Business Chequing Account

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Chequing Account

This account is available to customers operating as Sole Proprietorship, Partnership, Limited / Unlimited Liability Company, Clubs, Societies, Churches and Embassies.

It allows account holders to make payments and conduct transactions with the use of a chequebook. Chequebooks can be ordered with 50, 100 or 200 leaves, according to the need and frequency of use. Also, our chequebooks are customised allowing the customer to specify the information to be printed on the cheque leaf.

Account statements, with paid cheques enclosed, are issued and mailed based on the frequency determined by the customer (i.e.: weekly, fortnightly, monthly, quarterly etc.). Interim statements are also issued upon request.

Requirements

Account Requiements For NPOs, Foundations, and Associations

Documents to be Submitted:

  1. Legal documents showing establishment of organization (whether under ‘Companies Act’, ‘Friendly Societies Act’, or ‘Cooperative Societies Act’ etc.)
  2. Proof of address for main office
  3. Written authorization from Principals requesting the Bank account.
  4. Completed Beneficial Ownership Form, listing the controller(s) of the organization.

KYC Requirements
For all principals/beneficial owners/signatories:

  1. National ID/ Passport/ Driver’s License
  2. Proof of Address (see individual list for sources of proof of address)

Account Requirement For Trusts

  1. Legal documents showing the establishment of the trust (Trust Deed)
  2. Written authorization from Trustee requesting the Bank account.
  3. National ID/ Passport/ Driver’s License for every
    • Trustee
    • Settlor
    • Protector
  4. Proof of address for every:
    • Trustee
    • Settlor
    • Protector

Addtional information on the requirements for association accounts can be found on the Bank’s website at https://www.gbtibank.com/bank-accounts/savings-account/associations-societiesclubs/

Partnership Account

Documents to be Submitted:

  1. Identification Card, Guyana’s new Plastic Driver’s Licence or Passport for each Principal/ Trustee and Signatory
  2. Proof of Address for place of residence for each Principal/ Trustee and Signatory*
  3. TIN Certificate for each Principal/ Trustee and Signatory once they are taxpayers in Guyana
  4. Proof of Address for Main Office*
  5. TIN Certificate for the Organisation*
  6. Proof of Income – Outline of budgeted income
  7. One Character Reference if required for each Principal/ Trustee and Signatory *
  8. Legal Documents of an Organization: –*
  9. Letter from Governing body acknowledging the establishment of an account at GBTI
  10. Extract of the Minutes of the Meeting stating when the decision to open an account at GBTI was made
  11. Resolution stating that a decision was made to open an account at GBTI stating the names of Principals/ Trustees and Signatories along with the signing instructions
  12. Confirmation of overseas Bank Account for Foreign NPOs

GUIDANCE NOTES:

PROOF OF ADDRESS:

*Validity Period must be within the last 6-8 months

Valid forms of Proof of Address:

Utility Bills (GTT, GPL, GWI, Digicel), Bank Statements from other Banks, Bills from authorized internet cable service providers (E-Networks, Direct TV, etc.), Driver’s Licence for Non- Residents, Rental Agreements, Transport, NIS Pay Stub and Authority to use Proof of Address form.

Exceptionally Envelopes with GPOC Stamp can be accepted if customer cannot provide any other form of Proof of Address this includes any mail correspondence sent by GBTI.

TIN CERTIFICATE:

*Required for the Organisation registered under the Friendly Society Act. 2

CHARACTER REFERENCES:

* Bank will advise if Character References are required.

Character References if required one for each Principal/ Trustee and Signatory will be accepted from Highly reputable persons and entities such as professionals, known professional entities and religious leaders.

LEGAL DOCUMENTS OF AN ORGANISATION:

*Certificate of Registration under the Friendly Act Society, The Co-operative Societies Act or Deed of Trust, etc. applicable to the type of account being established (Clubs/ Associations/ Societies/ Charitable Organizations/ Foundations/ Trusts and Non-Governmental Organizations)

FOR ALL DOCUMENTS FORWARDED TO PERSONS RESIDING OVERSEAS:

Signatures to be authenticated by Bankers overseas or The Guyana Consulate for Non-Resident (Principal/ Trustee and Signatory) – Stamp and signature to be affixed along with contact details of the person signing once authenticated by a Bank.

MINIMUM DEPOSIT:

Chequing Accounts – Cost of Initial cheque book

Savings Account – $5,000

Term Deposit – $ 250,000

Special Investment $1,000,000

CHEQUING ACCOUNTS:

Counter Cheque $300 per leaf

Ledger Fees $30 per cheque debited (for current account) minimum $600 per month

Transfer of funds from one Account to another (same Branch) $500 plus Debit Advice Charge $200

Transfer of funds to another branch $1,000 plus Debit Advice Charge $200

Encashment of a GBTI Cheque by a third party $500

Certificate is received from the Guyana Revenue Authority.

Sole Trader Account

  1. National ID/ Passport/ Driver’s License
  2. Proof of address for Sole Trader
  3. Proof of address for business (if different from residence)
  4. Proof of income (1 year cash flow for new businesses, previous year financial statements for existing businesses)
  5. TIN/VAT, if applicable. VAT is applicable for businesses with over $15M in yearly revenue
  6. Business Registration (if registered)
  7. Licenses/permits, if applicable

 

NOTES:

  1. Proof of address can include the following:
    • Utility bills (GTT, GWI, GPL, Digicel)
    • Other Bank statements
    • Bills from internet and cable service providers (E-Networks, DirecTV etc.)
    • Rental agreements/Transports
    • NIS pay stub, for pensioners
    • Foreign driver’s license
    • New Guyana Driver’s License
    • Hire purchase Agreement/Statement (issued within the last 6 months)
    • Envelopes with GPOC stamp (only if none of the above are available)
    • Most recent Credit Info report
  2. Where standard forms of proof of address documentation are not available, low-medium risk customers are permitted to use the self-attestation form. This does not apply to nonresidents.
  3. Where standard forms of proof of income are not available, low-medium risk customers can complete the applicable self-attestation Form inclusive of non-residents.
  4. TIN can be sourced from any government issued document, a pay-slip, the new driver’s license or a TIN certificate.

Additional information on the requirements for individual and sole trader accounts can be found on the Bank’s website https://www.gbtibank.com/bank-accounts/savings-account/individual/

Joint Chequing Account

Documents to be Submitted:

  1. Identification Card, Guyana’s new Plastic Driver’s Licence or Passport for each person
  2. Proof of Address for each person*
  3. TIN Certificate for each person once they are taxpayers in Guyana
  4. Salary Slip/ Job Letter/ Income and Expenditure Statements for self-employed individuals or pension stubs for pensioners*
  5. Two Character References for each person must be from reputable individuals

NOTE:

* PLEASE SEE GUIDANCE NOTES BELOW

GUIDANCE NOTES:

PROOF OF ADDRESS:

*Validity Period must be within the last 6-8 months

Valid forms of Proof of Address:

Utility Bills (GTT, GPL, GWI, Digicel), Bank Statements from other Banks, Bills from authorized internet cable service providers (E-Networks, Direct TV, etc.), Driver’s Licence for Non- Residents, Rental Agreements, Transport, NIS Pay Stub and Authority to use Proof of Address form.

Exceptionally Envelopes with GPOC Stamp can be accepted if customer cannot provide any other form of Proof of Address this includes any mail correspondence sent by GBTI.

SALARY SLIP/ JOB LETTER/ INCOME AND EXPENDITURE STATEMENTS FOR  SELF-EMPLOYED INDIVIDUALS  OR PENSION STUBS FOR PENSIONERS:

*Required for employed Persons and Pensioners.

FOR ALL DOCUMENTS FORWARDED TO PERSONS RESIDING OVERSEAS:

Signatures to be authenticated by Bankers overseas or The Guyana Consulate for Non-Resident – Stamp and signature to be affixed along with contact details of the person signing once authenticated by a Bank.

MINIMUM DEPOSIT:

Chequing Accounts – Cost of Initial cheque book

CHEQUING ACCOUNTS:

Counter cheque $300 per leaf

Ledger Fees $30 per cheque debited (for current account) minimum $600 per month

Transfer of funds from one Account to another (same Branch) $500 plus Debit Advice Charge $200

Transfer of funds to another branch $1,000 plus Debit Advice Charge $200

Encashment of a GBTI cheque by a third party $500

Company Account

Documents to be Submitted:

  1. Proof of address for company
  2. Audited financial statements for previous year (for existing companies)
  3. Cash flow projection one (1) year (for new companies)
  4. TIN/VAT, if applicable. VAT is applicable for businesses with over $15M in revenue. If VAT certificate is given, the TIN can be obtained from this.
  5. Beneficial Ownership information, in the form of either:
    • Form 470 as submitted to the Commercial Registry
    • Number of Shareholders and Allotment of Shares (Articles of Incorporation)
    • Latest Annual Return
    • Latest Annual Report (provide web-link for Bank to check if preferred)
    • Company Ownership Chart
    • Partnership Agreements
    • Trust Deeds
    • Foreign Regulatory Filing (10-K filings, etc.)
    • Completed GBTI Beneficial Ownership Form if none of the above are available.
  6. Company Documents:
    • Certificate of Incorporation
    • Articles of Incorporation
    • Notice of Secretary and Consent to Act as Secretary
    • Notice of Directors and Consent to Act as Director
    • Notice of Registered Address
    • Certificate of Registration of External Company (for foreign companies)

7. License/Permit from issuing agency

KYC Requirements

For all directors and signatories:

  1. National ID/ Passport/ Driver’s License
  2. Proof of Address (see individual list for sources of proof of address)
  3. TIN (also to be requested from foreigners who work/earn in Guyana, as they are subject to withholding tax).
  4. 1 character reference per Director for high risk company accounts only

For all beneficial owners  of the company, which includes 1 ‘controller’ and as much as 4 ‘owners’ that own at least 25% of the company’s shares, either directly or indirectly:

  1. National ID/ Passport/ Driver’s License
  2. Proof of Address (see individual list for sources of proof of address)

For all agents authorized to transact business for the company:

  1. National ID/ Passport/ Driver’s License

Additional information on the requirements for the company accounts can be found on the Bank’s website at https://www.gbtibank.com/business/bank-account/business-chequing-account/

NOTE:

* PLEASE SEE GUIDANCE NOTES

GUIDANCE NOTES:

PROOF OF ADDRESS:

*Validity Period must be within the last 6-8 months

Valid forms of Proof of Address:

Utility Bills (GTT, GPL, GWI, Digicel), Bank Statements from other Banks, Bills from authorized internet cable service providers (E-Networks, Direct TV, etc.), Driver’s Licence for Non- Residents, Rental Agreements, Transport, NIS Pay Stub and Authority to use Proof of Address form.

Exceptionally Envelopes with GPOC Stamp can be accepted if customer cannot provide any other form of Proof of Address this also includes any mail correspondence sent by GBTI.

CHARACTER REFERENCES:

*Character References required for each Signatory, Director and Secretary of the Company.

These references must be from reputable persons in society (e.g. Doctors, Lawyers, etc.)

TAX COMPLIANCE CERTIFICATE

*A Tax Compliance Certificate is not required for businesses that are newly incorporated.

LICENCE/PERMITS:

*Required for Pawnbrokers, Real estate agents, Gold Miners, Fuel/ Petroleum products dealers, Gas Station, Betting Shops, Casinos, Lumber dealers, Tourism businesses, Importers, Exporters, Academic Institutions, Cable TV Operators, Radio Stations, Television Broadcasting Stations, Speed Boat Operators, Fishing boats and trawlers, Rice Millers, Money Service Businesses, Cambio/ Dealers in Foreign Currency and other trades as deemed necessary.

FOR ALL DOCUMENTS FORWARDED TO PERSONS RESIDING OVERSEAS:

Signatures to be authenticated by Bankers Overseas or The Guyana Consulate for Non-Residents (Director, signatory and Beneficial Owner) – Stamp and signature to be affixed along with contact details of the person signing once authenticated by a Bank.

MINIMUM DEPOSIT:

Chequing Accounts – Cost of Initial cheque book

Savings Account – $5,000

Term Deposit – $ 250,000

Special Investment $1,000,000

CHEQUING ACCOUNTS:

Counter Cheque $300 per leaf

Ledger Fees $30 per cheque debited (for current account) minimum $600 per month

Transfer of funds from one Account to another (same Branch) $500 plus Debit Advice Charge $200

Transfer of funds to another branch $1,000 plus Debit Advice Charge $200

Encashment of a GBTI Cheque by a third party $500

Chequing Account for an Individual

Documents to be Submitted:

  1. National ID/ Passport/ Driver’s License
  2. Proof of Address*
  3. Proof of Income (payslip/job letter etc.)
  4. TIN (also to be requested from foreigners who work/earn in Guyana, as they are subject to local withholding tax).

NOTE:

* PLEASE SEE GUIDANCE NOTES BELOW

GUIDANCE NOTES:

PROOF OF ADDRESS:

*Validity Period must be within the last 6-8 months

Valid forms of Proof of Address:

Utility Bills (GTT, GPL,GWI,Digicel), Bank Statements from other Banks, Bills from authorized internet cable service providers (E-Networks, Direct TV, etc.), Driver’s Licence for Non- Residents, Rental Agreements, Transport, NIS Pay Stub and Authority to use Proof of Address form. Exceptionally Envelopes with GPOC Stamp can be accepted if customer cannot provide any other form of Proof of Address this includes any mail correspondence sent by GBTI.

SALARY SLIP/ JOB LETTER/ INCOME AND EXPENDITURE STATEMENTS OR PENSION STUBS:

*Applicable for employed persons or pensioners.

MINIMUM DEPOSIT:

Chequing Accounts – Cost of Initial cheque book

CHEQUING ACCOUNTS:

Counter Cheque $300 per leaf

Ledger Fees $30 per cheque debited (for current account) minimum $600 per month

Transfer of funds from one Account to another (same Branch) $500 plus Debit Advice Charge $200

Transfer of funds to another branch $1,000 plus Debit Advice Charge $200

Encashment of a GBTI Cheque by a third party $500