Essential Documents You Need to Open a Business Bank Account

Opening a business bank account requires specific documentation that proves your company’s legitimacy and complies with financial regulations. Banks around the world request these documents to meet anti-money laundering standards, verify ownership and legitimacy, and guarantee everything is proper before establishing bank relationships. This article outlines what documents you need to open a business bank account, explaining each requirement and its purpose in the account opening process. 

Understanding the process and the requirements before going to the bank enables you to complete your application quickly and efficiently. 

Why Banks Require Documentation 

Banks are bound by strict laws. Before opening any account, a bank must verify the identity of parties concerned, the authenticity of the business, and the source of its funds. Anti-Money Laundering regulations (AML), Know Your Customer protocols (KYC) and due diligence requirements were established for banks to obtain and verify documentation before opening any business banking relationship. These business bank account requirements and documents serve multiple purposes: they confirm the identity of their customers and help the bank to understand the type of their business. 

Proof of Identity and Address for Business Owners 

All the people who are affiliated with an enterprise, such as the owner, director or signatory officer, need to present government identification. These are passports or national identity cards containing photographs. All documents presented must have a valid expiry date. Banks require these to verify that the person opening and managing the account is who they claim to be and have the legal authorization to act on behalf of the company. 

The banks will usually request a recent utility company bill, tenancy agreement, or government letter showing the client’s home address. This is known as the “proof of address”. Such letters or documents must be the client’s current address and not more than three months old. The double check ensures the bank has accurate and current information of the people behind the business account, and the correct way of contacting them if the need arises. 

Business Formation and Registration Documents 

To confirm that a company is legally in existence, the bank also requires official formation and registration documents. 

These include articles of Incorporation or Certificates of Formation for limited liability companies and corporations, or registration certificates for sole proprietorships and partnerships. These documents are issued by government authorities when companies register, and they contain essential information including the business name, formation date, registered address, and business structure. Corporations, partnerships, and limited liability companies all require these formation documents. Without these formation documents, a bank can’t confirm the existence of a company or proceed with account approval.  

Operating Agreements and Internal Governance Papers 

Internal governance documents define how a business operates and who holds decision-making authority. Operating agreements define how limited liability companies function internally. They detail ownership percentage, management structure, voting, and decision processes for major business decisions. 

Partnership agreements serve the same purpose for partnership setups, defining rights, responsibilities, and profit share for each partner. Corporations may need to provide bylaws or shareholder agreements that establish governance frameworks. These internal documents demonstrate organizational structure and ensure that those opening accounts possess the correct authorization. Banks require these to understand authority distribution in the organization and to determine who can open accounts and conduct banking transactions. 

Employer Identification or Tax Number 

Every business must have a unique tax identification number. 

In some areas, it is called an Employer Identification Number (EIN), and in others, it may be a Tax Identification Number (TIN) or Company Registration Number. 

Regardless of the name, this identification number distinguishes the business entity from its owners for tax and regulatory purposes. Banks request this number to report business activity in tax returns and to have the records straight. Banks link this number with your business account so that you can have multiple business bank accounts with different banks if all the documents are in order. 

Proof of Business Address 

Banks need proof that your business operates from a legitimate address. This evidence may come in the form of a lease agreement naming the company as tenant, a recent utility bill addressed to the business, or a business licence showing the operating address. 

Some business owners operate through virtual offices or serviced business centres. While some banks accept them, there are others that require a physical address where a business operates. Whether virtual addresses are accepted or not depends on the bank’s specific policies and the jurisdictional regulations. In case you are to utilize virtual offices, you need to check with the chosen bank whether it has any provision for such before beginning the application process. 

Additional Documents Banks May Request 

In addition to the standard requirements, banks may request some additional documentation depending on business type and structure. Conducting business in certain regulated industries such as healthcare, legal services, or financial advisory, requires professional licenses. These licenses prove that the business meets industry-specific regulatory standards. 

Beneficial ownership statements identify individuals who effectively control or enjoy the benefits of the business entity, normally owners with 25% or more. The global standards mandate the disclosure in order to prevent money laundering and financing of terrorism. 

Global Considerations for Documentation 

International banking involves additional complexity. Businesses operating across borders face additional difficulties and expanded documentation requirements. Banks serving international clients must be mindful of local and foreign regulations, increasing additional verification processes as opposed to local standards. 

Documents issued in foreign countries may need apostille certification or notarization to verify authenticity. All the documents must be translated to the language of the foreign country from which the bank is operating. Ascot provides these services anywhere in the world, assisting businesses in navigating documentation requirements across multiple jurisdictions. This global capability can help you and your business to establish banking relationships regardless of where you are or operate from. 

FAQs 

What documents you need to open a business bank account? 

The standard global documentation includes proof of identity for all owners and signatories, proof of address for these individuals, business registration and formation documents, an operating agreement or partnership agreement, the employer identification number or tax identification, proof of business address, and beneficial ownership declarations. Additional documents may include professional licenses, shareholder lists, and board resolutions depending on business structure and banking institution requirements. 

Do requirements differ by country? 

Yes and no, the basic list of papers does not differ between jurisdictions worldwide. But some specifics do change, like what types of identification banks will accept, the format of tax identification numbers, and what regulatory guidelines apply. International banking relationships will tend to require additional verification procedures and documents to cope with multiple regulatory systems. 

Can you open a business bank account without registration papers? 

No. Registration papers are mandatory for corporations, partnerships, and limited liability companies. Operating without registration papers violates compliance standards that financial institutions must maintain. 

Why do banks require beneficial ownership documents? 

Global anti-money laundering regulations mandate that financial institutions identify individuals who ultimately own or control business entities. These transparency requirements prevent criminals from hiding behind corporate structures to launder money or finance illegal activities.  

Can you use a virtual address to open a business bank account? 

Acceptance of virtual addresses differs based on the policy of the concerned bank as well as the governing body of the country. While some banks accept virtual office premises, others require physical business spaces. 

References  

U.S. Bank. (n.d.). Business checking account application requirements checklist. Retrieved October 5, 2025, from https://www.usbank.com/business-banking/business-bank-accounts/business-checking/application-requirements-checklist.html 

Wells Fargo. (n.d.). Required documents to open a business checking account. Retrieved October 5, 2025, from https://www.wellsfargo.com/biz/required-documents/ 

Midland States Bank. (2025, May 29). Documents to start a business bank account. Retrieved October 5, 2025, from https://www.midlandsb.com/resources-articles/articles/2025/05/29/documents-to-start-business-bank-account