TRW & Co’s UK branch is based at Holborn Gate, 330 High Holborn, London, WC1V 7QH, England.

For UK and international businesses establishing a presence in Bangladesh, opening a local corporate bank account is a near‑universal operational requirement. The guidance below focuses on strategic and compliance considerations relevant to sophisticated clients, with practical steps that apply across jurisdictions while recognising there are local rules and bank-specific practices that must be checked in each case.

Overview and strategic considerations

Before applying for an account, consider why you need a local account (receiving local currency revenues, payroll, working capital facilities, import/export transactions) and how it fits with treasury operations. Key choices include the type of account (current, foreign currency, escrow), whether to centralise treasury in London or use local banking lines, and whether you need trade finance or online banking capabilities.

International firms should also assess the bank’s international connectivity, correspondent banking relationships, SWIFT services and the bank’s approach to cross‑border payments and compliance. Some banks will require a local authorised signatory or representative; others permit remote onboarding under stricter KYC procedures.

KYC, AML and documentation checklist

Banks will undertake customer due diligence and enhanced due diligence for higher‑risk relationships. The checklist below is generic and intended to help you prepare; confirm the precise list with the chosen bank and local advisers.

• Corporate identity documents: certificate of incorporation, constitutional documents (memorandum and articles/constitution), and any local registration certificate where relevant.
• Governing authority: board resolution or equivalent authorising account opening and naming authorised signatories; documented signing rules.
• Beneficial ownership and control: up‑to‑date registers or statements identifying persons with significant control, and corporate ownership chain documents where relevant.
• Identification and proof of address for directors, beneficial owners and authorised signatories (passport, national ID, recent utility or bank statements).
• Tax registrations and reference numbers applicable to the entity and its principals (local tax ID where issued; international tax documentation where relevant).
• Proof of business activity: contracts, invoices, business plans, import/export documentation or web presence demonstrating commercial purpose.
• Compliance forms: FATCA/CRS self‑certification, anti‑money laundering questionnaires and source‑of‑fund/source‑of‑wealth information.
• Banking references or auditor letters where requested; specimen signatures and, occasionally, certified copies of documents depending on the jurisdiction.

Practical steps and timing

Engage with the bank early to obtain their current account opening checklist and to confirm whether in‑person attendance is required. Expect a period of onboarding that can range from a few days to several weeks depending on the bank, the complexity of ownership, the quality of documentation and any enhanced due diligence. Where time is critical, consider parallel workstreams: preparing certified documents, arranging notarisation/translation where needed, and establishing temporary payment arrangements with correspondent banks.

Risks, ongoing obligations and operational considerations

Once an account is opened, ongoing obligations typically include account opening condition compliance, transaction monitoring, periodic KYC refreshes, tax reporting and adherence to local foreign exchange rules. Consider controls around signatory authority, dual‑approval payment flows and the reconciliation processes required by group treasury. Evaluate exit procedures too — closing or transferring accounts can require board action and regulatory notification in some jurisdictions.

Jurisdiction and sources

Always verify the latest legal and regulatory requirements with official sources and local counsel. Relevant official sources include:

• GOV.UK (cross‑border and tax guidance)
• HM Revenue & Customs (tax and reporting obligations)
• Companies House (UK company documentation and filings)
• Bangladesh Bank (local banking regulator) — consult for bank licensing, exchange control and banking rules

Local counsel and banking relationship managers should be consulted before submitting an application.

General information only; not legal advice and not a substitute for advice on a particular matter.