Opening a Bank Account

 

Opening a Bank Account

One of the initial steps taken by all Entrepreneurs after beginning a firm is to open a bank account in the name of the firm. Having a bank account for the sake of the organization permits the organization to embrace commercial transactions and fills in as a method of building up a business’ credibility in the marketplace.

Why You Need A Bank Account For Your Business

  • To control the transaction flow
  • To upgrade the impression of your business
  • To secure your own personal identity
  • To construct a business banking relationship
  • For accepting credit card payments
  • To simplify tax management
  • It helps to deal with the partnership and to incorporate
  • To sell your business

Opening a Bank Account for a Proprietorship

  • For opening a  bank account for a Proprietorship for the sake firm of the business; the address and action of the firm should be given.
  • Registration certificate (on account of an enrolled concern).
  • Declaration/permit gave by the Municipal specialists under Shop and Establishment Act,
  • Sales and income tax returns.
  • CST/VAT declaration.
  • Certificate/registration record gave by Sales Tax/Service Tax/Professional Tax authorities.
  • A permit issued by the Registering authority like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities.
  • Registration/permitting document issued for the name of the proprietary concern by the Central Government or State Government Authority/Department, etc.
  • Banks may also acknowledge IEC (Importer Exporter Code) issued to the restrictive concern by the office of DGFT as an identity document for the opening of the bank account etc.
  • The total Income Tax return (not simply the affirmation) for the name of the sole owner where the association’s pay is reflected, properly verified/recognized by the Income Tax Authorities.
  • Service bills, for example, power, water, and landline phone bills for the name of the exclusive concern.

Opening a Bank Account for a Partnership Firm

  •  For opening a bank account for a Partnership Firm for the sake of the Partnership Firm; legitimate name, address, names of all partners, and their addresses, phone numbers of the firm, and accomplices should be given. Likewise, the accompanying records should be submitted.
  • Registration certificate, if registered.
  • Partnership deed.
  • Power of Attorney conceded to a partner or a representative of the firm to execute business for its benefit.
  • Any authoritatively legitimate document identifying the partners and the persons holding the Power of Attorney and their addresses.
  • Telephone bill in the name of firm/partners.

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