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<p>One of the first practical questions that are asked when incorporated in the Philippines is how to open a corporate bank account.</p>
<p>There are two important types of bank accounts that are generally needed &ndash; a Treasurer in Trust Account and a regular Corporate Bank Account</p>
<p>Let&rsquo;s discuss what these are, how they are useful to you, and what the corporate bank account requirements in the Philippines are.</p>

<div id="attachment_13133" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/s4Zz9l0QBd4Gd9YzTfQPpTZQTPfik8Lv9cJ2aHAs.webp" alt="A hand inserting coings in a piggy bank symbolizing TITF." width="891" height="305"><br>
<p id="caption-attachment-13133" class="wp-caption-text">The paid-up capital requirement depends on the industry or line of your business.</p>
</div>
<p>&nbsp;</p>
<p>A Treasurer in Trust Account (TITF) is a corporate bank account in the Philippines that holds the amount that will become a company&rsquo;s equity.</p>
<p>A TITF is&nbsp;<strong>required by the SEC&nbsp;</strong>before incorporation in the Philippines.</p>
<p>A TITF account is mainly for deposits.</p>
<p>Withdrawals are restricted until the SEC approves the company incorporation in the Philippines, so it cannot be used to fund pre-incorporation costs.</p>
<p>A TITF account is thus used for complying with the requirements for Philippine incorporation.</p>
<p>In cases where firms do not have a representative to open a TITF, our corporate lawyers can help and open this for you.</p>

<div id="attachment_13135" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/pV0mdrYtcS6kjrYhehDd62dJ0TqfsWaHKg0F6O2b.webp" alt="corporate bank account requirements Philippines for TITF" width="892" height="308"><br>
<p id="caption-attachment-13135" class="wp-caption-text">Make sure you have already drafted an AOI with your corporate lawyer before you go and visit a bank.</p>
</div>
<p>&nbsp;</p>
<p>TITF corporate bank account requirements are basically documents you will submit to the SEC as well as your Treasurer in Trust&rsquo;s identification documents.</p>
<p>List of TITF corporate bank account requirements Philippines:</p>
<ul>
<li>Must be opened by a&nbsp;<strong>resident of the Philippines&nbsp;</strong>also called a Treasurer in Trust</li>
<li>Proposed Articles of Incorporation</li>
<li>Proposed By-Laws</li>
<li>Treasurer in Trust IDs</li>
<li>Treasurer in Trust Affidavit</li>
<li>Bank Account Forms such as specimen signature card</li>
<li>The minimum amount can be Php 25,000 and up</li>
</ul>
<div id="attachment_13131" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/4dXsHPOXVytdsvp1qF1Vlq2xp8ejydFhxZ2x3A7u.webp" alt="A businessman reading news about incorporation in the Philippines and TITF." width="894" height="336"><br>
<p id="caption-attachment-13131" class="wp-caption-text">It is actually a temporary depository account of the paid-up capital while the registration with the SEC is ongoing.</p>
</div>
<p>Banks are used to opening TITF accounts and so the process at most banks is relatively streamlined &ndash; however, of course, you must already have drafted the documents for your incorporation in the Philippines.</p>
<p>Remember that a TITF is generally only used while incorporating in the Philippines &ndash; after that, a regular corporate bank account is used.</p>

<div id="attachment_13134" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/JHO3EN01gMOXhl6EUP1Jsum8BjSTrD9w1Haa1dTK.webp" alt="A woman holding corporate bank account requirements in the Philippines for TITF." width="895" height="356"><br>
<p id="caption-attachment-13134" class="wp-caption-text">Consider choosing your preferred bank as this will be your permanent partner and shifting to another is a hassle.</p>
</div>
<p>&nbsp;</p>
<p>You may not need to open a regular corporate bank account after incorporation in the Philippines because a TITF corporate bank account may be converted after successful incorporation.</p>
<p>Requirements to convert your TITF corporate bank account vary across banks.</p>
<p>In general, however, the following requirements are needed:</p>
<ul>
<li>SEC Certificate of Registration</li>
<li>Certified True Copy of SEC documents such as Articles of Incorporation and By-Laws</li>
<li>Notarized Board Resolution to open a corporate bank account in the Philippines</li>
<li>Bank account forms such as specimen signature cards and account opening forms, etc.</li>
<li>Valid IDs of the signatories</li>
</ul>
<div id="attachment_13132" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/PuVa20s1j64098e37cR1awqZSA3JHx9GiVr5tV2J.webp" alt="TITF corporate bank account requirements Philippines on the table alongside a laptop." width="894" height="343"><br>
<p id="caption-attachment-13132" class="wp-caption-text">Always prepare your documents in multiple copies!</p>
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<p>Now, what if you are trying to figure out how to open a corporate bank account in the Philippines completely from scratch? (i.e. you are not converting a TITF)</p>
<p>There are slight differences in terms of the requirements &ndash; you may need a General Information Sheet, Proof of the corporate address, and other items.</p>
<p>The process, however, is very straightforward and can be completed easily so long as you have all the requirements.</p>

<div id="attachment_13136" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/PSW5PZdatwTZ4zgZXaxU73XuTzQJoesatsBscyLe.webp" alt="A woman signing corporate bank account requirements Philippines for TITF." width="895" height="344"><br>
<p id="caption-attachment-13136" class="wp-caption-text">No need to create a regular corporate bank account!</p>
</div>
<p>&nbsp;</p>
<p>After a successful Philippine incorporation, you may convert the TITF account to a regular corporate bank account in the Philippines.</p>
<p>If the incorporation is not successful, the TITF account can be closed as well &ndash; in fact, some banks will close a TITF account and notify the treasurer in trust of his known address.</p>
<div id="attachment_13125" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/49VoCPYxrjiGSUsFDMDL0MXrdktSRu4IDGKO3g1N.webp" alt="A man opening a notice for the corporate bank account in the Philippines for TITF." width="883" height="345"><br>
<p id="caption-attachment-13125" class="wp-caption-text">The bank will notify your company by e-mail too.</p>
</div>
<p>The requirements to close a TITF corporate bank account differ per bank but generally are:</p>
<ul>
<li>SEC Certification stating that the incorporation did not proceed or was withdrawn</li>
<li>Notarized certification from incorporators allowing the Treasurer in Trust to withdraw the money as the company did not incorporate</li>
</ul>

<div id="attachment_13126" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/TAe3gYYXVP3NOqSe7aPUjAiOEFWaG5Fd9h6qjgu3.webp" alt="A Corporate lawyer in the Philippines stamping on a paper." width="886" height="346"><br>
<p id="caption-attachment-13126" class="wp-caption-text">SEC registration documents are required before you can open a corporate bank account in the Philippines.</p>
</div>
<p>&nbsp;</p>
<p>No, you cannot open a Corporate Bank account in the Philippines without incorporating.</p>

<div id="attachment_13127" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/9BijzsrLRgEErCVhpsyCL8GubX4kQbzAYrAuQAVd.webp" alt="A woman holding letters of" width="891" height="348"><br>
<p id="caption-attachment-13127" class="wp-caption-text">TITF cannot be withdrawn until the successful registration of the company from the SEC and conversion into a regular corporate account.</p>
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<p>&nbsp;</p>
<p>No, a TITF is mainly for the deposit of the company&rsquo;s paid-up capital during Philippine incorporation. It is an SEC requirement.</p>

<div id="attachment_13137" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/gjLabQXBRf0N8CBNYOXjXocC5CO6O5ErH0cF9riC.webp" alt="A Corporate lawyer in the Philippines being ready to process incorporation in the Philippines and apply for corporate bank account in the Philippines." width="911" height="346"><br>
<p id="caption-attachment-13137" class="wp-caption-text">Proof of paid-up capitalization deposit is required by SEC before the approval of registration.</p>
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<p>&nbsp;</p>
<p>Incorporation in the Philippines generally has the following steps:</p>
<ul>
<li>Determine your business name and your business address</li>
<li>Draft the articles of incorporation and by-laws, Treasurer in Trust&rsquo;s Affidavits, Special Power of Attorney</li>
<li><strong>Open a TITF corporate bank account and get a certificate of deposit</strong></li>
<li>Submit the articles of incorporation, by-laws, and certificate of deposit to the SEC</li>
<li>Address any SEC comments</li>
<li>Get the SEC Certificate of Registration</li>
<li>Complete post-incorporation requirements such as BIR, SSS, Pag-Ibig and Philhealth</li>
</ul>
<div id="attachment_13130" class="wp-caption aligncenter"><img src="https://haspcms-fcb-lawyer.s3.ap-southeast-1.amazonaws.com/tinyeditor_uploads/AYNofxiUhbZaNaoe6Q56amW6mvrEGfcunEaVbLAR.webp" alt="A woman preparing documents to open Treasurer in Trust Account or TITF." width="896" height="350"><br>
<p id="caption-attachment-13130" class="wp-caption-text">The process may be tedious but it surely is rewarding when completed.</p>
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<p>Generally, incorporating in the Philippines can take a few months.</p>
<p>It may extend if the company decides to pursue&nbsp;<a href="https://lawyerphilippines.org/tax-incentives-philippines-what-decision-makers-need-to-know/"><u>Philippine tax incentives</u></a>&nbsp;(but it is best to coordinate with a corporate lawyer in the Philippines since there are many options and it can get confusing).</p>

How to Open a Corporate Bank Account in the Philippines

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Lawyer

Atty. Francesco C. Britanico

One of the first practical questions that are asked when incorporated in the Philippines is how to open a corporate bank account. There are two important types of bank accounts that are generally needed – a Treasurer in Trust Account and a regular Corporate Bank Account. Let’s discuss what these are, how they are useful to you, and what the corporate bank account requirements in the Philippines are.