How to open a business bank account?
· 4 min read
Opening a business bank account in Trinidad and Tobago is more complicated than a personal account, and requires more documents.
The documents required depend on the legal structure of the business, and the bank.
Limited liability company
- Letter of Request to open an account which is issued on the company's letterhead and includes the purpose of the account, signed by the Company Secretary alone or as instructed in the Company’s By-Laws
- Company By-Laws (If none exists, this must be stated in the letter of request)
- Certificate of Incorporation / Continuance
- Articles of Incorporation / Continuance
- Notice of Address
- Notice of Secretary
- Notice of Directors
- License/permit to operate as a business if applicable e.g. professional license
- Proof of registration with the Financial Intelligence Unit (FIU) if applicable
- Proof of identity and address for all account signatories
- Information on identity of shareholders holding 10% or more of paid up share capital
- Proof of Identity for all Directors and Company Secretary
- Company Resolution: This represents the signed consent of all Directors (or quorum of Directors) of the Company to open an account at the Bank. It must indicate the names of the authorised account signatories, their specimen signatures and signing authority.
- Business Stamp (if prescribed for use in the Company’s By-laws)
- Audited Financial Statements/ Management Accounts for the last three (3) years or Income Projection (broken down by months) for three (3) years of operation if it is a new business.
Partnership
- Letter of Request to open an account signed by all Partners: This represents the consent of all Partners to open an account at the Bank; states the purpose of the account; includes the names of the authorised account signatories, their specimen signatures and signing authority.
- Certificate of Registration
- Proof of identity and address for all Partners
- Proof of address where the business is operating
- Partnership Agreement (if none exists, this must be stated in the letter of request)
- Audited Financial Statements/ Management Accounts for the last three (3) years or Income Projection (broken down by months) for three (3) years of operation if it is a new business.
- Proof of registration with the Financial Intelligence Unit (FIU) if applicable
- License/permit to operate as a business if applicable e.g. professional license
- Business Stamp (if utilized for business)
Sole Trader
- Certificate of Registration
- Proof of identity and address for Owner
- Proof of address where the business is operating
- Audited Financial Statements/ Management Accounts for the last three (3) years or Income Projection (broken down by months) for three (3) years of operation if it is a new business.
- Proof of registration with the Financial Intelligence Unit (FIU) if applicable
- License/permit to operate as a business if applicable e.g. professional license
- Registration with a professional body (for a non-registered private practice)
- Business Stamp (if utilized for business)
- Bank Reference if applicable
Non-Profit Organizations
- Letter of Request to open an account: Issued on the organization’s letterhead; states the purpose of the account; includes the names of the authorized account signatories, their specimen signatures and signing authority; and signed by the President and Secretary, at minimum.
- Minutes of meeting where the decision was taken to open the account at a Bank and/or its Branch; signed by the President and Secretary at minimum, or as guided by the * Constitution / By-Laws
- Certificate of Non-Profit Organisation Registration
- Constitution / By-Laws or other legally binding founding document for the organization
- Proof of identity and address for all authorised officers and account signatories
- Audited Financial Statements/ Management Accounts for the last three (3) years or Income Projection (broken down by month) for three (3) years of operation if it is a new business.
- Business Stamp (if prescribed for use in the Constitution / By-Laws)
We recommend reading the requirements for the website of your bank of choice for further details.
The main banks in Trinidad and Tobago are: