The goal is not to create the biggest bundle of paper. It is to give the bank the documents it actually uses to verify the business, identify the controlling persons, understand expected activity and confirm who may operate the account.
The package should follow the bank, not the other way around
Bank requirements differ. First Citizens publishes a limited-company list that includes a letter of request, by-laws where they exist, a company resolution, incorporation records, identity information and financial evidence. Republic Bank publishes its own checklist and start-up financial requirements. RBC's detailed public requirements are particularly clear when financing is involved.
Therefore, select the bank before finalising the package. A document prepared for First Citizens may not be phrased the way Republic or RBC expects.
Layer 1: legal existence and Registry documents
For a sole trader, the core document is the Certificate of Registration and any relevant statement of change. For a company, the core file normally includes the Certificate of Incorporation, Articles of Incorporation and the notices that establish directors, secretary and registered office.
Where the bank needs current status information, an old set of incorporation documents may not be enough if the directors or address have changed. The bank may ask for current filings or a recent annual return.
Layer 2: authority to open and operate the account
A limited company acts through authorised people. First Citizens expressly asks for a company resolution stating the directors' consent to open the account, the authorised signatories, specimen signatures and signing authority. Its request letter also identifies the purpose of the account.
This is a governance document, not a marketing letter. The resolution should reflect the company's actual decision and the company records should support it. If legal drafting is required for unusual ownership or governance arrangements, obtain legal advice.
Layer 3: ownership, beneficial ownership and identity
Banks need to identify the natural persons who own or control the business. First Citizens asks for information on shareholders holding 10% or more of paid-up share capital. The Companies Registry beneficial-ownership regime also uses a 10% ownership/control threshold as a key test, with ultimate effective control and senior managing official rules where appropriate.
Prepare valid identification and address evidence for the relevant directors, secretary, owners, beneficial owners and signatories before the appointment.
Layer 4: the start-up financial story
For a new business with no three-year trading history, the bank needs a rational picture of what cash is expected to enter and leave the business. Republic Bank asks start-ups for an opening balance sheet and cash-flow projection. First Citizens accepts monthly income projections for three years for a new business. RBC's published financing requirements include monthly cash-flow projections for three years and, for a new business seeking credit, a business plan and projected financial statements.
A useful projection shows assumptions: unit sales, price, seasonality, payment terms, payroll, rent, utilities, inventory, debt payments, equipment purchases, owner funding and opening cash. The arithmetic should follow the commercial story.
Layer 5: bank letter, stamp and supporting items
A bank opening letter should identify the business, the selected bank, the purpose of the account and the requested relationship. A company resolution is different: it is evidence of a company decision.
A business stamp may also appear on a bank's list. Do not assume it is universally required. First Citizens ties a company stamp to the company's by-laws in its limited-company checklist; Republic's sole-trader checklist lists a company stamp for registered entities.
BizReg offers a self-inking company stamp as a separate add-on and three-year projections with a bank opening letter.
A practical bank-readiness checklist
| Category | What to prepare | Why it matters |
|---|---|---|
| Registration | Certificate, Articles/notices or business registration | Proves legal/registered identity |
| People | ID and address evidence for relevant owners/controllers/signatories | KYC and authority |
| Governance | Request letter, resolution, by-laws where applicable | Shows who may open and operate the account |
| Financials | Historic accounts or start-up projections and assumptions | Explains expected activity and viability |
| Sector | FIU registration, licences or professional registration where applicable | Regulatory due diligence |
What BizReg can and cannot do in this package
BizReg can prepare administrative business-registration support, cash-flow projections based on information supplied by the client, an opening letter and related readiness documents within the agreed scope. The business owner remains responsible for the accuracy of assumptions supplied. A bank makes its own approval decision, and BizReg cannot guarantee that an account, credit facility or merchant service will be approved.
Start with the banking preparation service or review all BizReg services.
Questions people ask
Can BizReg guarantee that the bank will open the account?
No. The bank makes its own due-diligence and approval decision. A well-prepared file can reduce avoidable document gaps, but it cannot guarantee approval.
Is a bank opening letter the same as a company resolution?
No. The opening letter communicates the request to the bank. A company resolution records the directors' or company's formal decision and authority, where required.
References
Requirements can change. Check these references for current details.