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Basic Necessity

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Bank Account Opening

WHY REQUIRED

One of the main reasons to have a business bank account is to keep your business and personal finances separate. Mixing the two can make it harder to do your taxes and keep up your books. To keep separate the business distinguishing proof and its funds by method of opening a bank account.

WHEN REQUIRED


Bank account is required to be open after the incorporation. It is always advisable to get bank account open within 30 days of incorporation. All transactions related to company dealt with the current account. Directors or any authorised person make an application along with the documents like Board Resolution and others to bank for opening a current account.