Opening a Corporate Bank Account in the Philippines (Foreigners)

TL;DR: A foreign-owned Philippine company can open a corporate bank account after SEC and BIR registration, but banks will expect clean corporate documents, board authority, signatory IDs, TINs, proof of address, and beneficial-owner information. A complete file usually matters more than choosing the fastest bank.

Opening a corporate bank account is usually the final — and sometimes the most frustrating — step of Philippine company setup. Banks are regulated by the Bangko Sentral ng Pilipinas (BSP) and apply strict KYC and AML standards, which means the document checklist is longer than most founders expect. Here is what to prepare and what to watch for.

Why registration must come first

Philippine banks will not open a corporate account until the company holds a valid SEC Certificate of Registration and a BIR Certificate of Registration (COR). These two documents prove that the entity legally exists and is enrolled for tax purposes. If you are still mid-registration, bank conversations are preliminary at best — lock in the registration first through our business registration service.

Document checklist (standard requirements)

Requirements vary by bank, but the core package generally includes:

• SEC Certificate of Registration and Articles of Incorporation / Partnership
• BIR Certificate of Registration (Form 2303)
• General Information Sheet (GIS) — the most recent filed copy
• Board Resolution authorising the account opening and naming the authorized signatories
• Secretary’s Certificate certifying the board resolution
• Valid government-issued IDs for all authorized signatories (passport as primary for foreign nationals; some banks also ask for an ACR I-Card or local driver’s license as secondary)
• Proof of business address (lease contract or utility bill in the company name or registered address)
• Tax Identification Numbers (TINs) for authorized signatories

Foreign signatories who do not yet hold a Philippine TIN should obtain one at their assigned Revenue District Office (RDO) as part of the BIR registration process — most major banks now treat this as a hard requirement rather than a preference.

Initial deposit and maintaining balance

Minimum deposit and maintaining balance requirements differ across banks. As a general guide in 2026, requirements range from roughly PHP 5,000 to PHP 50,000 for corporate current accounts. Banks oriented toward SMEs and foreign-owned businesses tend to sit at the lower end; larger commercial banks may set higher thresholds. Confirm the specific requirements with your chosen bank before submitting.

Common hurdles

Incomplete board resolution. Banks have specific wording they want in a resolution — the name of the bank, the branch, the type of account, and the exact scope of signatory authority. A generic resolution often causes delays. Ask the bank for their standard template before your notary appointment.

Foreign signatory not physically present. Most banks require at least one authorized signatory to appear in person for account opening, even when other directors sign remotely. Plan travel or arrange a local co-signatory early.

Beneficial ownership declarations. Under BSP’s AML framework, banks must identify and document ultimate beneficial owners (UBOs) — typically any individual holding 25% or more of shares. Foreign shareholders should prepare copies of their passports and any corporate ownership chart to accelerate this step.

Mismatch of registered address. The address on your SEC documents, BIR COR, and proof of address must be consistent. Any discrepancy triggers additional due diligence.

Which bank should you choose?

The Philippines has several major commercial banks and a growing number of digital business banks. For a newly registered foreign-owned company, banks with dedicated SME or foreign business desks tend to offer faster onboarding. Once the account is open, you can generally transact and receive funds in Philippine Pesos and US Dollars from day one.

How Chamberlain helps

Chamberlain coordinates SEC and BIR registration so your corporate documents are bank-ready from the start. We prepare the board resolution and Secretary’s Certificate in the form banks require, flag which banks have foreign-business onboarding experience, and accompany you through the process. All at transparent fixed fees — no surprises at the finish line.

Ready to move? Book a consultation and we will map out the full setup timeline for your company.