Business Reserve Account
A Business Reserve Account is specially tailored for entities that require a business account number but are not prepared and ready to transact or do not possess all required registration documents.
No initial formalities
The account is suitable to and characterised by the following:
- Clients who require an account number only for the purpose of TAX and VAT registration.
- Clients who want to complete their business set-up but are only ready to trade and transact after a while (period of up to 6 months).
- Clients who require an account purely for project bidding but are not ready to transact.
The details
- The potential customer's name must be stored as follows: at least the frst name, last name and title of the related party. The middle initial may be omitted.
- No credit checks are required
- No cheque books allowed
- No overdraft is allowed
- No Business Cheque or debit cards can be issued on this product
- No transactions are allowed on the product (debit or credit)
- This product is not available to trusts that are yet to be formed or where the trustees have not yet been appointed by the Master. If the trust is in existence and the trustees have been appointed by the Master then a trust can make use of this product.
- The account will be closed after 6 months, if not converted into another sub-product.
- Account will retain the same account number upon an upgrade.
- No online banking functionality will be available.
