There are so many things to consider when you want to open a corporate account in Ghana. First, go through all your options because these days, there are very many accounts that are available for the corporate client. Have a meeting with the financial planners in your company and come up with a strategy. It helps to have a bank official explain all the pros and cons of having the various accounts, how much time and effort it will require to run and much more. You can also ask whether you can have them make some tailor-made services for you.
Things you Need to know or Do Before Opening a Business or Corporate Account in Ghana:
1. Business structure
Before you decide on opening a corporate account in Ghana, you need to first come up with a structure for the business. You have to know whether it is a sole proprietorship, a partnership or a limited liability company. This will help you to know how the finances will need to be run. It is also what will help you to select the people that are in charge of the finances. If you are running a big corporation, it would be best to have a team of financiers, for purposes of making work easier and for credibility.
2. Employer Identification Number
This is the number that you will need to have in order to conduct any legal business activities that pertain to your account. To get a number for your business, you will have to have a certificate of incorporation as a legal business entity. This certificate of incorporation is also very essential since the bank will also need this to prove that you are a corporate client and not an individual. This is essential in helping clear you as the individual from any liabilities when the corporation is undergoing financial constraints. You will then need to file the documents with the tax body in order to get the form of approval and to be given the employer identification number for your business.
3. The customer service representative photo identification
Something that is very important in opening a corporate account in Ghana is a photo identification of the customer service representative. This is the person who is in charge of handling all the finances of the bank, and so are the link between the bank and the company. Whenever someone else comes to the bank, they will not be accorded the assistance that they need. There should be a copy of the signatures and the fingerprints of this individual, and if by any chance they are unavailable, they will have to send whoever will be representing them with a letter signed by them giving them permission to transact on behalf of them.
4. Drawing up a corporate resolution
Remember to draw up a corporate resolution. This is a legal document that clearly states all the terms and conditions of the agreement. It declares whoever will be in charge of handling the financial affairs of the business and running the account. Think carefully about to whom the power to run the finances will be given. This should be someone that is really responsible and trustworthy and has the ability to solve any financial situations without raising alarm.
5. Necessary and crucial documents
Present to the bank all the documents that are needed. Whenever there is the signing of paperwork, you should have the help of the company lawyer and a few witnesses, to oversee that all is done according to the legalities of the company. The paperwork should be signed only by the authorized persons since they are the ones who will be answerable in case of any eventuality. When you need to make any more adjustments, these have to be in tandem with the corporate resolution that you drew up.
6. Follow Up
Make it a habit to go through all the books of accounts and know your financial status. Keep all the bank statements and documentation so that you can keep track of all that goes on within the corporate account. No matter how loyal or devoted an employee is, there is still a lot of temptation. This is why you need to conduct regular audits of the finances. Any good external auditor will do. However, if the company runs on huge finances, you need to have an internal auditor to keep daily track of the finances. However, this tends to be expensive, but in the long run pays off quite well. Make sure that you are running a well-developed IT sector. By using paperwork, you might get confused and lose a lot of money to fraud. Go the digital way and drive your bank to greater heights.