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COMMERCIAL LOAN

A Commercial Loan is a debt based funding arrangement that a business can set up with the Bank. The proceeds of a Commercial Loan are generally used to fund large Capital Expenditures and operations that a business may otherwise be unable to afford. Commercial loans are generally repaid within a short term. However, a maximum of ten years is available based on qualifying factors.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)

COMMERCIAL MORTGAGES

A Commercial Mortgage is a mortgage loan secured by a commercial property, such as an office building, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.

  1. National Identification Card or Passport
  2. TIN Certificate
  3. Business Registration
  4. Financial Statements (Previous three years) [If applicable]
  5. Job Letter and Pay slips [If applicable].
  6. Contractor’s Estimate
  7. Valuation of Property (To be done by an approved valuator by the Bank)
  8. Approved building plan
  9. Rental Agreement
  10. Character References (Minimum two)
  11. Evidence of Contribution
  12. Bank Statement from Current Bank (Minimum one year)
  13. Copy of Transport / Title of property offered as collateral
  14. Agreement of Sale and Purchase (if applicable)
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REVOLVING LINES OF CREDIT

A line of credit is a facility where a customer secures a fixed credit amount and is then allowed to use the funds when they are needed. The amount utilized is repaid within a maximum of one hundred and eighty days of usage.  It is usually used for operating purposes, fluctuating depending on current cash flow needs. This facility is reviewed on a yearly basis.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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TERM LOAN

A term loan is a credit facility that is repaid in fixed payments over a set period. Term loans usually last between one and ten years.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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LOAN SYNDICATION

This is the process of involving several different lenders in providing various portions of a loan to a single borrower. This type of borrowing facilitates large borrowings and is generally given in the form of term loans.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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LETTERS OF CREDIT

A Letter of Credit is a Letter issued by the Bank to another Bank (mainly one in a different country) to serve as a guarantee for payments made to a specified person under specified conditions. This facility is mainly applicable to overseas purchases.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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BONDS AND GUARANTEES

The Bank offers four basic types of Guarantees namely, Bid Security, Performance Bank Guarantee, Advance Payment / Mobilization Bank Guarantee and Customs Bond. These facilities are primarily accessed by Companies / Individuals to fulfil contractual obligations.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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PAYROLL SERVICES

Citizens Bank Guyana Inc. processes salaries for account holders on behalf of their employers. This service is especially beneficial for companies/businesses with large numbers of employees. The process is simple and saves time.

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OVERDRAFTS

An overdraft facility is a credit product that is primarily used to finance the day-to-day working capital requirements of a business. A fixed limit is applied to a Customer’s Chequing Account, which allows the account to be overdrawn to the predetermined limit. There is no fixed repayment of this facility. However, the transactions must coincide with the business cycle.

  1. National Identification Card or Passport
  2. TIN Certificate
  3. Certificate of Incorporation or Business Registration
  4. Annual Return (Previous two years)
  5. Financial Statements (Previous three years)
  6. Cash Flow Projections (Two Years)
  7. Bank Statement from Current Bank (Minimum one year)
  8. Copy of Transport / Title of property offered as collateral
  9. Valuation of Property (To be done by an approved valuator by the Bank)
corporate-account

CORPORATE ACCOUNT

A corporate account is a deposit account for the benefit of a company, which requires a company resolution listing the names of the individuals who may transact business in the company’s name.

  • Letter of Introduction stating interest in opening account, the nature of business, type of account required, persons signing on account and signing instructions. [To be provided /signed by the Secretary.]
  • Certificate of Incorporation
    Articles of Incorporation; or If company incorporated prior to May 25, 1995:

    1. Memorandum and Articles of Association.
    2. Certificate of Continuance.
    3. Articles of Continuance.
    4. Certificate of Restoration.
  • Notice of Directors and Consent to Act as Directors.
  • Most recent Notice of Change of Directors if change occurred subsequent to incorporation.
  • Notice of Secretary and Consent to Act as Secretary.
  • Most recent Notice of Change of Secretary if change occurred subsequent to incorporation.
  • Notice of Address (registered office and principal place of business).
  • Proof of address for company (recent utility bill electricity/telephone/internet/water/post marked mail) dated within a three (3) month period of presenting document.
  • Declaration of Compliance.
  • By Laws (Interpretation)
  • Company Resolution
  • Most recent Annual Returns of the company if company established in excess of one year (notarized by the Deeds Registry if company incorporated outside of Guyana).
  • Corporate Stamp or Seal (to be used on the Corporate Resolution form).
  • List of shareholders and percentage of shareholding and value of each share held by each [signed by the secretary with company stamp affixed]
  • TIN Certificate for company.
  • Financials for existing company/Projected Income statement for newly established company.
  • All permits/approvals (e.g. mining/forestry/gaming) must be provided.
  • For all Directors, Signatories & Secretary:
    1. Proof of Identification – (Valid National Identification Card and/or Valid Passport).
    2. Proof of Address – (recent Utility Bill – electricity/telephone/internet/ water or Post Marked Mail) datedwithin a three (3) months period of presenting document.
    3. TIN Certificate/Certification from Guyana Revenue Authority
    4. Social Security number for all LPR and Citizens of USA Directors, Signatory.
    5. Green Card number for legal permanent residents of USA.
    6. For a Chequing Account, two (2) Local Character References for each Signatory addressed to CBGI. See Sources of References

 

Notice:

  1. All Original Documentation Must Be Presented
  2. Documents Will Be Reviewed Prior To The Opening Of The Account
  3. Additional Information/Documentation May Be Requested.
  4. Requirements And Interest Rates Are Subject To Changes By Citizens Bank Guyana Inc.
trading-account

TRADING AS ACCOUNT

A Trading As Account is a deposit account used by sole traders and partnership to facilitate daily business transactions.

    1. )Business Registration (Annual renewal of Business Registration is required for submission to the Bank).
    2. New Business – Affidavit of Income and/or Projected Financials.
    3. Old/ Existing Business – (1) year or more financial for previous year and/or Projected Financials (circumstantial)- yearly submission required.
    4. TIN Certificate for Business (In the full and correct name of the Business)
    5. Partnership Agreement (if any) or other Agreement establishing the business, if unincorporated.
    6. For a chequing account, two (2) Local Character References for each signatory addressed to CBGI.
    7. Proof of Identification for each Signatory and/or Proprietor -Valid National Identification Card and/or Valid Passport (1 Passport size photograph where features are not clearly displayed on Customer’s identification).
    8. Proof of Address for each Signatory and/or Proprietor- Recent Utility Bill (electricity/telephone/internet/water) or Firearm License or Fire Insurance Policy for Resident or Post Marked Mail in the full name and address of client with content in the envelope with ‘postage stamp’ clearly dated within three (3) month period of presenting document.When the utility bills are not in the customer’s full name, the person whose name the bill is in may complete a letter (referred to as the Proof of Address Letter) confirming that the customer resides at/with them, and this letter is submitted along with that person’s ID and recent utility bill stipulated by the above requirements.[Note: Proof of address is required for person’s home/residential address; however, no proof is required for mailing address which can differ from the home/residential address].
    9. Proof of Occupation/Income for each Signatory and/or Proprietor-
      • Job Letter or recent Payslip or Valid Employment/Job Contract or Affidavit of Income (if business is not registered) or Business Registration along with Affidavit of Income and/or Projected Financial Statement (New Business)
      • Old/ Existing Business (1) year or more- Financial for previous financial year and/or Projected Financials (circumstantial) [yearly submission required] or Pension Book/Letter within three (3) month period of presenting document
    10. TIN Certificate/Certification from Guyana Revenue Authority for each Signatory and/or Proprietor (where TIN differs from that of the Business TIN.

 

Notice:

  1. If Name On Required Documents Differs For The Individual (s): Please Provide Original Support Documents. Example: Marriage Certificate And/Or Divorce Absolute And/Or Deed Poll And/Or Affidavit of Identity.
  2. All Original Documentation Must Be Presented.
  3. Requirements And Interest Rates Are Subject To Changes By Citizens Bank Guyana Inc.
chequing-account

CORPORATE CHEQUING ACCOUNT

The corporate chequing account is a bank account that allows a business to write cheques and perform other kinds of transactions normally associated with a chequing account such as online banking and in-branch banking.

• Letter of Introduction stating interest in opening account, the nature of business, type of account required, persons signing on account and signing instructions. [To be provided /signed by the Secretary.]

• Certificate of Incorporation

Articles of Incorporation; or If company incorporated prior to May 25, 1995:
a. Memorandum and Articles of Association.
b. Certificate of Continuance.
c. Articles of Continuance.
d. Certificate of Restoration.

• Notice of Directors and Consent to Act as Directors.

• Most recent Notice of Change of Directors if change occurred subsequent to incorporation.

• Notice of Secretary and Consent to Act as Secretary.

• Most recent Notice of Change of Secretary if change occurred subsequent to incorporation.

• Notice of Address (registered office and principal place of business).

• Proof of address for company (recent utility bill electricity/telephone/internet/water/post marked mail) dated within a three (3) month period of presenting document.

• Declaration of Compliance.

• By Laws (Interpretation)

• Company Resolution

• Most recent Annual Returns of the company if company established in excess of one year (notarized by the Deeds Registry if company incorporated outside of Guyana).

• Corporate Stamp or Seal (to be used on the Corporate Resolution form).

• List of shareholders and percentage of shareholding and value of each share held by each [signed by the secretary with company stamp affixed]

• TIN Certificate for company.

• Financials for existing company/Projected Income statement for newly established company.
• All permits/approvals (e.g. mining/forestry/gaming) must be provided.

  • For all Directors, Signatories & Secretary:

a. Proof of Identification – (Valid National Identification Card and/or Valid Passport).
b. Proof of Address – (recent Utility Bill – electricity/telephone/internet/ water or Post Marked Mail) dated within a three (3) months period of presenting document.
c. TIN Certificate/Certification from Guyana Revenue Authority
d. Social Security number for all LPR and Citizens of USA Directors, Signatory.
e. Green Card number for legal permanent residents of USA.
f. For a Chequing Account, two (2) Local Character References for each Signatory addressed to CBGI. See Sources of References

trading-account

POINT-OF-SALE TERMINAL

VISA Merchant Acquiring) Merchant with VISA Point-of- Sale terminals can accept payment by all VISA branded cards (credit & debit).

  • Reads the information off a customer’s credit or debit card
  • Checks whether the funds in a customer’s bank account are enough
  • Transfers the funds from the customer’s account to the seller’s account (or at least, accounts for the transfer with the credit card network)
  • Records the transaction and prints a receipt
  • National Identification Card or Passport of all Directors
  • TIN Certificate of Company
  • Business License
  • Prior Merchant Agreement
  • Certificate of Incorporation or Business Registration
  • Memorandum of Association or Articles of Association
  • Annual Return (Previous two years)
  • Audited Financial Statements (Previous three years)
  • Bank Statement from Current Bank (Minimum one year)
  • Website and Card not present transactions
  • Billing terms, return, and cancellation policies
  • Business References
  • Contractual Arrangements and Third parties