Factors for refusal

Each financial institution will have its own criteria for deciding on applications, but the requirements are strict across the board.

Here are the following reasons that banks will refuse an account:  

• The amount of capital is too small
• The phone number listed was a mobile phone, not a landline
• The business in question has no official website
• The company could provide no contracts, invoices, or receipts
• The company's business goals are unclear