Bank account opening checklist

This guide is for anyone preparing to open a business bank account for a new or existing company, especially cross-border. It is not for you if you only need a personal account or already have a complete KYC pack and clear approval path.

Banks assess risk and compliance. A complete, consistent application with a clear narrative and verifiable source of funds improves approval odds. Gaps, contradictions, or high-risk business types without clear documentation hurt them. See Payment processors readiness for gateway requirements.

Account opening itself is often free; timelines vary by bank and jurisdiction (weeks to months). See Costs, timelines, hidden fees for typical stages and what drives delay.

Typical KYC pack:

• Valid ID (passport or national ID).
• Proof of address (utility bill or bank statement, usually < 3 months).
• Certificate of incorporation and constitutional documents.
• Register of directors/shareholders or equivalent.
• Business description / narrative (what you do, clients, expected turnover and flows).
• Source-of-funds evidence (e.g. employment, sale of asset, existing business — with supporting docs where possible).

Use Bankability checklist for a printable list.

After opening, banks expect ongoing compliance: accurate records, timely responses to requests, and no material change in business or beneficial ownership without notifying the bank. See Compliance (CRS/FATCA/AML) for context.

Rejection drivers: incomplete or inconsistent KYC; weak or vague business narrative; no credible source-of-funds trail; high-risk industry without policies or proof of delivery; jurisdiction or structure the bank does not serve; previous adverse findings or sanctions. Address these before applying; see Red flags & scams for due diligence when choosing providers.

If one bank declines, others may accept your profile; try a shortlist from Compare jurisdictions. Some use cases suit multi-currency or EMI accounts; see use-case pages and Payment processors readiness.

What is a business narrative?

A short, factual description of your business: what you sell or do, who your clients are, where they are, and what payment volumes you expect. Banks use it to assess risk and fit. Keep it clear and consistent with your documents.

What counts as source of funds?

Evidence of where the money to fund the company or account comes from: e.g. salary slips, employment contract, sale agreement, existing business accounts, inheritance. Banks want a credible trail; unexplained wealth raises flags.

Why was I rejected?

Banks rarely give detailed reasons. Common causes: incomplete docs, narrative that does not match documents, high-risk sector without clear controls, or internal policy (e.g. no new entities in a given jurisdiction). Strengthen your pack and narrative and try another provider.

Do I need a local address?

It depends on the bank and jurisdiction. Many require proof of address (yours or the company’s); some accept correspondence address or registered office. Check the bank’s list before applying.

Can I use the same pack for multiple banks?

Yes, but ensure everything is up to date and consistent. If one bank asked for more and you supplied it, include that in the next application so the story is complete.

• Start here — decision flow.
• Jurisdictions — where to incorporate and bank.
• International business structuring — entity, banking, payments.
• Compliance (CRS/FATCA/AML) — why banks ask what they ask.
• Bankability checklist — printable readiness.
• Request introductions — when you are ready.