Account for registered capital payments

• We will open an account for registered capital payments at the request of a contribution administrator (e.g. founder – both individual and legal entity)
• At that moment, the relevant account shall be used for the payment of registered capital of the company, cooperative, foundation, etc. being formed
• Payment amount must be specified in a Memorandum of Association or similar document
• Prior to the registration of the company in the Commercial Register, any funds in the account for registered capital payments may by law only be used by a contribution administrator, in one of the two following ways:

       1. Settlement of any formation expenses associated with the company formation –             e.g. fees for registration in the Commercial Register/Trade Register, expenses                     incurred in connection with legal and notarial services, etc.;

       2. Refund any funds to depositors – in the event a court rejects the relevant petition         and refuses to register the company in the Commercial Register.

• Account statements free of charge – either electronic statements (any frequency) or daily paper-based statements (in the event of account activity)
• Following the registration of the newly formed company in the Commercial Register, we will convert your account for registered capital payments to a standard business account (e.g. a Profi Account) with the same account number.
• Funds may subsequently be used by a statutory body of the company (e.g. Executive Directors of a limited liability company or Members of the Board of Directors of a joint-stock company). At that moment, it is also possible to set up account access for authorised individuals (e.g. accountants).

Who can open this account?

An account for registered capital payments may be opened by a contribution administrator – either an individual or a legal entity.

In case a legal entity acts as a contribution administrator, it usually appoints one person who can subsequently dispose of the funds as well. This may be a Member of the Board of Directors, founder, shareholder, or a third party.

You will need to supply the following:

• Identity document;
• Company’s Memorandum of Association in the form of a notarial deed or Articles of Association, etc.
• Other documents, as appropriate. 

1. Once your company is registered in the Commercial Register, please contact your relationship manager. It is not necessary to present an extract from the Commercial Register.
2. Together with your relationship manager, you will agree on converting your account for registered capital payments into a standard business account, such as a Profi Account. The account number will remain the same.