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.
The first step is to choose the bank where you wish to open your business account. In Pakistan, there are a number of banks offering special services and products for SMEs benefits. So, in order to choose a bank that suits your requirements, go through the official websites of all the banks in your list and explore the services and products they are offering. You are expected to pick a bank that caters to all your business requirements and provides services that facilitate your business happenings. Choose wisely as this selection denotes that you are likely to recognize what you are seeking in your business bank account.
After you’re done selecting the bank, visit its branch closest to your workplace and explain your requirements to the account opening personnel and ask for the account that fits your business demands.
The majority of the banks in Pakistan offer the following facilities for opening a business account in their bank:
There are several national and international banks in Pakistan that offer services for opening business accounts over the submission of a few documents that include:
Other than these the following additional documents are also required to be submitted
It is required that the above-mentioned documents are attested by the SECP (Securities and Exchange Commission of Pakistan). Moreover, the bank also demands a resolution signed by the board of directors of the company sanctioning the opening of the corporate bank account. In addition to this, an application is also required on behalf of the company’s directors requesting the opening of a business bank account.
Now, the last step is to fill in your business account opening form and submit it along with all the required documents. The banking officer will then compile your papers and refer them to their head office or main branch for further proceedings. Lastly, a fee is required to be paid in the designated branches of your selected bank. Your bank account will be activated in approximately seven to fifteen working days.
Certainly, a business bank account has major benefits for any business, especially an SME. However, it is important to understand your requirements before opening a business account. For this reason, it is advised to do comprehensive research on the different types of facilities offered by different banks and then decide on the bank for opening your business account. And so, we have compiled a list comparing different banks in Pakistan and their offerings for the SMEs: