How to Open a Current Account for an LLP

For conducting legal business activities, a legal entity, including an LLP (Limited Liability Partnership), needs a bank current account. This account provides access to numerous services: you can pay suppliers, disburse employee salaries, transfer money between your accounts, pay taxes, and make other contributions.

How do you open a current account for a legal entity? What documents need to be prepared? We explain the nuances you should be aware of.

How to Open an Account for an LLP

If you registered your LLP online on the e-government portal Egov.kz, you likely opened an account and insured your employer's liability during the partnership registration stage.

However, it often happens that the founder skipped this step or later needs to open several additional current accounts. In this situation, you should contact the bank with a prepared package of documents. Incidentally, in most banks, this service is available online.

What Documents Do You Need to Gather Before Opening a Business Account?

You need to provide the bank staff with a complete package of necessary documents, which includes:

• Certificate of registration of the partnership. The document indicates the BIN - this is the business identification number of the legal entity.
• A copy of the document that confirms the director's identity. Note that the copy must be notarized.
• A copy of the charter. It is also notarized.
• A copy of the decision to appoint the director (notarized).
• A power of attorney allowing the person applying to the bank to represent the partnership's interests and giving the right to open a current account.
• A document with sample signatures.
• A sample signature of the director and chief accountant (if the company does not have a chief accountant on staff, then only a sample with the director's signature).

Please note: if your partnership operates in a licensed industry, you also need to supplement the package of documents with a copy of the obtained license.

You will write an application on-site. Typically, the account is opened within a few minutes, avoiding a long wait.

How to Open a Bank Account for an LLP Online

Visiting a bank is not difficult, but it does take a lot of time. Therefore, an alternative option is to open a current account online. You need to go to the chosen bank's website and follow a few simple steps.

Let's look at the specific steps for opening a current account with Bank CenterCredit:

• Go to the official website of Bank CenterCredit, select the "Business Clients" section, and click "Proceed."
• Go to the "Account Opening" section and click "Detailed Terms."
• On the new page, click "Open Account."

Then you will go through several stages, including filling in basic information (the manager's phone number, to which an SMS code will be sent to continue the procedure) and company information. You also need to decide on the account parameters (currency, service package). The final stage is signing the application. In a few minutes, you will receive the details via email, which can be immediately used for preparing payment orders, acts, etc.

How to Open an Account for a Foreign Legal Entity in a Kazakh Bank

Kazakhstan is attractive to foreign businessmen because the country creates the most comfortable conditions for business activities. For example, a foreign company can easily open an account in a Kazakh bank. This can even be done by a company without branches in Kazakhstan. And since foreign companies, when opening a current account, do not become residents, they do not need to pay taxes to the country's budget.

Everything seems simple. However, there are a number of key points. Firstly, before opening an account, every foreign organization undergoes a thorough check by the bank's compliance control service. This is necessary for the financial organization to ensure the integrity and reliability of the counterparty. Secondly, foreign companies are almost universally unable to open accounts online - the founder must visit the bank personally.

Thirdly, the list of documents in this case will be longer. You need to provide the bank with:

• Signature samples.
• An extract from the trade register. You can submit either the original or a copy, but the copy must be notarized.
• Documentation confirming the authority of the persons arriving at the bank and signing the documents.
• A copy of the passport of the person signing the papers.
• A document appointing the director.
• A license (if required for business activities).
• A document confirming the company's BIN.

Note that the list of documents may be longer due to the specific bank's requirements. Therefore, it is worth reviewing the list in advance before visiting the bank.

Bank settlement and cash services significantly facilitate the partnership's work, increase its efficiency, and minimize documentation. To access these services, you need to open an account in any bank. Moreover, it does not necessarily have to be done in person - online services are available. Account opening is possible not only for resident companies but also for foreign legal entities.


This article has been translated from its original language using neural network-based translation technology.