OPENING OF COMPANY ACCOUNTS COMPNY ACT

1956
Particulars

Pvt.Ltd. Co.
Public
Types of Companies Ltd.Co,
1.Private Ltd Co.2.Public Ltd. Co.3.Govt,Co
Minumum
2
7
Difference between Private and Public Ltd Co
Members
.
Max.Members
50
Unlimited
Minimum
Directors

Max.No.
Directors

No ceiling

No Ceiling

Start business
on basis

Cert.of
Incorporation

Cert,of
Incorp.&
Cert.of
Commence
ment of
business

Transfer of
Shares

Restricted

No
restriction

Listing of

Not Listed

Listing on

Documents to be taken for opening account of

Ltd.Cos
Memorandum of Association- Deals with object of the
Company,authorisedcapital,Registered office location, etc.
Articles of Association-Deals with rules and regulations for carrying out the
object of the Company, Borrowing powers of Board of Directors, Company
meetings, use of Comman Seal etc.
Certificate Incorporation- Birth certificate issued by Registrar of Companies
Certificate of Commencement of Business- Required for Public
Ltd.Companies
Board Resolution- Extract of the meeting held by the Company for the purpose
of opening the account- To be signed by the Chairman of the board and Certified
by Company Secretary
Documents to be obtained 1.Account opening form signed by all authorised
signatories together with photographs 2. Copy of Memorandum and Articles of
Association. 3.Copy of Certificate of Incorporation4. Copy of Certificate of
Commencement of business in case of Public ltd Companies5.Copy of Board
Resolution indicating who will operate the account 6. KYC Documents for
Company and the directors, Photo identity and address proof (Company
address) 7.Pan Card of Company and Directors