Documents required for opening a Current Account for Partnership firm

A Partnership Firm is an association of persons for the purpose of undertaking business for profit. Partnership firms can be registered or unregistered. Unregistered partnership firms can be established even though an oral contract or by entering into a written agreement. On the other hand, a registered partnership must be established through a Partnership Deed that is registered with the Registrar of Firms. Every business account needs a bank account and every bank account for business purposes is a Current Account.

Here in this article, let us know about the required documents for opening a Current Account for Partnership.

Documents required for opening a Current Account for Partnership firm

• Copy of your Partnership Deed.
• Partnership Registration Certificate ( if Registered)
• Proof of Partnership Firm address ( rent Agreement/ Udyog aadhar etc)
• Partnership firm PAN card.
• KYC documents ( PAN, Aadhar, Voter Id, Passport copy, etc showing Id proof and address proof) of each Partner.
• The current Account Application form of the Bank duly filled in and signed by Partners.
• 2 copies of passport size photograph of each partner.
• Proof of identity of the proprietor/trader/professional/institution/association, etc. such as the PAN card. Additional documents for individuals include voter ID, passport, driving license.
• Proof of address for an individual: Telephone bill, electric bill.
• Proof of the existence of the business:Any of these documents will be enough to establish proof of the existence of the business:

• Registration and Licenses issued by the Municipal authorities. This document is vital under the Bombay Shops & Establishment Act, 1948.
• GST registration certificate with the number.
• A registration certificate issued by Professional Tax authorities.
• A business registration certificate issued by the respective State Government.
• RBI (Reserve Bank of India) /SEBI (Securities and Exchange Board of India) registration certificate.
• Licenses by FSSAI (Food Safety and Standards Authority of India).
• An import-export license issued by the Director-General of Foreign Trade.

• Proof of address for business:

• TAN (Tax Deduction and Collection Account) allotment letter by the Income Tax
• Property registration documents
• Property Tax/Water tax bills
• Title deeds to the property/rental registration documents.

• Existing bank account statements.
• If the person opening the bank account is an NRI, the following additional documents will be required.

• Customer declaration containing the following:

• The funds will come from an NRO (Non-Resident Ordinary) / NRE (Non-Resident Rupee) / FCNR (Foreign Currency Non-Repatriable  account)
• The firm is not engaged in agricultural activities, print media or real estate business.

• If the entity opening a Current Account is a limited liability partnership, the following is required:

• Certificate of incorporation for Limited Liability Partnership
• The Limited Liability Partnership agreement
• List of designated partners and their Designated Partner ID (DPID) issued by the Ministry of Corporate Affairs
• KYC (Know Your Customer) of Designated Partners
• A resolution showing that the Designated Partner is authorized to be a signatory.

• If the entity opening a Current Account is a company, the following additional documents are required:
• Memorandum of Association
• Articles of Association
• Certificate of Incorporation
• Certificate of Commencement of Business for a Public Limited Company
• List of Directors of the company
• Board Resolution appointing signatories.

Here in this article, we have understood about the required documents for opening a Current account for Partnership firm, it will surely be useful for you to grow your business. The next step once your business is registered is to open a current account online and here you are all set to successfully manage and grow your business