Account Opening Requirements
LEGAL PERSON
Checking and savings accounts opening requirements
An applicant for opening a checking or savings account will provide the requirements set by the Bank, which vary depending on the type of person (or entity) interested in the service.
No individual or legal entity may open more than one account in each currency (domestic or foreign), unless properly justified cases.
1.1. Requirements for legal persons
a) Original certification of legal status with no more than a month of issued and containing at least the following details:
- Full name of the legal person.
- Volume, page number and entry of the Registro Nacional or only an indication of the legal document as appropriate.
- Full name of legal representative.
- Number of legal representative's identification card.
- Powers of the legal representative indicating that power is in effect.
- The certification should provide the kind of power, if within his/her powers is that of providing or replacing their power.
- Date issued.
This certification must be issued by the Registro Nacional or by a public notary.
b) Book of shareholders issued by a public notary containing the following details:
Entity's legal status at the moment of opening the account (eg. type of legal entity, name of shareholders and ownership percentage for those who own more than 10% of the shares or, failing that, the major shareholder, valid, legal document, or any other document that the institution considers necessary.
Certification of the capital composition, issued by a public notary, with no more than one month of issuance, comprising:
- Must include the name of the shareholders who own more than 10% of the shares, or if none owns more than 10%, the name of the major shareholder.
All this in compliance with the Law on narcotic drugs, psychotropic substances, unauthorized drugs, money laundering and related activities, Law 8204, Chapter II Client Identification.
c) Financial and accounting information, or otherwise reasonably to assess the estimated level of the client’s operations.
d) Original and photocopy of the original deposit receipt for the type of account to be opened.
e) Proof of the registered address of the client (water bill, electricity, telephone or other service under the customer's name indicating the exact address not a PO Box).
In accordance with the Regulations of the CONASSIF in compliance with the Law on narcotic drugs, psychotropic substances, unauthorized drugs, money laundering and related activities, Law 8204, Chapter II Client Identification:
For both natural and legal persons, the institution must verify the customer's address data. This verification will be done through service bills, home visits, records of any governmental official entity or any other method that allows the entity to comply with this requirement.
It should note in the client's record the outcome of the investigation carried out by copy of the documents or through memoranda or visits logs.
f) Sign the “Conozca a su cliente” form as indicated in paragraph 3.8 of these provisions.
Within the “Conozca a su Cliente” form we’ll request: type of legal entity, name of shareholders and ownership percentage for those who own more than 10% of the shares or, failing that, the major shareholder, effectiveness, legal identity , or any other document that the entity considers appropriate.
All this in compliance with the Law on narcotic drugs, psychotropic substances, unauthorized drugs, money laundering and related activities, Law 8204, Chapter II Client Identification.
g) Original and photocopy of the identification documents of the empowered and authorized persons to sign in the checking or savings account.
h) Third party persons authorized to operate a checking or savings account shall bear the representation of the legal entity, either as general power or special power. This should make proof, by registration or notaries certification of power that has been granted and the powers derived from it.
In the case of a special power, its original must be submitted properly with the authenticated signatures, accompanied by certificates of legal capacity of the grants and which expressly state that has powers to grant it, if the power was granted by the Members' Meeting must be furnished the respective agreement duly notarized, in both cases, the original document must be retained by the Bank.
i) The public service employee will stamp on the photocopy of the documents submitted by the client, the initial of his signature to validate that the original document is equal to the copy received, will also apply the exposed in point 3.9 of these provisions, reception requirements.
1.2. Additional requirements according to the type of legal entity
For opening a legal checking or savings account the requirements will be requested according to the type of legal entity and considering applicable provisions of paragraph 3.5 of this document.
Therefore you will require:
Corporation
a) Original or certified copy of the deed of incorporation.
b) Certification of legal status (as indicated in paragraph 3.6 of these rules).
Solidarity associations
a) Original and photocopy of the statutes.
b) A certificate issued by the Ministerio de Trabajo.
Non solidarity associations
a) Original or certified copy of the statutes.
b) Certification of legal capacity issued by the Registro Público.
Integral and specific development associations
a) Certification of legal capacity issued by the Ministerio de Gobernación (DINADECO).
b) Original and certified copy of the agreement the Board of Directors where they confer the authorized full and sufficient power to handle accounts.
Unions
a) Certification of
legal capacity issued by the Ministerio de Trabajo.
b) True copies of the statutes properly authenticated by the Ministerio de Trabajo.
Administrative boards (high schools) and Education Boards of Education (schools) a) Board certification issued by the Department of Finance, the Ministerio de Educación.
Foundations
a) Original
articles of incorporation or a certified copy thereof or microfilm copy of the
Registro Mercantil or equivalent document depending
on the type of legal entity applying for opening the account.
b) Full and sufficient power to manage bank accounts for the authorized persons.
c) Registration of the selection of a representative of the Poder Ejecutivo and a member of the municipality of the canton.
Temporalities of the Archdiocese
a) Letter from the church of the area where it belongs indicating the authorized persons in the account.
b) Certificate of legal representative.
Embassies
a) Certification of
the Ministry of Foreign Affairs with the selection of the Ambassador.
b) Letter from the Ambassador with the authorized persons.
c) Original and copies of passports and international mission card.
Ministries
a) Selection of the
Minister, published in Diario Oficial
b) A letter signed by the Minister for the authorized persons.
Government Institutions
a) Selection of Executive Chairman published in
the Diario Oficial
b) Letter from the President for the authorized persons.
Condos
a) Original and
photocopy of the statutes or regulations of the condominium.
b) Agreement of Condominium Council (owners of each condominium) for the authorized persons, as appropriate.
c) Certificate of selection of the condominium’s manager, with an indication of his powers.
Sports clubs, associations, committees, leagues and other sports bodies
a) Original and photocopy of the regulation or statute.
b) Certification of the Dirección
General de Deportes, or the Instituto Costarricense del Deporte y
Companies under court
bankruptcy proceedings and represented by a curator
a) Original and
photocopy of the certificate of incorporation.
b) Office of the appropriate judicial authority which tells us the name of the curator and his powers.
Federated and Professional College
a) Creation of the College Law published in the
newspaper
b) A certified copy of the selection of the
Board published in the newspaper
c) Certification of the legal representative with express reference to his
powers.
Patronages
a) Letter from Ministerio de Educación
with the selection of the Director.
b) Letter from the Director for the authorized persons, which shall be members of the Board of School Trustees.
Costa Rican Red Cross
a) Selection of the President, issued by the National Council.
b) Authorization Card from the Costa Rican Red Cross, signed by the President.
c) Letter on the letterhead of the Red Cross issued by the President for the authorized persons.
Cameras
a) Original and photocopies of constitution document.
b) Original of the current legal representation.
Municipalities
a) Letter from the
Municipal Secretary with the selection the Municipal Executive.
b) Letter from the Municipal Executive for the authorized persons.
Cooperatives
a) Certification of
the Ministerio de Trabajo
and the Board of Managing Directors.
b) Resolution of the Board of Directors indicating full and sufficient power for the authorized persons or letterhead of the cooperative, signed by the president and secretary.
Judicial Authorities
a) Letter from the court’s secretary with the selection of the designated employee as head of the office to which the account belongs.
b) Confirmation of the note with the business area responsible for the judicial authority.
Telephone: (506) 2284-6600
E-mail: ServiciosBancaElectronica@bancobcr.com