Corporate Bank Accounts Philippines
All corporations doing business in the Philippines need a local bank account. There are many local banks, foreign owned banks and branches of foreign banks to choose from. The main advantage of opening an account with a local bank is their numerous branches all over the country, mall outlets open on weekends and payroll ATM accounts for employees.
Requirements for Company, Corporate or Commercial Bank Accounts in the majority of Philippine Banks:
1. Certificate of Incorporation or License to Transact Business
2. Articles of Incorporation
3. By-laws
4. Board Resolution to open bank account naming the authorized signatories
5. Board Resolution election of company officers
6. Secretary’s Certificate certifying the Board Resolution to open bank account naming the authorized signatories
7. General Information Sheet
8. Two valid IDS for each signatory
Requirements for Foreign Individuals Bank Accounts in the majority Philippine Banks:
Foreign Individuals: most banks require that foreigners present an Alien Certificate of Residence (ACR) issued by the Bureau of Immigration. Tourists who stay in the Philippines for more than 59 days will be issued an ACR. All others who are issued work visas or any other kind of long stay visa will also be issued an ACR.
Two Valid IDs:
Passport
Driver’s license
ACR
Retirement ID issued by an official authority
DOLE ID
Some banks may require proof of address.
About David Elefant
Philippines business consultant specializing in assisting companies setup their operations in the Philippines.
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