Searching and opening a bank account for your business can prove a daunting task, given the variety of banking options available. Requirements vary from bank to bank but fortunately, most banks follow a general process that involves filling out some information, verifying your identity, and funding the account.
Opening a bank account in Ghana – Choosing a Bank
To open a non-personal account begins by selecting the right bank that suits your needs. Research should be a priority in this regard. Researching into the bank’s interest rates, loan applications, and charges should take precedence before opening an account. One way to do that is by visiting a bank’s website. Once you choose the right bank that suits your business needs, below are the requirements for opening a bank account for your business in Ghana
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General Requirements for opening a bank account in Ghana for your business
- Identity verification of shareholders/directors/ signatories to the account. Original copies of either a passport, driving license, or voter’s identity card will suffice.
- A passport-sized photograph of the signatories to the account
- Proof of residential address of shareholders/directors/signatories with any of the following would suffice:
A utility bill of not more than three (3) months old. The utility bill (water/electricity) must bear their names (shareholders/directors/signatories), and their residential address (not a postal address). Should the name on the bill be that of a spouse, landlord, or employer, then a letter from the said person confirming the relationship and the address must be stated.
In the case of a spouse, an original copy of the marriage certificate would be acceptable and in the case of a landlord, an original copy of the tenancy agreement would be acceptable.
- Proof of company’s address with a utility bill of not more than three (3) months old that bears the company’s name. Should the name on the bill not be that of your company, then a letter from that person on the utility bill confirming your company’s relationship and address must be stated. Otherwise, a copy of Notice of Registered Office and Postal Address bearing the stamp of the Registrar of Companies would suffice.
- In the case the shareholder is itself a company, proof of its Registered Address or Principal Place of Business such as the Notice of Registered Offices must be provided.
- Originals and photocopies of documents depending on your business type would be required. Based on your business type or class, the following documents would be required.
Requirements for opening a bank account in Ghana – Limited Liability Company
If your company is registered as a Limited Liability Company, the following documents (originals and copies) would be needed.
- Certificate of Incorporation
- Certificate of Commence of business
- Regulations/memorandum of association
- Particulars of change (if any)
- Board Resolution
- Bank Mandate (a written instruction that lets the bank identify those authorized to have access to the account, limited withdrawal amount for third parties among others)
Requirements for opening a bank account in Ghana – Partnership
A registered Partnership business would typically require the following
- A Partnership agreement
- Certificate of Incorporation
- Change of Particulars (if any)
- Bank Mandate
Requirements for opening a bank account in Ghana – State Corporations or Government Agencies
- Instrument of Incorporations
- Letter of Consent
- Bank Mandate
Requirements for opening a bank account – Clubs/Societies/associations
- Constitution/rules
- Bank Mandate
Sole Proprietorship
- Certificate of registration of the business name
- Details of ownership
- Current registration receipt
- Bank Mandate
External Companies
- Articles of Association
- Power of Attorney
- Confirmation letter from Registrar of External Companies
- Bank Mandate
Schools
- Certificate of Registration (Ministry of Education Authority)
- Business Name Registration
- Bank Mandate
Once you follow the necessary steps, your business will have a bank account ready for use.
