Bankability checklist

Who this is for / not for

This resource is for anyone preparing to open a business bank account or apply to a payment processor and wants a printable checklist and simple readiness score. Use it before you apply to reduce gaps and delays.

Decision summary

Use the checklist below to gather documents and narrative. A simple readiness score: if you have all items (or a clear plan for each), you are in good shape; if you are missing more than one or two, complete them before applying. Links to guides and use cases are in Next steps.

Docs & KYC checklist

Checklist — have you got the following ready?

  1. ID — Valid passport or national ID for each beneficial owner/director.
  2. Proof of address — Utility bill or bank statement (usually < 3 months) for persons the bank asks for.
  3. Company documents — Certificate of incorporation, memorandum/articles or equivalent, register of directors and shareholders (or equivalent).
  4. Business narrative — Short description: what you do, who your clients are, expected turnover and flows. Clear and consistent with the rest of the pack.
  5. Source of funds — Evidence of where funding comes from (e.g. employment, sale of asset, existing business) with supporting docs where possible.
  6. Licences — If your activity requires a licence, a copy of the licence or proof of application.
  7. Contracts or proof of delivery — For processors: sample contracts, evidence of delivery, or clear terms of service (as per your use case).

Readiness score: Count how many of the above you have (or have a clear, realistic plan for). If you have at least 5 of 7 (and narrative + source of funds are never skipped), you are in a good position to apply. If not, use Bank account opening checklist and use-case pages to fill gaps.

Common failure points / red flags

Common gaps: no proof of address; vague narrative; missing source-of-funds evidence; inconsistent information across documents. Fix these before applying. See Red flags & scams for due diligence when choosing providers.

FAQ

What if I don’t have proof of address yet?
Banks often require it. Use a recent utility bill, bank statement, or official letter; some accept a registered office or correspondence address. Check the bank’s list; see Bank account opening checklist.
Do I need everything before applying?
Ideally yes — incomplete applications delay or get rejected. If one item is pending (e.g. licence in progress), say so and provide what you have; avoid applying with major gaps.
Is this checklist enough for payment processors?
Processors want similar identity and business info plus delivery evidence and sometimes policies. Use Payment processors readiness as well.

Next steps