Marius Le Roux of Standard Bank advises:
You say the business is existing and operating, but not whether the business has been registered with CIPRO/CIPC as required. I am therefore assuming that the business is not formally registered, but is being operated on the basis you are a “sole trader” and presently using your personal bank account for transactions.
In order to open a bank account in a company name, the business owner concerned will be required to visit their branch with the following documentation:
- The original company documentation, and;
- Proof of the identities of the director/s of the company.
To meet these requirements, the applicant must produce:
- Formation documents from CIPRO/CIPC
- Memorandum and articles of association
- Articles of Association
- Certificate of Incorporation
- Certificate to commence business
- Agreement by a registered practitioner to act as the company’s financial officer
- Statement by each Director indicating there is adequate capital in the Company for the purpose of the company’s business, also needs to be completed by the directors of the Company
- Certified copies of directors’ identity documents
With these in hand the business owner will be able to open a cheque account for the business after making a deposit in the account.
If, however, he wishes to simultaneously open the account and apply for an overdraft or credit, he may be requested to supply a certified balance sheet and accounts, business plan and details of security that can be supplied to help guarantee the loan.