How to Open a Business Bank Account in the Philippines?

As a foreign entrepreneur starting a business in the Philippines, opening a corporate bank account is one of your first operational priorities. Philippine banks have specific requirements for foreign-owned companies, and understanding these requirements saves time and prevents frustration.

This guide provides necessary information about opening and maintaining a business bank account in the Philippines, including documentation requirements, bank options, and solutions to common challenges foreign business owners face.

Types of Business Bank Accounts in the Philippines

Depending on whether you are a setting up a foreign-owned corporation or a locally owned company, there are mainly 3 bank account options you need to know about.

1. Standard Corporate Account

This is your primary operating account for daily business transactions and every business needs it.

Some of the key features of the corporate account include:

• Check-writing privileges
• Online banking access
• Payroll services integration
• Merchant services capability

Typical requirements:

• Initial deposit: PHP 25,000 to PHP 100,000
• Maintaining balance: PHP 25,000 to PHP 50,000
• Monthly fees: PHP 500 to PHP 2,000

Please bear in mind that these requirement vary depending on the bank you choose and whether you are a local or a foreigner.

2. Treasurer's Trust Fund Account (TTFA)

If you are in the process of registering your business in the Philippines, you need an account to deposit the paid up capital. However, opening a regular corporate bank account right away is not possible.

A Treasurer's Trust Fund Account (TTFA) in the Philippines is a temporary account that can be opened during the company registration process. This account allows you to deposit paid-up capital before formal registration.

This proves these funds are committed until your company is formally registered with the Securities and Exchange Commission (SEC).

Considering the nature of the TTFA account, here's what you should know:

• You cannot withdraw or transact funds until SEC registration is obtained
• You can provide bank statements to the SEC showing available capital as evidence during the registration process
• The bank will convert the account into a standard corporate account after SEC registration
• Only the company Treasurer is the authorized signatory

Once your business is formally registered with the SEC, you can approach the bank to convert the TTFA into a standard corporate bank account.

3. Foreign Currency Account

A foreign currency account is useful when you have international clients or plan to handle international transactions. Most banks in the Philippines offer USD accounts with:

• Minimum deposit: USD 500-1,000
• Maintaining balance: USD 500
• Higher transaction fees but better exchange rates for regular international transfers

Requirements to Open a Business Bank Account in the Philippines

Here’s the list of documents required to open a company bank account in the Philippines:

• Articles of Incorporation
• Certificate of Registration with the Securities and Exchange Commission
• Corporate By-Laws
• Notarized Board Resolution which includes the following:
  • Authority to open a bank account
  • List of officers authorized to sign and the nature and extent of such authority
  • Notarized List of Officers, Board of Directors, and Stockholders
  • Two (2) valid identification cards of signatories.
• Authority to open a bank account
• List of officers authorized to sign and the nature and extent of such authority
• Notarized List of Officers, Board of Directors, and Stockholders
• Two (2) valid identification cards of signatories.

In addition to these documents, some banks also have minimum deposit requirements. For a corporate bank account, the typical deposit amount is PHP 100,000. Moreover, most banks require the company director to be there in person.

As a Corporate Secretarial Services provider, Emerhub assists you with compiling all the necessary documents and liaising with the bank. Because of our partnerships with some of the banks, Emerhub clients are not always required to be physically present when opening their corporate bank account.

Process of Opening a Business Bank Account in the Philippines

When applying for a corporate bank account in the Philippines, banks look for evidence that you're establishing genuine operations rather than just passing through.

Therefore, having signed contracts with local clients or suppliers, a physical office lease, or partnerships with Philippine businesses significantly strengthens your position.

Understanding what banks are really looking for helps you prepare more effectively and avoid the frustrations that many foreign entrepreneurs encounter.

Step 1: Pre-Screen Your Documents

Before you formally apply, it is strongly recommended to schedule informal meetings with 2-3 banks to review your documents. Most relationship managers are willing to take a quick look and point out potential issues.

This pre-screening prevents the 40% first-submission failure rate that foreign companies typically experience.

One critical requirement that often catches foreign business owners by surprise is document authentication. All your foreign-issued documents need to be authenticated through the Philippine Embassy or Consulate in your country. This process alone takes 2-3 weeks, so it's worth starting as soon as you decide to open an account.

Emerhub's local experts will prepare necessary documents on your behalf and handle the application submission to reduce chances of rejection.

Step 2: Initial Bank Meeting

During this meeting, banks assess both documentation and business viability. Therefore, come prepared with clear explanations of your revenue model, why you chose the Philippines, and realistic projections. If you provide vague explanations such as "exploring opportunities", these can trigger enhanced scrutiny.

Moreover, negotiate account terms during this meeting. Banks often reduce maintaining balances or waive first-year fees for deposits above PHP 500,000. This is also when you select account features and services.

Step 3: Submission and Verification

Once you submit your documents, the bank begins their due diligence process. They'll check international sanctions lists, verify your business address, and validate your source of funds.

For foreign-owned companies, this typically takes 15-20 business days compared to just 5-10 days for local companies.

During this period, you'll likely receive follow-up questions from the bank. They might ask for additional clarification about your business model, more details about fund sources, or supplementary documents.

When everything checks out, you'll receive approval notification with instructions for account activation.

Is it Possible to Open a Corporate Account Completely Online Without Physical Presence?

While most of the banks in the Philippines allow clients to submit documents digitally, but you'll still need to visit a branch for identity verification, signature cards, and biometric capture.

However, it is possible to open a business bank account online in the Philippines at Union Bank with Emerhub’s assistance. We have a long standing relationship with several banks in the Philippines.

With Emerhub's recommendation, foreigners can open a company bank account without in-person presence.

Major Banks to Open a Business Bank Account in the Philippines

Banks Most Receptive to Foreign-Owned Businesses:

• UnionBank: A preferred choice for foreign business owners in the philippines because of their digital process. Through our partnership with Union Bank, Emerhub experts can also help you open your bank account without requiring physical presence in the country.
• Security Bank: Shows flexibility with documentation and offers dedicated international business support
• RCBC: Provides specialized services for foreign investors and competitive forex rates

Traditional Banks Requiring More Preparation:

• BDO: As the largest bank, they can be selective and require complete documentation upfront
• BPI: Prefers established businesses with proven track records or strong local connections

Need assistance opening your business bank account in the Philippines? Emerhub's corporate services team maintains relationships with major Philippine banks and can facilitate your account opening process. Contact us to discuss how we can streamline your banking setup.