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Business Accounts

WHAT YOU NEED TO KNOW ABOUT OPENING AN ACCOUNT FOR YOUR BUSINESS

Getting started with JMMB is easy and we are here to help you every step of the way. The first thing you will need to do is gather all the necessary documents. We invite you to review the account opening information below for Incorporated Companies, Sole Trader/Proprietor and Partnerships. If you do not see your company type mentioned here, please click here.

However, we do recommend that you have a conversation with a JMMB representative, as the structure of your business may have unique requirements.

INCORPORATED COMPANIES

  1. Certificate of Incorporation
  2. Memorandum and Articles of Association (for companies not registered under the Companies Act, 2004)
  3. Articles of Incorporation (for companies registered under the Companies Act, 2004)
  4. Company Taxpayer Registration Number (TRN)
  5. Resolution of the Board of Directors (authorizing the establishment of the business relationship and relevant signing instructions on account)
  6. Tax Compliance Certification (TCC)
  7. Valid license for the operation of the business (where applicable)
  8. List of Authorized Signers/Directors and specimen signatures for each
  9. TRN certified copies for all Authorized Signers and Directors
  10. Copy of Identification for all authorized signers, Directors and Majority Shareholders
  11. Proof of Address for Company, Authorized Signers, Directors and Majority Shareholders. The Company Secretary may provide a letter, listing the names and addresses of all Directors, Authorized Signers and Majority Shareholders confirming that they are Directors/Signing Officers/Majority Shareholders of the company and that the necessary paperwork has been filed with the Office of the Registrar of Companies. This letter must be accompanied by a certified copy of Form 23 from the Office of Registrar of Companies confirming the identity of the Company Secretary.
  12. For Corporate Accounts. Audited financial statement; description and place of the company’s principal line(s) of business; major suppliers; list and names of principal owners; directors; management officers; bankers; customers and bearers; must be submitted.
  13. Source of Funds Information. A description of the source of funds being used to open the account, as well as the source of future investments or deposits.

 

To view a more detailed list of account opening requirements, click here.

 SOLE TRADER/PROPRIETOR

  1. Valid Business Name Certificate. This certificate is issued by the Office of the Registrar of Companies and is valid for 3 years from the date of issue. The individual opening the account must be named on the Business Name Certificate as a partner or sole proprietor of the business.
  2. Business Name Tax Registration Number. Although the TRN would be the same as the individual’s TRN, the TRN Department will issue a data sheet which separates the information relevant to the individual vs. the Business Name.
  3. TRN. Required for all signatories on the account.
  4. Identification Information for authorized signers on the account
  5. Source of Funds Information. A description of the source of funds being used to open the account, as well as the source of future investments or deposits. 
  6. Proof of Residential Address. Required for all signatories on the account. This should include your name and home address, and must not be older than 3 months. [e.g. Current utility bill including, electricity; telephone; water; cable; post-paid mobile phone bill; (Please note that the service address on the utility bill must correspond with the address indicated as your residential address.) Government property tax receipt duly stamped by the Tax Collectorate; Letter from a Justice of the Peace; Current credit card or bank statement; Postmarked envelope showing your current permanent address; (e.g. Mail yourself an envelope to your current residence, once received this can be used to show proof of your residential address.) 

IMPORTANT:  You may choose to use the Address Verification Form, as an alternative way of verifying your address. Click here to access the form

 

To view a more detailed list of account opening requirements, click here.

PARTNERSHIPS

  1. Registration of Business Name Certificate (If the name of the business contains the full name of the partners, then the Business Name Certificate is not required)
  2. Partnership Agreement
  3. Partnership Mandate authorizing the establishment of the business relationship
  4. TRN of Partnership
  5. Tax Compliance Certification (TCC) (if available)
  6. Valid license for the operation of the business (where applicable)
  7. List of Authorized Signers and specimen signatures
  8. Identification Information for authorized signers on the account
  9. Proof of Address for Partnership, all Partners and Authorized Signers
  10. Source of Funds Information. A description of the source of funds being used to open the account, as well as the source of future investments or deposits. 

 

To view a more detailed list of account opening requirements, click here.

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