tax; You have to pay 15% of your earnings from a bank as interest or profit from your deposit or 10% if you are a government taxpayer.
2. Excise Duty; Excise duty have pay once a year which determines by the government.

You have to provide other related documents as per bank satisfaction regarding your company to Open a Limited Company Account. Bank official will help in this matter as your queries for Bank need.

FAQs.