Philippines corporate bank account in 2021
Healy Consultants’ corporate banking team will expertly handle all procedures on behalf of our Clients to open a corporate bank account in the Philippines for their domestic company.
We advise the optimum Philippines corporate bank account options by taking into consideration our Client’s specific business activity. Healy Consultants Group PLC will handle the tedious administrative process required by our Client’s preferred bank and if needed, our Philippines representative can also attend an introduction and compliance interview on our Client’s behalf.
- To support Philippines company formation, Healy Consultants will assist our Clients with accessing a full range of tailored Philippines corporate banking facilities comprising of i) single and multiple currency accounts ii) telephone banking iii) internet banking iv) savings and checking accounts v) debit and credit cards and vi) wealth management services;
- The major local banks in Philippines include Union bank, Banco de Oro (BDO) Unibank, Metropolitan Bank and Trust, Bank of the Philippine Islands, Development Bank of the Philippines and Asia United Bank. Healy Consultants recommends our Clients to work with domestic banks especially if the company plans to deal exclusively with local Clients and suppliers;
- For Clients with both Filipino and international operations, Healy Consultants recommends opening a Philippines corporate bank account with an established international bank offering better banking services including reliable internet banking and multi-currency accounts. Foreign international banks in Philippines include HSBC, Standard Chartered, Citibank, ANZ, and JPMorgan Chase & Co. A complete list of banks operating in the country can be found on the Central Bank (Bangko Sentral Ng Pilipinas) website;
- Generally, local banks will require an initial minimum deposit of at least US$2,000 which must be deposited into the corporate bank account within 1 week of approval. International banks, however, may require an initial deposit and minimum monthly balance of US$10,000. It is advisable to maintain this minimum amount to avoid average monthly service charges of US$25.
Opening corporate bank accounts in Philippines
- To assist our Client access Philippines business banking services, Healy Consultants can open an international bank account or a local corporate bank account within 4 weeks of completing Philippines business setup. View the detailed guide of the corporate bank account opening process;
- The due diligence documents required for opening a company bank account in Philippines include, but are not limited to i) the Articles of Association and By-Laws in English or a certified translation of the same ii) the SEC certificate of registration iii) notarized board resolution with names of signatories authorized to open and operate the corporate bank account(s) iv) a general banking Power of Attorney from the board of directors (optional) and v) proof of listed status on the stock exchange (if applicable);
- There is a significant probability that the Client will be obliged to travel to Philippines to personally meet the bank officer(s) before the corporate account is approved. However, Healy Consultants, will negotiate with the banks to waive this request. Read the detailed information regarding steps following corporate bank account application;
- After approval of the company bank accounts, the preferred bank will directly send our Client a courier with the complete banking kit, which often includes including i) corporate bank account details, ii) internet banking password and token and iii) initial correspondence.
- Philippines banks can provide financing to Philippine registered companies on a case-by-case basis. To support quality application, Healy Consultants advises our Client to prepare: i) a detailed business plan ii) proof of business globally iii) proof of experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study
- Healy Consultants can assist our Clients secure a specific loan, overdraft or simply preferential credit terms during the engagement, thanks to our established relationship with Philippines banks.
Exchange Controls and Other Regulation
The Philippines impose no restrictions on the inflow or outflow of funds for remittances of profits, payments to third parties, capital gains, debt service and imported inputs or returns on intellectual property.
Frequently asked questions
Can Healy Consultants advise me the best bank in Philippines?Yes, our Firm will assist our Clients with selecting the Philippines business banking solution the most fit to our Client’s business. Most of our foreign Clients like to open a corporate bank account at a globally recognized institution such as HSBC or Citibank. However, our Clients running a business mostly aimed at local consumers and/or outside of Manille and other large Philippines cities will often prefer to go with a local option for corporate banking in Philippines.