You have a registered business name in Kenya and not a company,now you are wondering if it is possible to open a bank account to read your business name. So is it possible to open a bank account as a sole proprietor in Kenya?
The simple answer to that question is yes. the fact that you have a business name, you can walk into any bank in Kenya and have a bank account opened for you under the name of your business. all major banks in Kenya such us KCB, Equity bank, Absa bank, Co-operative bank just to mention but a few will let you open a bank account using your business name.
In this article i will take you through the step by step process of opening a bank account as a sole proprietor and start making or receiving payments. But first. Do you have a business name. If you do not have a business name you can easily register one online under the eCitizen platform. You will be charged Ksh. 950 to acquire a business name. Here are the steps you should follow when registering a business name in Kenya.
Requirements for opening a Sole proprietorship bank account
Below are the requirements you will need to meet before you can open a Sole proprietorship bank account in Kenya;
1. Business registration Certificate.
You will need to have a business registration certificate from the registrar of businesses. This can easily be obtained by applying it online. It takes less than one week to apply and get your business registration certificate.
2. Copies of your ID or Passport
You will need to present to the bank where you want to open an account with the copies of your ID. You will also need to have your original ID or passport with you.
3. Copy of KRA PIN
You will need to present a copy of KRA PIN. This is personal KRA PIN that you used when applying for the business name. It must contain your details.
4. Proof Of address
You will need to present a copy of utility bill or personal bank statement indicating your postal address
5. Passport Photos
You will need to present at least two passport photo size. However, most of the banks usually take your photo during the process and you may not need to carry your copies.
6. Filled Application Form
You will be presented with a form to fill your details and details of your particulars before the account can be processed. Your fingerprints will also be taken during the account opening.
7. Bank Opening Fee
In Most cases, you will need to have a bank opening fee. the charges might vary from one bank to another. Some banks charge Ksh.500 while others charge upto Ksh.1000 as a business account opening fee.
How Long Does It take to Get A Sole proprietorship bank account?
If you have all the documents required, you will get your business bank account on the same day you make the application. However, should you fail to submit all the required documents, it might take some days for the process to be completed.