Macau, a special administrative region of China, has been an attraction to investors who want to grow rapidly. It is particularly strategic for businesses that want to get entry to the large Chinese market. Once you register a company in Macau, it can only start operating after a bank account has been processed and completed.
Recently, a lot of bank accounts applications have been declined because they do not meet the standards required by the Macau Monetary Authority and the Financial System Act. The tactic is getting all the bank account documents Macau before making the application. The following are the documents that every bank applicant should have.
Certificate of incorporation
This means that prior to applying for a bank account; a company must be registered in Macau. This is done in the company’s registry after presenting the business structure, copies of passports for directors, and shareholders, and a duly completed name search. You are also required to get a company address when registering the company.
Latest business registration certificate
This is the certificate of registration given by the tax authorities in Macau. This certificate is used by the banks to establish whether the company has been registered and is compliant with all tax obligations. Most banks will cross-check this certificate with tax authorities to ensure that the information is correct before opening a bank account.
Memorandum and articles of association
The memorandum and articles of association are the two most important documents when incorporating a company in Macau. They define the company, define its jurisdiction, outline the share capital, and the operational structure. With the articles and memorandum of understanding, a bank is able to understand the nature of the relationship between shareholders. This bond is very important because it defines the success that can be achieved.
Minutes of Board of Directors meeting to open bank account
The decision to open a bank account for the company must have been agreed upon by the board members. They decide which bank to open an account in and the type of corporate account to go for. It is very important for the board of directors to review the bank services to identify the one that fits their enterprise.
Tax declaration to the Department of Financial Services
While Macau has been encouraging all people to come and invest there, it does not want to be regarded as a tax haven. Therefore, one of the bank account documents Macau is the tax declaration to the department of financial services. This document demonstrates the commitment of the company to meeting all tax obligations set out in Macau and operating legally.
Identification documents of directors and authorized personnel
Macau does not leave anything to chance when it comes to ensuring that it understands all the clients in its jurisdictions. Banks are required to provide all identification documents for directors and other authorized personnel. The details required of these people include their passports, proof of address, and demonstration they have no criminal records.
Opening a bank account in Macau is easy and direct if you have all the required documents. Remember to stay alert after making an application because the banks often make inquiries or require additional details.