Bank Account in India

Q. Is there any physical existence is necessary for opening a bank account in india?

A.  There is no physical existence is necessary for opening a bank account in India.

Q. In how many days bank Account needs to be open in India after incorporation of company?

A.  Pursuant to Section 10A(1)(a) of the Companies Act, 2013 and Rule 23A of the Companies (Incorporation) Rules, 2014, every company need to file INC-20A for Subscribers proof of payment for value of shares within 180 days of incorporation . Therefore company needs to open a bank account

 

Q. Explain the documents required to open a Bank Account in India by various entities?

 

A. KYC guidelines for Liaison/ Representative office/ Project office/ Branch office Accounts:

  1. Certificate of Incorporation duly notarised by the Indian Embassy/ notary public in the country of registration.

Note: If COI and company formation documents are in any language other than English, then the English version of the COI or company formation documents must be attested by the Indian Embassy/ notary public in the country of registration.

  1. Communication addresses proof of the entity. Note: Only Indian communication address proof is accepted.
  2. Current landline/ mobile number and e-mail ID of the entity.
  3. Permanent Account Number (PAN) of the entity.
  4. Latest passport-size colour photograph of each of the authorised signatories.
  5. A copy of one valid photo identification and address proof of each of the authorised signatories.

Note:  In case of foreign nationals, a copy of passport (attested by the customer) is required and the signature on the Customer Information Updation Form should be verified by a foreign notary public/ Consulate General/ Indian Embassy.

  1. Shareholding pattern
  2. Permission to set up office in india
  3. Account opening Cheque from existing Current Account

KYC guidelines for Companies:

  1. Certificate of incorporation.
  2. Memorandum of Association (MoA) and Articles of Association (AoA).
  3. Board Resolution (BR).
  4.  Updated list of directors.
  5. Communication address proof of the entity.
  6. Current landline/ mobile number and e-mail ID of the entity.
  7. Permanent Account Number (PAN) of the entity.
  8. Latest passport-size colour photograph of each of the authorised signatories.
  9. A copy of one valid photo identification and address proof of each of the authorised signatories (View complete list of documents).
  10. Shareholding pattern
  11. Permanent Account Number
  12. Account opening Cheque from existing Current Account