Philippines corporate bank account

CLA Consultants Group helps multinational Clients open multicurrency corporate bank accounts in Philippines for local companies. In our experience, Philippines banks do not board companies that are not incorporated in Philippines.

Without bank signatory travel, our team will project manage the multicurrency corporate bank account opening process, including preparing a quality business plan for our Client’s business.

We recommend our multinational Clients read this web page to avoid bank surprises later!

Table of Philippines banking problems and solutions
No. Philippines banking problem CLA Consultants Group’s solution
1. Philippines banks are particular about the customers they onboard. Top-tier banks increasingly focus on large, profitable, low-risk corporate Clients. Generally, Philippines banks are neither interested in small companies nor companies incorporated outside Philippines. CLA Consultants Group has built quality banking relationships with Philippines banks. Local banks trust and welcome our multinational Clients. A quality business plan is a big help.

CLA Consultants Group has a guaranteed corporate bank account approval policy.
2. Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect Philippines bank account approval to take up to three months. If our Client requires a bank account at short notice, we recommend an immediate Philippines solution (Philippines company plus already-approved Philippines corporate bank account).
3. Before, during and after bank meetings, the bank’s In-house Legal and Compliance Department reverts multiple times for additional documentation and information from each i) bank signatory / director / UBOs of the companies as well as ii) our Client’s business and transactions. If some banks decline to board our Client’s business, CLA Consultants Group will immediately inform our Client and action backup banking solutions.
4. Bank requests foreign directors and bank signatories to travel for a one-hour interview before account numbers are issued. CLA Consultants Group will relentlessly negotiate with the bank to secure a travel waiver.
CLA Consultants Group’s summary view
  1. Philippines is a business-friendly, but it does not have a reputable nor stable economy. It does have business-friendly policies. According to the World Bank, Philippines is ranked as 95th on ease of doing business.
  2. The health of Philippines’ economy previously depends on agriculture and has recently made a transition to services and manufacturing. Philippines’s market is at US$361.5 billion.
  3. Philippines entered its first recession in two decades in 2020. Though the government is supporting businesses, more local entities are going bankrupt, and loan defaults will cause some local banks to seek government assistance.
  4. The Philippine Central Bank (BSP) maintains the value of the PHP dollar.
  5. In Feb 2022, Fitch downgraded Philippines’ sovereign credit rating to BBB- with a negative outlook.
  6. Because banks are looking to cut costs, we expect many branches of traditional ‘high street’ banks to close across Philippines and for more services to be transferred online.
  7. Digital banks are licensed to operate in Philippines since late 2020. These ‘virtual banks’ are an excellent alternative to conventional banks with a similar range of services accessed via an app and lower account service fees. In late 2021, there are six new digital banks that surfaced.
  8. The Philippines imposes no restrictions on the inflow or outflow of funds for remittances of profits, payments to third parties, capital gains, debt service and imported inputs or returns on intellectual property.
  9. Overall, CLA Consultants Group recommends Philippines banks as a solution for local companies doing business globally.
  1. To assist our Client access Philippines business banking services, CLA Consultants Group can open an international bank account or a local corporate bank account within four weeks of completing Philippines business setup. 
  2. The due diligence documents required for opening a company bank account in Philippines include, but are not limited to i) the Articles of Association and By-Laws in English or a certified translation of the same ii) the SEC certificate of registration iii) notarised board resolution with names of signatories authorized to open and operate the corporate bank account(s) iv) a general banking Power of Attorney from the board of directors (optional) and v) proof of listed status on the stock exchange (if applicable).
  3. There is a significant probability that the Client will be obliged to travel to Philippines to personally meet the bank officer(s) before the corporate account is approved. However, CLA Consultants Group, will negotiate with the banks to waive this request. 
  4. After approval of the company bank accounts, the preferred bank will directly send our Client a courier with the complete banking kit, which often includes including i) corporate bank account details, ii) internet banking password and token and iii) initial correspondence.
  5. For our Clients forming a new company in Philippines, CLA Consultants Group can assist in opening an international corporate bank account within 2 months of company formation.
  6. We recommend keeping the corporate structure simple at the time of company incorporation by appointing our Client’s preferred individual shareholder(s) and director(s) and bank signatories. We do not recommend a corporate entity, nominee, trust or a holding company in a tax neutral jurisdiction.
  7. It is difficult to obtain Philippines corporate bank account approval through newly-formed companies when shareholders, directors and bank signatories reside overseas. Depending on the nationality of the UBO, shareholders, bank signatories, and directors and the nature and value of the business assets and transactions, it is wise to expect that i) corporate bank account approvals will take an average of three months from the date of company registration and receipt of all KYC documentation and ii) multiple banks will request the directors AND bank signatories travel for a one hour interview with the bank officer, before bank account opening.
  8. Following review of the application and before approving the corporate bank account, the bank will request our Client to courier all original corporate and personal due diligence and other supporting documents directly to Philippines. These include i) a notary-certified true copy of your Company Registration Certificate ii) Memorandum & Articles of Association/Charter disclosing the directors/shareholders iii) certified true copy of passport for all shareholders/directors and account signatories iv) certified passport size photographs v) original certified copy of proof of address vi) board resolution appointing the bank signatories vii) a letter requesting for opening of the corporate bank account and viii) completed, preapproved, and signed bank account opening forms.
  9. During the corporate bank account opening process, it is common for each bank’s in-house Legal and Compliance Department to request additional due diligence documents from potential customers including but not limited to i) regulatory licences ii) proof of business globally and in home country including evidence of contracts, invoices and agreements with local Clients and iii) additional KYC information on our Client’s business and place of residency, including nature and volume of transactions.
  10. If some banks decline to board our Client’s business, CLA Consultants Group will immediately inform our Client and action backup banking solutions.
  11. Following bank account approval, the bank will email our Client the corporate bank account numbers directly. There is no need for our Client to travel to complete the process.

Our fees for different banking services include:

Service Our Client travels Fee (US$)
Philippines bank account for a Philippines companyNo4,950
Philippines personal bank accountNo4,950


Our multicurrency corporate bank account opening fees cover the following support services:

  • Preparing a quality business plan for our Client’s review then use the same to maximise the probability of successful multicurrency corporate bank account approval with our Client’s preferred bank.
  • CLA Consultants Group’s Banking Team completing, on our Client’s behalf, the multicurrency corporate bank account application forms and collating Know Your Customer (KYC) due diligence documents.
  • CLA Consultants Group’s Banking Team visiting the Philippines bank to submit i) required due diligence and ii) signing all required paperwork.
  • Over the following weeks, the bank officer reverting to Healy Consultants Group multiple times to prepare an accurate, complete multicurrency corporate bank account opening file. When the Philippines bank officer is ready, our Client will convene a Skype video call with the bank.
  • Following successful completion of the above, the bank officer submitting a complete potential customer file to the bank Legal and Compliance Department.
  • After several weeks, we will e-mail multicurrency corporate bank account numbers to our Client.
  • Within three weeks, arranging our Client to receive e-banking log-in details including corporate Visa debit cards and cheque books.
  • Our firm will assist our Clients with selecting the Philippines business banking solution the most fit to our Client’s business. Most of our foreign Clients like to open a corporate bank account at a globally recognized institution such as HSBC or Citibank. However, our Clients running a business mostly aimed at local consumers and/or outside of Manilla and other big Philippines cities will often prefer to go with a local option for corporate banking in Philippines.
  1. To assist our Client access Philippines business banking services, CLA Consultants Group can open an international bank account or a local corporate bank account within four weeks of completing Philippines business setup. View the detailed guide of the corporate bank account opening process.
  2. The due diligence documents required for opening a company bank account in Philippines include, but are not limited to i) the Articles of Association and By-Laws in English or a certified translation of the same ii) the SEC certificate of registration iii) notarised board resolution with names of signatories authorized to open and operate the corporate bank account(s) iv) a general banking Power of Attorney from the board of directors (optional) and v) proof of listed status on the stock exchange (if applicable).
  3. There is a significant probability that the Client will be obliged to travel to Philippines to personally meet the bank officer(s) before the corporate account is approved. However, CLA Consultants Group, will negotiate with the banks to waive this request.
  4. After approval of the company bank accounts, the preferred bank will directly send our Client a courier with the complete banking kit, which often includes including i) corporate bank account details, ii) internet banking password and token and iii) initial correspondence.
  5. For our Clients forming a new company in Philippines, CLA Consultants Group can assist in opening an international corporate bank account within 2 months of company formation.
  6. We recommend keeping the corporate structure simple at the time of company incorporation by appointing our Client’s preferred individual shareholder(s) and director(s) and bank signatories. We do not recommend a corporate entity, nominee, trust or a holding company in a tax neutral jurisdiction.
  7. It is difficult to obtain Philippines corporate bank account approval through newly-formed companies when shareholders, directors and bank signatories reside overseas. Depending on the nationality of the UBO, shareholders, bank signatories, and directors and the nature and value of the business assets and transactions, it is wise to expect that i) corporate bank account approvals will take an average of three months from the date of company registration and receipt of all KYC documentation and ii) multiple banks will request the directors AND bank signatories travel for a one hour interview with the bank officer, before bank account opening.
  8. Following review of the application and before approving the corporate bank account, the bank will request our Client to courier all original corporate and personal due diligence and other supporting documents directly to Philippines. These include i) a notary-certified true copy of your Company Registration Certificate ii) Memorandum & Articles of Association/Charter disclosing the directors/shareholders iii) certified true copy of passport for all shareholders/directors and account signatories iv) certified passport size photographs v) original certified copy of proof of address vi) board resolution appointing the bank signatories vii) a letter requesting for opening of the corporate bank account and viii) completed, preapproved, and signed bank account opening forms.
  9. During the corporate bank account opening process, it is common for each bank’s in-house Legal and Compliance Department to request additional due diligence documents from potential customers including but not limited to i) regulatory licences ii) proof of business globally and in home country including evidence of contracts, invoices and agreements with local Clients and iii) additional KYC information on our Client’s business and place of residency, including nature and volume of transactions.
  10. If some banks decline to board our Client’s business, CLA Consultants Group will immediately inform our Client and action backup banking solutions.
  11. Following bank account approval, the bank will email our Client the corporate bank account numbers directly. There is no need for our Client to travel to complete the process.

If required, CLA Consultants Group will assist our Clients with lending and trade finance applications by preparing a quality application consisting of i) a feasibility plan ii) project strength and weaknesses analysis (SWOT) and iii) audited financial statements.

Philippines multicurrency corporate bank account opening is easy if you know how. Contact Healy Consultants Group if your firm needs assistance navigating through the different banking solutions.

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For more info on company registration, please contact our expert directly:

Mr. Petar Chakarov
Senior Manager, Sales & Business Development