Companies that operate in Bangladesh need to establish corporate bank accounts to properly handle their financial activities. This resource explains all the actions needed to open a corporate bank account in Bangladesh, plus details the supporting evidence and important points to consider.
Choose the appropriate bank
Start with a bank choice based on your business finances plus suitable services. Look at how well known the bank is, along with its available services for business clients and tools for online banking, plus experience serving corporate clients. The main banking institutions in Bangladesh are BRAC Bank, Standard Chartered Bank, and Citibank.
Understand the account requirements
Every bank has unique standards that banks need to follow when starting a business account. Typical documents required for account setup include these parts.
The bank requires its signed account opening form to start the business relationship.
The directors must approve a bank account resolution to start banking operations and designate who has signing rights.
RJSC issues a Certificate of Incorporation to verify that the company meets all legal requirements. The company’s rules and operating standards are shown in its Memorandum and Articles of Association documents. The National Board of Revenue has given the company its Tax Identification Number Certificate. The company requires a trade license from the official municipal government authority.
Photographs and Identification: Recent passport-sized photographs and copies of passports or national ID cards of the directors and authorized signatories.
The bank frequently asks for a testimony letter from someone who has established an account or someone of great standing.
Submit the application
Submit the filled application form and necessary documents to the bank you selected. The documents should have the proper signature marks plus official stamped validation if needed. The bank will examine your documents to be sure they meet its operational standards and legal rules.
Initial deposit
Banks need new customers to put down money in the account before enabling service. The necessary opening deposit depends on the bank and account type you select. Each bank, including Citibank and Standard Chartered Bank, asks for different initial deposit amounts, which are BDT 2,000 and BDT 10,00,0, respectively, for Citibank and BDT 25,000 for Standard Chartered Bank.
Compliance with anti-money laundering (AML) regulations
Banks in Bangladesh adhere to strict AML and Know Your Customer (KYC) guidelines. Present extra business proof when the bank needs to check your operational legitimacy.
Account activation
The bank will enable your corporate account when it confirms your paperwork and completes all official procedures. You will get the account information plus any relevant online login data for your business account.
Additional considerations for foreign companies
Foreign companies seeking to open corporate bank accounts in Bangladesh need to follow specific extra conditions.
- Show the partnership contract that connects local and foreign business partners when available.
- Foreign shareholders need to transfer their initial paid-up capital to Bangladesh bank accounts as per Bangladesh Bank regulations.
Banking in Bangladesh
Moving overseas to start a business challenges you with unfamiliar bank procedures. Take time to adjust to Bangladeshi banking practices while keeping in mind that operations differ from home country banking standards. Most Bangladeshi banks require phone contact to start your account, but you can use online and mobile banking services for most daily transactions once your account is ready. You must sign up for online banking services with possible costs to use the available features. Each bank follows normal working hours between Sunday and Thursday from 10 AM to 4 PM. Typical banks follow Muslim customs by stopping for prayer during the call to prayer and closing for afternoon prayers. Particular banks enable customers to use their services on weekend evenings. You can create a corporate bank account in Bangladesh successfully when you use these procedures and make sure to submit exact and complete documents.
You may also find these articles helpful
Guide on company registration in Bangladesh
Types of Company Structures in Bangladesh
Breakdown of Bangladesh company registration fees and expenses
