Once a business is registered and has paid its taxes, the next step is to open a company bank account.
It’s an account that a business, like a corporation, LLC, partnership, or a sole proprietorship, has with a bank or credit union.
This special bank account is used for all the money stuff a business needs to do. It’s where the business gets paid, where it pays its bills, and where it keeps money safe for later.
Procedure for Opening a Company Bank Account in Nepal
Opening a company bank account in Nepal involves a few essential steps. Here’s a simplified overview for easy understanding.
Step 1: Prepare the documents that are normally required
Here is a list of documents and information you need to open a company bank account in Nepal:
- A photocopy of your personal citizenship certificate or passport as a primary identification document.
- A photocopy of your company’s valid registration certificate.
- A copy of your company’s PAN certificate.
- A copy of the company’s Memorandum of Association and Articles of Association to define its purpose and internal operational rules.
- A copy of your company’s audited financial statements
Step 2: Choosing the Right Bank
After gathering all your necessary documents, the next important step is picking the perfect bank.
In Nepal, there are numerous banks, each with its unique rules and steps for setting up a business bank account.
It’s crucial to explore and select the bank that suits your business the best.
Step 3: Visit the Chosen Bank
When you’ve chosen a bank, go to their branch or website to get the forms for opening an account and understand their specific requirements.
Step 4: Fill out Application Forms
Fill out the bank’s application forms carefully. Make sure all the information you provide is correct, and don’t forget to include the documents they ask for.
You might also need to share information about who can sign on the account.
Step 5: Submit the Application
Take your filled application forms and all the required papers to the bank.
Keep in mind that some banks might ask for a small amount of money as a starting deposit for your account.
Step 6: Verification and Approval
The bank will check your application and papers to make sure they follow their rules. It might take a while, depending on how the bank does things.
Step 7: Account Activation
Once your application is approved, the bank will set up your business account.
You’ll get your account information and either a checkbook or an ATM card, depending on the type of account.
Step 8: Initial Deposit
You may be required to deposit an initial amount in the account to make it operational. This amount can vary depending on the bank.
Step 9: Start Managing Your Account
You can now start using your company bank account for various financial transactions, including receiving payments and making payments for your business.
