01 · Requirements
What every bank must collect
The Anti-Money Laundering Act requires banks to verify a corporate client’s legal existence and structure, and “the authority and identification of all persons purporting to act on their behalf.” The BSP’s rules turn that into a list. Before opening the account, a bank obtains:
Information
The company’s name, official address, contact details and nature of business; the name, address and nationality of each authorized signatory and beneficial owner; and the signatories’ specimen signatures.
Documents
✓The SEC certificate of incorporation
✓Any secondary license from a supervising agency
✓The articles of incorporation
✓The latest General Information Sheet
✓A board resolution, certified by the corporate secretary, authorizing the signatories
The bank then verifies what it was given. It may check the source of funds, confirm the company’s status with the SEC, or contact the company by phone or email. For a lower-risk client, a bank may open the account on the certified board resolution and complete the verification afterward.
The rules stop there, but in practice many banks also ask for the BIR Certificate of Registration, and some for the mayor’s permit, before they open the account. That is why the bank account comes after BIR registration and the business permit in this guide.
02 · Balances
Opening and maintaining balances
Each bank sets its own opening deposit and maintaining balance for each account type. At the main local banks, a business account typically opens with ₱5,000 to ₱25,000 and keeps a balance in the same range, as published in October 2026. In korp.ph’s experience, international banks with a local presence ask for much higher maintaining balances.
03 · Banks
Banks to consider
When choosing a bank, look for a simple online application and the facilities a company needs from the start: payroll accounts, payment of taxes and government contributions, and corporate credit cards. In korp.ph’s experience, UnionBank and Security Bank stand out on both counts. BDO, BPI, Metrobank and RCBC also open accounts for new corporations.
04 · Fintech
Fintech accounts such as Wise
Fintech accounts open faster, cost less to keep, and handle foreign currency better than most bank accounts. They work best alongside a bank account, not in place of one.
Wise Business
Launched in the Philippines in 2025 and open to SEC-registered corporations. Wise Pilipinas is licensed by the BSP as a remittance and transfer company with an electronic money issuer registration, but it is not a bank.
✓Opening is fully online, with no paper forms or branch visit.
✓No minimum balance and no monthly fee. A small one-time fee gives the company local account details to receive payments in major currencies, including USD, EUR, GBP and SGD.
✓Foreign currency is converted at the mid-market rate, with a transparent fee, which makes it useful for receiving payments from clients abroad.
That is why korp.ph recommends it as a complement: a bank account for local payments, taxes and contributions, and a fintech account for clients and suppliers abroad.
05 · Capital
Capital and the account
The Revised Corporation Code doesn’t require a bank certificate of deposit before incorporation: the treasurer certifies the paid-up capital in the articles. Some banks still offer an account opened before incorporation and converted once the SEC documents arrive. It is usually called a treasurer-in-trust account.
A company more than 40% foreign-owned that sells in the Philippines needs at least US$200,000 of paid-in capital, or US$100,000 under conditions. In practice, that capital still goes through a treasurer-in-trust account: it is remitted from abroad into an account opened in trust before incorporation, which the bank converts into the company’s own account once the SEC registers it.
Foreign founders guide →06 · FAQ
Frequently asked questions
Do I need the BIR certificate or the mayor’s permit to open a corporate bank account?
The regulators’ rules don’t require them. In practice, many banks still ask for the BIR certificate, and some for the mayor’s permit, so have both ready.
Can a signatory living abroad open the account without coming to the Philippines?
BSP rules allow the bank’s interview to be held by video, but each bank decides whether to offer it.
What does the board resolution need to say?
It authorizes the account and names the signatories, certified by the corporate secretary. Some banks also ask it to name the bank as depository.
How much do I need to open the account?
It depends on the bank and the account. At the main local banks, opening deposits typically range from ₱5,000 to ₱25,000.
