April 3, 2019

5 Steps to Open a Business Bank Account in Pakistan

Naveen Shayan

LedgerMax specialist

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.

5 Steps for Opening a Business Bank Account in Pakistan:

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:

  1. Articles of Association of the business/company registered in Pakistan
  2. Memorandum of Association of business/company registered in Pakistan  
  3. Form 1
  4. Form 29
  5. NTN Certificate

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.


Our Featured Blog Posts

November 8, 2020
As a business owner, what do you believe is the best way to maintain your business financial records?
Read more
November 8, 2020
A sales tax is defined as a tax paid to the government for the sales and supply of certain services and goods. The Federal Government of Pakistan levies sales tax under the 1990 Sales Tax Act on the services or goods being sold and supplied as well as on the goods imported into the country.
Read more
November 8, 2020
An invoice is an official document sent by the seller of a service or product to the buyer. The purpose is to form a compulsion on the buyer to pay, making an account receivable.
Read more