Finding on Business Account Setup
An attempt to establish a business bank account has entered its fourth week. The bank remains optimistic.
Progress Report: Business Account Setup Week Four, April 2022
Current Status: In Progress
The account has not been opened. The process is ongoing. Progress has been made.
The following is a summary of completed steps and the steps they uncovered.
Week One
The subject visited the bank branch with the documents listed on the bank's website. The documents were a business registration certificate, a government-issued ID, and two forms of address verification.
The subject had three of these four documents. The missing document was the business registration certificate, which requires a separate registration process that takes seven to ten business days.
The registration was initiated.
Week Two
The registration certificate arrived. The subject returned to the branch.
The branch confirmed the certificate was acceptable. The branch also confirmed that the listed website documents were correct for personal accounts. Business accounts require an additional document: a letter on company letterhead confirming the signatory's authority.
The company letterhead did not yet exist, as the bank account had not yet been opened.
This was noted. This is a known constraint. The branch suggested a signed declaration in lieu of letterhead, which is accepted in some circumstances.
Week Three
The declaration was prepared and submitted. Each step, when completed, reveals a previous step that should have been completed first.
The submission was reviewed. The reviewer was unavailable. A callback was scheduled.
The callback occurred on Thursday. The reviewer was available. The submission was reviewed. A document was missing.
Week Four: Current
The missing document is a notarized copy of the ID that was submitted in Week One. The original was accepted at the time. A notarized copy is required for the file.
The notarization requires a notary. The notary requires an appointment. Appointments are available in ten business days.
Assessment
The bank continues to express readiness to open the account. The process requires only that the correct documents arrive in the correct sequence.
Alarm is measured, not total. The account will open. The question is which documents will be required on that occasion.