Open a Bank Account in India
Updated on Tuesday 12th December 2017
Rate this article 3 reviewsbased on
One of the main procedures related to company formation in India refers to opening a bank account for the respective legal entity. The corporate bank account in India can be set up at one of the private banks operating in this country, as well as through the international banks which have set up branch offices or subsidiaries here. When opening a bank account, the company’s representatives will need to provide a set of documents requested by the local banks and our team of specialists in company formation in India can advise on this matter.
Setting up a corporate bank account in India
All legal entities operating in India are required to open a corporate bank account, a procedure which is also applicable to sole proprietorships. The investors interested in starting a company in India should provide the following information and documents:
• the certificate of incorporation;
• the articles of association and memorandum;
• resolution of the company’s board of directors for opening a corporate bank account;
• the power attorney, stating the persons who can act in the name of the company for this procedure;
• a copy of the Permanent Account Number (PAN);
• information on the place of business;
• a copy of the telephone bills.
Other documents necessary for an Indian bank account
The requirements for opening a corporate bank account can vary depending on the legal entity registered in India. In the case of a sole proprietorship, the company’s founder must provide a statement issued by the bank where his or her individual/ savings current account is set up, while in the case of those who want to open a company in India as a limited liability partnership, the investors will also need to offer the list of the company’s representatives who own more than 25% of the company’s shares, besides the above mentioned documents. Our team of agents in company registration in India can provide in-depth advice on the specific requirements applicable here, depending on the business form chosen for incorporation.
As a general rule, opening a bank account in India can take up to two months, as a consequence of the due diligence requirements imposed here.
Foreign businessmen can contact our team of consultants in company formation in India for personalized advice on how to open a bank account.