One of the most common questions we get asked is “what documents are required to open a company bank account”?
Well, there’s no single answer. Instead, there are many variables that need to be considered depending on where your company is registered and where you want to bank.
That said, there are some general rules and strict document requirements when preparing to open a company bank account. But, even these vary across jurisdictions.
So, we’ll break these down for you below, including the differences across several popular banking hubs.
What Do You Need to Open a Company Bank Account?
Documents required to open a company bank account will depend on the jurisdiction, the bank, and the type of business you operate. At a minimum, this includes registration documents, proof of beneficial ownership, address proof, and registered business number. In some instances, it can also include government-issued tax ID numbers, audited financial statements, and outlines of corporate structures. But, again, this depends on where you apply, where your business is registered, and the activities your business is engaged in.
So, to successfully open a company bank account as a foreign non-resident business owner, it’s crucial you do your homework and understand the specific requirements your business will need to meet.
With this in mind, here’s a look at everything we’ll cover below…
Table of Contents
- USA: Requirements to Open a Company Bank Account
- UK: Requirements to Open a Company Bank Account
- Singapore: Requirements to Open a Company Bank Account
- Cyprus: Requirements to Open a Company Bank Account
So, as you can see, we’re going to share the documents required to open a company bank account in some of the most popular banking hubs available.
But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Business Banking Starter Guide. It’s designed to help your business find and open accounts with the services you need around the world.
Documents Required to Open a Company Bank Account in the US
The documents required to open a company bank account in the US are fairly straightforward.
But, what doesn’t come easy, is the actual account opening process.
In fact, unless you have the right information and know exactly which bank will accept your business, account opening in the US is extremely difficult.
Fortunately, if that’s a problem you’re facing, our team is able to help businesses from around the world successfully open US bank accounts, even for foreign non-resident (and offshore) companies.
To learn more, you can read our recent article on business banking in the USA by clicking here.
Now, if you’re ready to start applying for a US bank account, here’s a look at the general documents you’ll need to submit:
Documents Required to Open a Company Bank Account in the US:
- Articles of incorporation and/or organization
- Proof of company address (US or international)
- Government tax ID number (US or international)
- EIN (Employer Identification Number) confirmation letter (US businesses only)
- Clear reason for wanting to open a US business bank account
- Two forms of government-issued identification (business owners & all directors)
- Your company’s business description (acceptance varies from bank to bank)
- Your company’s website (which should include all necessary information)
- Contracts with suppliers and/or customers (varies from bank to bank)
- Completed bank account opening application forms
Now, if you’re able to provide the proper documents and other requirements, you might be able to open a business bank account in the US. Again, the real challenge is knowing which bank to contact, and even which banker to apply with.
That said, if you can open an account, you’ll be able to tap into unique banking benefits that you likely can’t access anywhere else. Including, the ability to access US credit cards, payment processing, financing, and much more.
So, if you want to start opening accounts in the US today, here’s how…
GlobalBanks USA is our USA bank account opening service. It includes a dedicated account manager, one-on-one support, expert suggestions on which banks to open with, and direct introductions to bankers that will actually accept your business.
Documents Required to Open a Company Bank Account in the UK
Many foreign business owners looking to bank in a leading global financial center, choose the UK. This is usually due to the City’s reputation as a leader in global finance, overall economic stability, and perceived acceptance of international clients.
But, opening here as a foreign non-resident is extremely difficult. In fact, if you are looking to open accounts for a non-resident business, you should really be looking elsewhere. That said, if you have ties and can meet specific requirements, it’s still possible.
Here’s a look at the documents required to open a company bank account in the UK.
Documents Required to Open a Company Bank Account in the UK:
- Government-issued identification
- Valid proof of a UK address
- Proof of a UK phone number
- Existing bank statements (3-6 months)
- Business registration number
- Certificate of incorporation
- Financial statements (projected annual turnover)
- Minimum deposit (varies from bank to bank)
- Proof of sufficient ties to the UK
- And more…
In addition to the above documents, UK banks also look into the company’s structure, place of registration and operation, and the location of company signatories. More specifically, does the company have any legal representatives in the UK.
Not surprisingly, a common challenge many non-residents face is the ability to provide valid proof of a UK address, UK phone number, and local signatory. If, as the business owner, you cannot meet these requirements, you will likely be denied by most UK banks.
That said, if you want to start opening accounts in the UK, it’s still possible…
We cover all of the account opening challenges in the UK (and how to overcome them) in our premium members-only report “UK Banking for Non-Resident UK LLPs & UK LTDs”.
This includes common strategies for overcoming address and phone requirements, specific banks that cater to non-residents, and common alternatives that you should consider for your business instead.
Documents Required to Open a Company Bank Account in Singapore
Singapore is one of the best banking hubs in the world today. So, not surprisingly, Singapore banks can pick and choose who they want as customers.
As a result, Singapore’s account opening requirements, compliance rules, and banking laws tend to be strict. Making it very difficult for foreign and non-resident business owners to successfully open accounts here for their companies.
So, if you’re committed to opening a company bank account in Singapore, you need to make sure you prepare before applying. Here is a look at some of the documents you’ll need to submit.
Documents Required to Open a Company Bank Account in Singapore:
- Government-issued identification (all directors and major shareholders)
- Explanation of why you want to bank in Singapore
- Proof of established connection to Singapore
- A detailed description of the company’s business activity
- Existing bank statements (3-6 months)
- Certificate of Good Standing with an apostille
- Proof you’re able to support the initial deposit requirement
- And more…
As mentioned, account opening here can be extremely difficult to navigate. Especially, if you don’t know which bank will accept your client profile.
Additionally, unlike banking in other countries, specific branches often cater to specific client types in Singapore. So, knowing which bank and branch to approach is crucial if you want to successfully open an account.
How to open a company bank account in Singapore…
If you want to open a bank account in Singapore for your company, our team has outlined everything you need to know, including:
- Proven account opening strategies for foreign non-resident businesses
- Which specific banks and branches accept foreign business owners
- How to successfully submit the required documents
- How to open a company bank account in Singapore 100% remotely
We cover all this and much more in our premium members-only report “Banking in Singapore: Global Banking at Its Best (And How To Get In)”.
Documents Required to Open a Company Bank Account in Cyprus
Business banking in Cyprus isn’t for everyone. To start, Cypriot banks don’t have a great reputation, thanks in large part to their exposure during the Greek debt crisis and the “bail-in” that followed. Beyond that, online banking systems are outdated, service is limited, and there are usually better options elsewhere.
But, for some business owners, Cyrpus can be interesting. In fact, in certain instances, it can be the best possible option available.
You see, Cyprus is a bridge between onshore and offshore, offering access to EU banking for foreign non-resident companies and individuals. Plus, if you have transactional banking needs and can’t make a large deposit, it might be your only choice.
So, if you’re struggling to open bank accounts elsewhere, then you (and your business) could benefit from opening a company a bank account here. But, that doesn’t mean account opening is easy.
In fact, due to the banking sector’s past indiscretions, Cypriot banks are under careful surveillance. So, prospective customers often need to provide extra documentation and pass a lengthy onboarding process. Not surprisingly, navigating the account opening can therefore be time-consuming, expensive, and not to mention, frustrating – especially, without the proper information.
So, with that said, here’s a list of the documents required to open a company bank account in Cyprus:
- Copy of passport (all directors and shareholders)
- Proof of address in the country of operation
- Reference letter from existing bank relationships
- Reference letters from personal and professional connections
- Explanation as to why you want to bank in Cyprus
- Demonstration of economic ties to Cyprus for the business
- Financial statements of business operations (varies bank to bank)
- Proof you’re able to support the deposit requirement
- And more…
It’s important to note that depending on the bank you choose to open accounts with, the above-mentioned documents can and will likely vary.
So, before you apply to open a company bank account in Cyprus, make sure you understand all of the bank’s requirements for both you and your business. Not only will this save you time and money, but it can also better your chances of opening a company bank account successfully.
Want to open a company bank account in Cyprus?
We detail everything you need to know about how to open a company bank account in Cyprus in our premium members-only report “Banking in Cyprus: Transactional Business Banking in the EU”, including:
- Which banks accept foreign non-resident businesses
- Acceptable economic ties to Cyprus
- Deposit and balance requirements
- How to open accounts in Cyprus 100% remotely
- And more…
Ready to Get Started?
Whether you’re ready to open a business bank account in any of the above-mentioned jurisdictions today or you’re just starting to explore your options, we can help.
GlobalBanks IQ gives you everything you need to start finding and opening accounts.
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And, you get access to our library of premium (members-only) reports. These include proven account opening strategies, country-specific banking options, and lists of banks for specific client types.
Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.
To get started, click here to see if GlobalBanks IQ is the right choice for you.