FreeComplianceOpening a current account for a new private limited company
1 min read
A company bank account is needed almost immediately: subscribers must deposit their share money before INC-20A can be filed. SPICe+ lets you request an account through AGILE-PRO-S, but you can also open one with any bank after incorporation.
Documents banks ask for
- Certificate of Incorporation
- Company PAN
- MOA and AOA
- Board resolution authorising the account and naming signatories
- KYC of every director and authorised signatory: PAN, Aadhaar or passport, photograph
- Registered office address proof
- List of directors and shareholders with holding percentages (for beneficial owner checks)
Tips to avoid delays
- Use the same bank that a director already banks with; KYC is faster.
- Make sure the board resolution matches the bank's own format.
- Expect a physical or video verification of the registered office.
- Once open, have every subscriber transfer their share money from their own bank account, so the statement supports INC-20A.
Frequently asked questions
No. The company is a separate legal entity and needs its own current account in its own name.
No. Banks accept the Certificate of Incorporation and company PAN.
This guide is general information, not legal advice. Government fees and procedures change; confirm current figures before you file.
Read next
- INC-20A: declaration for commencement of business
What INC-20A is, the 180-day deadline under Section 10A, documents needed, and the penalties for missing it.
- First board meeting after incorporation: agenda and checklist
The first board meeting must be held within 30 days of incorporation. Here is the standard agenda, documents and resolutions to pass.
- Post-incorporation compliance checklist for private limited companies
Everything a new private limited company must do in its first 180 days: board meeting, auditor, share certificates, INC-20A and more.