Open your Business Operating
Account at VM
Earn on your daily cash balances and take advantage of competitive interest rates that support your business growth.
Maximise Your Earnings
Our Business Operating Account is the right choice for achieving your ideal business results. Here is how we support you.
Competitive Interest Rates
Your business has the potential to earn even more. Get great interest rates on your daily cash balances, as well as the funds used for operating expenses.
24/7 Online Access
Keeping track of your finances should be quick, easy and convenient. Enjoy the convenience of online bill payments and view your account statements.
No Hidden Fees
Enjoy low or no fees with our Business Operating Account. Set up and amend your standing orders with no associated costs.
Choose What’s Right for Your Business
Your business success is our priority. We offer accounts for a diverse range of business classes, with tailored solutions for their needs.
What You Need to Get Started
Manage your day-to-day expenses with the Business Operating Account. Here is what you need to open an account:
● A valid government issued ID
● Copy of any government issued permit or license (e.g., food handlers permit, vending permit, taxi permit, etc.).
● In-house financial statements or cash flow projections for the next 2 years.
● Reference letter from bank, copy of bank statement or passbook.
● Purchase order from two main customers (issued within two months of the date of application).
● Receipt for supplies purchased for the business.
● Import license, invoices for goods or services sold within the last three months.
● Written customer testimonial from two main customers.
● Proof of membership in trade or professional association (e.g., letter from President, Treasurer or Secretary).
● Signing officers must present a valid government issued ID, Taxpayer ID, 2 references, Proof of address and Proof of income i.e., Income Statement and Questionnaire for Self-employed, job letter or pay slip.
● Certificate of Registration.
● Business Taxpayer ID.
● Current Business License/Certificate of Trading, or evidence of trading activities (as applicable).
● Tax Compliance Certificate (TCC).
● In-house financial statements, Management Accounts, or last 2-3 years audited financial statements (as applicable).
● Where the business is new (less than 1 year) and no financials are available, the Income Statement and Questionnaire for Self-employed would apply.
● Signing officers should present a valid government issued ID, Taxpayer ID, 2 references, Proof of address and Proof of income i.e., Income Statement and Questionnaire for Self-employed, job letter or pay slip.
● Certificate of Registration plus limited liability agreement, or partnership agreement (where applicable).
● Business Taxpayer ID.
● Signing officers should present a valid government issued ID, Taxpayer ID, 2 references, Proof of address and Proof of income.
● Certificate of Registration (where applicable).
● Association Taxpayer ID (where applicable).
● Approval from Ministry of Finance of charitable status.
● Rules or Charter of Club, Charity or Association, if no Charter, complete (VMBS Statutory Declaration for Clubs and Associations).
● Resolution from Executives – authorizing the establishment of the business relationship and relevant signing instructions on account.
● Proof of Source of Funds information
Let’s Get Started
Get one step closer to growing your business. Sign up to speak with one of our VM Business Banking team members.