The dangers: Applying for a business bank account requires certain key documents for verification. Missing out on or submitting outdated paperwork can result in:
Application delays: Banks have a stringent verification process, and any missing or incorrect information can significantly slow down the application process.
Account rejections: In worst-case scenarios, inconsistencies or missing information can result in the outright rejection of your application.
Operational setbacks: Time is often of the essence for businesses, and these delays can impact other timelines, such as payroll, vendor payments, and even the launch of the business itself.
The solution: Familiarise yourself with what you need to open a business account to facilitate a smoother application process. Make a comprehensive list of all required documents. Commonly needed documents for a business account (for Private Limited/Public Company) with CIMB include:
Certified true copy of Memorandum and Articles of Association or Constitution (to be signed by two directors or one director & one secretary)
Identification docs (NRIC, passport, an image of yourself holding these documents)
Additionally, CIMB has different documentation requirements for Singaporeans, Malaysians, PR, and foreigners, so make sure you’re fulfilling your category-specific requirements.
It's also important to recognise that the documentation requirements for opening a business bank account can vary by the type of business you're running. Whether you own a Private Limited Company, a Partnership, or operate as a Sole Proprietor, CIMB's document requirements will differ.
By being meticulous in your document preparation, you not only accelerate the application process but also mitigate the risks of delays and rejections. This proactive approach will save you time and stress in the long run.
