A well-organized and systemized business is a lucrative one; adding on having a proper company bank account makes it simpler to format your business activities proficiently and swiftly. It helps you easily track the money coming in and going out of the business, along with ensuring that the numbers in your ledgers match with those in your bank account. Though this could be a lot trickier if you have just one account that serves both as a business and personal account.
So, after you’re done with the company registration procedure, the next step is to open a bank account for your business. Usually your company name is termed as your business account title.
I. The first step is to choose the bank. You are expected to pick a bank that caters to all your business requirements and offer services that facilitate your business happenings. This selection denotes that you are likely to recognize what you are seeking in your business bank account.
II. There are several national and international banks in Pakistan that offer services for opening business accounts especially for SMEs over the submission of a few documents that include:
It is required that the above mentioned documents are attested by the SECP (Securities and Exchange Commission of Pakistan).
III. The bank also demands a resolution signed by the board of directors of the company sanctioning the opening of the corporate bank account.
IV. In addition to this, an application is also required on behalf of the company’s directors requesting the opening of a business bank account.
V. Lastly, a fee is required to be paid in the designated branches of your selected bank after the application is submitted.