Bank account for a company in Bangladesh

Overview

International groups and UK-incorporated companies considering a corporate bank account in Bangladesh should plan for a cross-border process that combines commercial, regulatory and operational considerations. Local banking practice, anti‑money‑laundering (AML) checks, foreign exchange controls and documentation standards vary. Early engagement with local counsel, an on‑the‑ground banking contact and your London compliance team at Holborn Gate will reduce delays and compliance risk.

Key considerations before you apply

• Jurisdictional fit: confirm why a local account is needed (local receipts/payments, payroll, statutory requirements, trade finance) and whether alternative arrangements (nostro/correspondent accounts, collection arrangements, payment service providers) could meet the requirement.
• Structure and governance: banks will assess corporate form, directors, local presence, nominee arrangements and beneficial ownership. Ensure corporate records, board minutes and authorisations are in order.
• Compliance and sanctions screening: expect enhanced due diligence where transactions or counterparties touch high‑risk jurisdictions or sectors. Prepare to provide source‑of‑fund and source‑of‑wealth evidence for key owners and controllers.
• Operational matters: consider currency and FX restrictions, transaction limits, electronic banking capabilities, correspondent banking coverage and trade finance products.

Practical checklist

Typical documentation and preparatory steps (confirm locally):

1. Certified corporate documents: certificate of incorporation, memorandum/articles, register of directors/shareholders and recent corporate extract.
2. Board resolution authorising account opening and signatories, signed and certified in accordance with local requirements.
3. KYC for signatories and beneficial owners: certified ID, proof of address, CVs or role descriptions, and evidence of source of funds/wealth.
4. Local registration/licence documents if the entity carries on regulated activities in Bangladesh (eg, branch registration, trade licences).
5. Where required, translated and legalised documents — check whether apostille or consular legalisation is needed for each document type with local counsel or the bank.
6. Agree onboarding logistics: in‑person interviews, remote verification options, timelines and expected fees.

Ongoing compliance and banking relationships

After opening, maintain clear transaction records, refresh KYC as requested, and monitor sanction/AML lists. Banks typically require prompt notification of changes in ownership or signatories. For cross‑border groups, preserve an audit trail for intra‑group flows and consider centralised treasury arrangements to manage FX and liquidity.

Jurisdiction and sources

Check official guidance and primary sources when planning and completing an account opening:

• GOV.UK (cross‑border business guidance)
• HM Revenue & Customs (tax and reporting obligations)
• Financial Conduct Authority (payments and regulated activity guidance)
• Bangladesh Bank (local banking and FX regulations)
• National Board of Revenue, Bangladesh (local tax rules)

For cross‑border matters, coordinate advice between your UK advisers and appropriately qualified local counsel and banking contacts in Bangladesh to confirm procedural and documentary requirements.

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