Notarial Requirements When Opening an Overseas Bank Account

A foreign bank is a private institution. Its document requirements come from its own customer-identification policy and the anti-money-laundering rules of its country, not from a treaty. That has a consequence people often miss: the apostille system exists so that public officials can rely on foreign signatures, and many banks do not ask for one at all. Others ask for notarisation but not an apostille. Some need neither, because they can verify you another way.

So the first step costs nothing: get the bank's exact document list, in writing, and read it carefully for which formalities it actually asks for.

What the bank is trying to establish

Whatever its checklist looks like, a bank opening an account for a company is establishing four things:

1. the company exists
2. who owns and controls it
3. who may operate the account, and on what terms
4. that each of those people is who they say they are

The first two are corporate evidence — the separate pages on company incorporation documents and board resolutions cover what an Australian company can produce and what a notary can certify about it. This page concentrates on the parts specific to banks: the account forms, the individuals, and when a notary is not needed.

The bank's own forms come first

Account opening usually involves the bank's application or mandate form, signature cards, and tax self-certification forms. These need signing by the right people, and where the bank wants the signatures witnessed or verified, that is what the notary does.

• Bring the forms unsigned. A notary cannot attest a signature made before the appointment.
• Complete everything except the signatures first. The notary will not fill in a bank's form, and a half-completed form causes a second appointment.
• Tax self-certifications are yours. These forms ask about the company's tax residence and classification. A notary witnesses the signature; the answers are for the company and its accountant.

Make the resolution match the mandate

The most common reason a foreign bank sends documents back is a mismatch between the board resolution and the bank's mandate form. If the resolution says two directors act jointly and the mandate lists any one signatory, the bank has two inconsistent instructions and will act on neither.

Draft the resolution after you have the bank's mandate form, naming the same signatories, with the same limits, using the bank's own terms for joint and several authority where possible. Use the bank's template resolution if it offers one.

Every individual needs their own evidence

Banks typically want identification for each director, each authorised signatory, and each person who ultimately owns or controls the company above a threshold the bank sets. That can be more people than expected, particularly where shares are held through another company or a trust.

For each person in Australia, a notary can certify a copy of their passport, having seen the original, and witness their signature on the bank's forms. Two details cause trouble:

Prescribed wording. Banks often specify the words the certifier must use, such as a statement that the copy is a true copy and the photograph is a true likeness of the person. Send the wording to the notary in advance. A notary will use it where it accurately describes what they did, and will tell you if it does not.

Proof of address. A notary can certify a copy of a utility bill or bank statement. That certifies the copy, not that the person lives at the address. If the bank wants the address itself confirmed, ask what form of evidence it accepts.

People outside Australia deal with their own evidence where they are, under local arrangements. Check the bank accepts certificates from more than one country.

When a notary is not needed

Before booking anything, ask the bank:

• Can you verify us here? Some banks have Australian branches, representative offices or correspondent arrangements that can sight identity documents directly.
• Do you offer remote verification? Many banks now verify identity by video or through an electronic process.
• Who else may certify? Some banks accept certification by a lawyer, accountant or other listed professional. For a private bank, that is the bank's choice.

If the answer to any of these is yes, the notary and the DFAT step may be unnecessary. Say so to yourself before paying for either.

When an apostille is needed

If the bank does ask for an apostille, the notary's certificates go to DFAT, which issues an apostille for a Hague Apostille Convention member — check the HCCH status table on the day — or authenticates them for embassy legalisation for other countries. A notary cannot issue an apostille.

Each separate document generally needs its own certificate. A corporate pack with several passports, a resolution and a certificate of company status adds up. Ask the bank whether it needs every item apostilled or only some, and ask the notary whether the items can be bound into a single instrument that DFAT and the bank will treat as one document.

Common questions

The bank asked for documents "certified by a notary or solicitor". Which is better? For a bank that accepts either, a solicitor's certification may be enough. A notary is needed where the bank requires notarisation, or where an apostille is required, because only certain signatures can be apostilled.

Can a Justice of the Peace certify the passport copies? For an Australian purpose, often. For a foreign bank, usually not, and a JP's certification cannot be apostilled.

Is it different for a personal account? The corporate layer disappears; the identity and address evidence is the same.

How recent must the documents be? The bank decides. Many want certified copies dated within a few months.