Opening a Company Bank Account in Kenya
Registering a Company in Kenya is no longer hustle. Today, individuals or groups can apply for a Company and after submitting the necessary documents have it incorporated within a few days.
The whole process can be done online through the E-Citizen Platform or through a Professional Consultant.
After registering your Private Limited Company or Business, you may want to open a bank account. This will require that you physically visit the bank of your choice and fill in the necessary application forms.
List of documents required to open a Company Bank Account
- An Original and Copy of the Company’s Certificate of Incorporation – The certificate must have scannable QR Codes. – This document is downloadable on your E-Citizen account.
- Original and Copy of Memorandum and Articles of Association – for companies incorporated after the enactment of the Companies Act 2015.
- A Board Resolution Letter on the company’s official letterhead authorizing the opening of the Company Bank Account – signed by the Director(s).
- KRA Pin Certificate or Tax-Exempt Certificate for the Company.
- An introduction letter from an existing customer of that bank – This is not always necessary.
- Audited financial statements of the Company for the last full year – not required for new Companies.
- Identification documents of all directors of the Company and any Shareholders owning 25% or more. These documents include; KRA Pin Certificate plus Original and Copy of National Identity Card (ID) or a Valid Passport.
- A duly signed Company Registration Form (Form CR1) – for companies incorporated after the enactment of the Companies Act 2015.
- Form CR2 Memorandum for a Company with share capital.
- – Or, Form CR3 Memorandum for a Company limited by Guarantee.
- – Or, Form CR4 Memorandum for a Company whose liability is unlimited;
- Form CR8 showing the residential address of the Directors of the Company
- An updated Form CR12 that shows the list of Directors and Shareholders of the company.
For any subsequent amendments or updates of the company details in the CR12, a professional practicing certificate is required – indicating the firm (Law, Accounting or Audit) that did the amendments.
Verification of the Company Details by the Bank.
On submiting the filled application form and required documents, the bank will do a background check on your Company. This takes about four working days and if all the information matches, your Company Bank Account will be ready for transactions.
Also check out: How to open a Safaricom’s Lipa na Mpesa Till Number (Buy Goods and Services) for your Company.