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As a foreigner starting a company in the Philippines, one of the first things you’ll need to do is open a business bank account.
This guide will walk you through the process of opening a business bank account in the Philippines.
Requirements to Open a Business Bank Account in the Philipines
Here’s the list of documents required to open a business bank account in the Philippines:
- Articles of Incorporation
- Certificate of Registration with the Securities and Exchange Commission
- Corporate By-Laws
- Board Resolution duly notarized incorporating the following:
- Authority to open a bank account
- List of officers authorized to sign and the nature and extent of such authority
- Notarized List of Officers, Board of Directors, and Stockholders
- Two (2) valid identification cards of signatories.
In addition to these documents, some banks also have minimum deposit requirements. For a corporate bank account, the typical deposit amount is PHP 100,000. Furthermore, most banks require the company director to be there in person.
As a Corporate Secretarial Services provider, Emerhub assists you with compiling all the necessary documents and liaising with the bank. Because of our partnerships with some of the banks, Emerhub clients are not always required to be physically present when opening their corporate bank account.
Is it Possible to Open a Corporate Bank Account Online in the Philippines?
While most of the banks in the Philippines require your physical presence, it is possible to open a business bank account online at Union Bank with Emerhub’s assistance.
Opening a Corporate Bank Account During Company Registration in Philippine
If you are in the process of registering your business in the Philippines, opening a regular corporate bank account right away is not possible.
However, banks offer a temporary solution – the Treasurer’s Trust Fund Account
What is a Treasurer’s Trust Fund Account?
A Treasurer’s Trust Fund Account (TTFA) is a provisional account that can be opened during the company registration process to deposit the paid-up capital. This proves these funds are committed until your company is formally registered with the Securities and Exchange Commission (SEC).
Here are the key details about the TTFAs:
- You cannot withdraw or transact funds until SEC registration is obtained
- You can provide bank statements to the SEC showing available capital as evidence during the registration process
- The bank will convert the account into a full corporate account after SEC registration
- Only the company Treasurer is the authorized signatory
Once your business is formally registered with the SEC, you can approach the bank to convert the TTFA into a standard corporate bank account.
Major Banks to Open a Business Bank Account in the Philippines
Major banks in the Philippines to open a corporate bank account include:
- BDO Unibank
- Unionbank
- BPI
- Security Bank
- RCBC
