How to open a Company Bank Account for private Limited

After a lot of struggle finally you have incorporated your Private Limited, now that's not all because the next very important step is to open a Bank Account of the Company. A company can open more than a account but it needs to have a basic account after it's incorporation. Opening a Current Account for private Limited Company is much easier than other form of business like sole proprietorship firm. According to Reserve Bank of India KYC norms, there are certain requirements for opening the Bank Account of a Private Limited Company.

Documents Required:

All the Banks have formulated certain procedure for opening the Bank Account for a Private Limited based on the KYC norms of the Reserve Bank of India. Below is an extensive list of documents that are required for the same.

  • The Certificate of Incorporation.
  • DIN (Directors Identification Number)
  • Memorandum of Association (MOA)
  • Article of Association (AOA)
  • Board Resolution for opening the Current Account.
  • An updated list of Directors & copy of Form-32 (if directors are different from AOA)
  • Address proof of the Company (Registered with the RoC)
  • ID Proof of all the working Directors.
    1. PAN Card of Director
    2. Passport
    3. Voter ID Card
    4. Driving License
    5. Adhaar card (Issued by Unique Identification Authority of India)
    6. Senior citizen Card(if applicable)
    7. Arms License(if any)
  • Proof of appointment of current Directors (in case of Board Change)
  • Proof of resignation of Directors (in case of Board Change)
  • PAN Card of the company / PAN Card Application Acknowledgement
  • Shareholding Pattern of Company

*All the Documents must be in the format of the Bank.

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