Bank Account Introduction
Once we have incorporated your Irish company, usually the next step is to open a business bank account. We can assist in the opening of a bank account on your behalf upon incorporation of your company.
We can provide an introduction and make an application for a business bank current account with Bank of Ireland on your behalf. Depending on the structure of the company at least one director will be required to attend the branch after we have presented the application. Formacompany will guide you through the process, assist with the preparation of the documentation and present the application for you. We will then make a suitable appointment with a branch in central Dublin for you. There are certain documents that the bank will require from your company and the Directors and beneficial owners before the account can be opened.
The bank will require you to sight the following documents:
- Original Certificate of Incorporation
- Copy of the Memorandum and Articles of Association
- Copy of form A1
Due Diligence
Under European Union legislation banks are now required to know their clients and a Due Diligence questionnaire must be completed for all new business bank account opening requests.
Before they can proceed with the application they are required to obtain sufficient proof of identity for the principals. Upon completing the due diligence document you are required to provide the following for each director, beneficial owner and signatory:
- Present your passport for an official to sight
- Recent utility bill showing residential address
- Recent bank statement showing residential address
Where a director or beneficial owner is not attending the meeting with the bank a notarised copy of there passport is required.
In such applications where the directors, beneficial owners and signatories are unknown to the bank the following additional information is required.
- A letter from your current bankers confirming that they know you and for how long
- A letter from a solicitor confirming that they know you and for how long
When the beneficial owner is a limited company or body corporate legal opinion must be formed. To do so the following must be presented.
- Duplicate certificate of incorporation
- Certified copy of the memorandum and articles of association
- Certified document confirming the directors
Economic Link
As part of the due diligence questionnaire Bank of Ireland will request details of the rationale for opening an account in Ireland other than the fact that the company is registered in Ireland.
In giving consideration to opening an account the bank will request details of an economic link with Ireland and the bank will require at least one of the following:
- A trading presence in Ireland
- Employee(s) located in Ireland
- A director or beneficial owner residing in Ireland
- A key trading partner in Ireland
The international computer companies located in Ireland are not considered by banks as a key trading partner as it is considered that almost all companies worldwide deal with them and they just happen to be located in Ireland.
