How to open a Company Bank Account in Kerala

Starting a business in Kerala has now become an easier process. After you have created your business plan and defined the objectives and strategies of your business, you can go about and finish the procedures that are required to legalize your business and its transactions.

One of the first steps that you have to complete when you are starting a company is starting a company bank account. There are so many kinds of accounts available and it is important to do a research before you go to the bank to open an account. You must open an account that will aptly satisfy your business needs.

If your transactions are going to be fairly simple, then you can just go ahead and create a simple deposit account. If you need something more like trade via ecommerce online, then you will need a more sophisticated account.

Here are the steps to open a current account in India.

Get an account opening form from the banks site and get all the signatories to sign on the form as required.

Every applicant has to sign a declaration which states that he/she has read and accepted the current account rules of the bank.

The bank will also require a recent passport size photograph of all the partners/directors/office bearers/trustees and other officials who is authorized to use this account.

This account has to be introduced by an existing current/cash account holder with an account not less than six months old.

Basic documents that are required are as follows.

Identity Proof: PAN Card, Voter Id Card, Passport, Driving License
Address Proof: Latest Telephone Bill or Electricity Bill
For Public or Private Limited Companies, the following documents are required.

1. Certificate of Incorporation and Commencement of Business

2. Memorandum and Articles of Association

3. Board resolution authorizing the opening and operation of the account

4. PAN or GIR No. or completed Form 60

5. List of Directors with residential addresses

For partnership firms the documents required are as follows:

1. Partnership Deed and Registration Certificate

2. Shop and Establishment Certificate

3. Letter from all the partners approving the persons concerned to open and operate the account

For Trusts, please ensure the following documents:

1. Copy of the trust deed

2. Copy of the registration certificate

3. Copy of the resolution by the trustees that authorize the members concerned to open and operate the account

4. List of Trustees with their residential addresses

5. Photographs of the members operating the account

6. Bye-laws of the association or club