What are the documents required to open a partnership account?
As a Partnership firm, the partners of the firm are required to provide certain documents and undertakings to open an account with Zerodha.
The account may be opened under any one of the Partner's’ name or under the name of all the Partners. The required documents to be sent are:
2 . Duly filled Annexures required for a partnership.(with the authorized partner's signature and the firm's seal affixed on the authorized partner's signature).
3. A copy of the Partnership Deed which is duly attested by a public notary. (Investment clause must be included in the deed). The first 3 pages of the partnership deed (on all pages if lesser) should have the seal and signature of the Authorized Signatory.
4 . The PAN card copy of the firm and the PAN card copies of each individual Partner of the firm(Individual PAN to be self attested respectively without the seal and sign of the Authorized Signatory).
5 . Address proof copy of the firm and the address proof copy of each of the Partner’s of the firm.(Individual address proof to be self attested respectively without the seal and sign of the Authorized Signatory).
6. Proof of bank account (A copy of a cancelled cheque leaf/ bank statement/ bank passbook/ letter from the Bank)
7. A copy of the Balance Sheet of the partnership firm for the last two financial years which is to be submitted every year and if the firm is newly incorporated, then a net worth certificate from a Chartered Accountant is required. (The balance sheet should have the seal and signature of the Authorized Signatory on all the pages)
8 . Income proof documents of the firm, which shall include:
- 6 months Bank statement/passbook of the partnership bank account.
- Latest audited Profit and loss statement.
- If it is a newly formed partnership firm, then a net worth certificate from a Chartered Accountant and an Income Tax Return declaration is required. If the return hasn't been filed, declaration of Income Tax returns has to be submitted.
Note: If any of the partners is a foreign national or an NRI, then the individual KYC page required and documents (Pan, Indian & Overseas address proof) have to be notarized by Authorised officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrate, judge, or the Indian embassy/consulate general in the country that they reside.
9 . A Foreign Account Tax Compliance Act (FATCA) Declaration from the Firm and all the Partners of the firm.
10 . A copy of the Certificate of Registration (For Registered Partnerships only).
11 . Aadhaar of the Authorized Person as per the Letter of Authority on the letterhead of the firm [Not mandatory].
12. A physical verification, as part of the mandatory IPV requirement for all brokers, is required for non-individual accounts. Either a representative of the client would require to visit a Zerodha branch office OR a representative of Zerodha would be required to visit the offices/residence of the client to complete the IPV procedure.
13. Individual KYC form filled and signed by each partner (Partners have to sign without the stamp on individual KYC's and supporting docs)
14. If an individual is having more than 15% of profits of the applicant, the individual should identify as an ultimate beneficiary and is required to submit Annexure A . In case no natural person is identified the senior managing official may be considered a natural person.
15. Account opening cheque favouring "Zerodha Broking Limited":
(a) Rs. 500 towards equity trading account opening charges
(b) Rs. 300 towards commodity trading account opening charges
Additional Documents to be provided for opening a partnership account in case a company is a partner-
A. In case the company is KYC registered, a Board Resolution is required to verify the authorized signatories.
B. In case the company is not KYC registered, the following documents and annexures should be signed by authorized directors with the company's stamp:
1. KYC of the company and the Promoters/Directors of the company
2. Pan card and address proof of the company
3. Pan card and address proof of the directors with self-attestation (without the stamp)
4. MOA and AOA of the company (The company's MOA should authorize the company to be a partner in the partnership firm)
5. Balance sheet for the latest two years, If the company is newly incorporated then we required a net worth certificate from CA along with ITR Declaration annexure
6. Required Board resolution , Latest shareholding pattern , List of directors Annexure , Annexure-A with specimen signature and photograph (these annexures and board resolution are to be provided on the company's letterhead)
7. Certificate of incorporation with authorized director seal and signature.
Please raise a ticket below in case you have any queries regarding the documents required and our support representative will get in touch with you.