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- Passport or other identity confirmation documents: This can be a passport or residence permit. It’s important that the document is valid and contains a clear photo.
- Proof of permanent residence: This is a document with the company’s registration address. One of the key factors that banks consider when opening and managing an account is the director’s place of residence. Providing evidence of a connection to the country where the account is to be opened is an important criterion. Banks often view companies more positively if the director has a visa connection to the country, such as obtaining a residence permit (VNZ) or permanent residence (PMZ) in the Czech Republic. Particularly, if the director is a Czech citizen, this contributes to a more favorable relationship with the bank. The company is not automatically classified as high-risk, and the requirements for ongoing compliance checks are reduced.
- Documents confirming the status of your business: This typically includes: – Company name – Identification number – Date of company establishment – Entrepreneurial experience – Organizational structure – Number of employees and their positions – Actual owner of the company – Industries where business activities are conducted – Certificate of registration – License if required for business operations – Founding documents and an extract from the trade register – Annual turnover of the company – Organization’s website – Detailed description of the company’s activities – Office address – List of contractors, partners, and clients in the country
- Documents confirming financial stability: Banks may require evidence of your financial stability, such as bank statements and information about the source of funds, including the amount and origin of the so-called “initial contribution.”
- Additional documents for opening a bank account: Depending on the specific bank and type of account, additional documents may be required, such as income statements, a business plan, etc.
The importance of checking documents for opening a bank account:
Before submitting documents, it’s crucial to ensure that they are up-to-date and meet the requirements of the chosen bank. Since the necessary conditions may vary depending on the bank, it is recommended to contact the financial institution directly or visit its website for the most current information.
The account opening process:
Usually, the account opening process involves filling out a KYC (Know Your Customer) form and providing all necessary documents. Some banks may offer online document submission, but it’s typically required to personally visit the financial institution, especially for contract signing.
Consequences of an official refusal to open an account:
It’s important to emphasize that receiving an official refusal from the bank to open an account can have long-term consequences. In the case of a refusal, the likelihood of successfully opening an account with the same bank in the future is almost zero. This applies not only to the legal entity for which the attempt to open an account was made but also to the individual – the director or founder.
In other words, if you, as an individual, receive a refusal, you may be added to the list of undesirable clients. This means that even when attempting to open an account for another company, you will encounter the same difficulties. The bank’s system is structured to associate “checks” or marks of distrust with the name of the individual who submitted the application and automatically links them to all legal entities associated with that individual.
Therefore, it is crucial to approach the process of opening a bank account with the utmost seriousness and attention, as errors or deficiencies in this process can have long-term negative consequences.
