Thursday, November 29, 2007

How to open a company current account

Here goes another life lesson that may be helpful to some of you...

I opened my company account at Public Bank cuz it's just round the corner from mine. However, I had some reservations because of previous experience opening a savings account (for my previous job), when I found out that they were super fussy about documents. I hate that.

There was actually one time the woman asked me to sign several thousand times on a form because my signature wasn't quite like what they had on file.

Anyway, I decided a bit of hassle was worth the convenience of them being right at my doorstep. So for what it's worth, here's how to open a company current account with Public Bank.

  1. Get an 'introducer' who has had a current account (personal or company) with PB for more than a year.
  2. Get a company stamp made. It doesn't have to have a signature line underneath. Mine's got my mascot and company name.
  3. Get a form to open a current account from the Customer Service person.
  4. Fill up the form with your company information (have your registration docs with you) and introducer details. If it's a partnership, you'll need a letter or agreement that it really is a legal partnership. Bring your IC too.
  5. After sending in your form and photocopied company documents, they'll tell you to wait a week while they check your company out at the Registrar. I don't know what the heck for since I had to show all my original company documents anyway.
  6. (As I'm writing this, I'm still waiting for them to get back to me - it's one day before they're supposed to call).
  7. Anyway, after they call confirming your company is indeed real and not pirated, you have to deposit a cheque of at least RM3000 (which, I was told, you can withdraw the next day).

That should be it! Let the money come rolling in!

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