How to overcome all the difficulties in opening a company account?
It is always difficult to start, and many entrepreneurs encounter obstacles when opening a bank account for their companies. The documents are ready, the approving process may take several months. At the end of the waiting period, the chance of failure to open an account are still high. It is so frustrated. However if you clearly understand the principles and requirements of opening a bank account, opening a company account is easier than you think.
- Frequently asked questions about opening a company account
In recent years, more and more countries around the world are more awareness of anti-money laundering and counter-financing of terrorism by implementing new regulatory laws and strict measures. In order to avoid being used for “money laundering”, Banks have also become more stringent in their approval of company account opening.
- Unlimited loop for resubmitting documents
The first step in applying for a company bank account is document submission. Generally, the documents required by Banks are similar, such as business registration certificate, company registration certificate, and identity and address proof documents of the company holder. However, due to insufficient clarification, additional documents are being requested. For example, if the originals of some signed documents are not submitted, copies are not certified by professionals. Bank considers that it is necessary to further understand the background of its business or company directors, it may request additional relevant proofs, resulting in an extension of the account opening time.
Professional accountants are more aware of the documents required for account opening than anyone else, and can assist companies in collecting and submitting the necessary information accurately. And according to the business situation of the enterprise, consider in advance which factors will affect the account opening result, and deal with the problem earlier.
- Bank raises reasonable doubt
Bank strictly controls the company’s account opening, and will inevitably examine the company’s business nature and source of funds. If the company has not operated for a long period of time, Bank will question whether the company has any substantial business dealings. In addition, there is often a large amount of capital flow, and the capital flow is inconsistent with its basic business activities. These are all considered high-risk industries, and account opening applications are more likely to be rejected.
In the above situations, the enterprise needs to submit supporting documents of business transactions, such as customer contracts or correspondence, etc., to relieve the Bank’s doubts with reasonable reasons.
- The “death blow” of new company account opening failure: lack of operating records
The company that is about to start business does not have business records, so how can it pass this level? Entrepreneurs can submit a detailed company plan to the Bank, which clearly show their business development goals, marketing plans, target customer groups and the description of services or product they are going to provide or sell. As long as it can prove to the Bank that your entrepreneurial plan can be implemented, you can pass the test. If the applicant is worried about the presentation is not good or professional enough, it is recommended to consult a professional accountant to assist in making judgments and submitting appropriate information, which will greatly increase the successful rate.
Details determine success or failure. The accuracy of the submitted documents and the response to the
Bank’s questions will totally affected the application result. Through the professional advice of accountants you can easily nail it!
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