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Title: CA Certificate for Current Bank Account Opening: A Comprehensive Guide

Introduction:

·       Opening a current bank account is a fundamental requirement for any business.

·       To open a current account, banks often require basic details and documents such as PAN, address proof, and an Aadhaar card.

·       Some banks now also request a CA certificate for current bank account opening.

·       A CA certificate provides crucial information about the business owner, the nature of the business, and the business start date.

·       In this article, we will explore what a CA certificate for current bank account opening entails, when it is required, how to obtain it, and the associated fees.

What is a CA Certificate for Current Bank Account Opening?

·       A CA certificate provides a breakdown of net assets and liabilities as of a specific date.

·       Banks and financial institutions rely on CA certificates as they are authorized and trustworthy.

·       A CA certificate for a current bank account opening is an authentication document provided by an approved Chartered Accountant.

·       It serves to verify the identity of the person applying to open a current bank account.

·       Proprietary firms often require this certification since they may not possess other valid statutory legal documents.

Documents Required for Obtaining a CA Certificate for Current Bank Account Opening: To obtain a CA certificate for opening a bank account, you need to provide the following basic KYC documents and details:

1.    ID proof such as PAN, Aadhaar card, voter ID, etc.

2.    Address proof

3.    Mobile number and email ID

4.    Proof of establishment

5.    Address proof of the establishment's principal place of business

6.    Details of all movable and immovable, tangible and intangible property, investments, etc.

7.    Details of all liabilities

Sample Format/Draft of CA Certificate for Opening a Current Account: Certificate Format:

·       The certificate should be issued on the letterhead of the CA firm, including the firm's address and contact details.

·       It must be signed by the Chartered Accountant and bear the firm's rubber stamp.

·       A Unique Document Identification Number (UDIN) should be mentioned.

Date: [Date] To, The Branch Manager, [Bank Name] [Branch Name]

Dear Sir/Ma'am,

This is to certify that [Name of the business owner] is the Proprietor/Proprietress of [Trade name of the business], located at [business address]. The business is engaged in [Nature of Business] since [Date/Year]. This certificate is being issued to enable the Proprietary Concern to open a current account with [Bank Name], [Branch Name], based on the information and facts verified by us.

For [Trade name of the business] Chartered Accountants

Name of Chartered Accountant (sign) Membership No. & FRN No.: (with firm rubber stamp) UDIN:

Date: Place:

Note: This is an illustrative format, subject to change based on bank requirements, the purpose of the certificate, and entity status.

The Importance of UDIN for CA Certificate for Current Bank Account Opening:

·       Unique Document Identification Number (UDIN) is a system-generated 18-digit unique number for each document/certificate issued by a full-time Chartered Accountant.

·       Obtaining a UDIN is mandatory for all certificates that contain financial information considered true and fair.

·       Therefore, obtaining a UDIN is mandatory for a CA certificate for opening a current bank account.

Types of Businesses Requiring a CA Certificate for Current Bank Account:

·       Sole proprietary businesses are not required to register under any specific law or regulation.

·       However, if a person chooses to register the business under modes such as MSME, Udyog Aadhar, or labour license without a GST registration certificate, a CA certificate is necessary to open a current account.

·       Partnership firms, companies, and other types of businesses may also require a CA certificate for current bank account opening.

Conclusion:

·       We hope this comprehensive guide has provided you with valuable information about the Chartered Accountant (CA) certificate for opening a current bank account.

·       If you have any doubts or queries, feel free to reach out to us or visit our website for more information and to obtain a CA certificate conveniently and affordably.

Frequently Asked Questions:

1.    Where can I obtain a CA certificate for my current bank account opening?

·       You can obtain a CA certificate from practising qualified Chartered Accountants. We offer online CA certificate services for your convenience and at affordable prices.

2.    What is the validity of a CA certificate for a current bank account opening?

·       By default, a certificate issued by a Stand-alone Certificate Authority CA is valid for one year. After one year, the certificate expires and is no longer trusted for use.

FEES

For CA Certificate fees start from Rs.3,000/- depending on papers, documents and entity

Contact

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