No.  Section 3 of the Investment Promotion Act states that an Enterprise is not deemed to be carrying on business if it only “(j) maintains a bank account”. Therefore, an Enterprise that merely opens a bank account is not necessarily considered to be carrying on business and does not require an IPA Certificate. 

 Issuance of a Certificate of Incorporation or Registration under the Companies Act should be sufficient documentation for commercial banks to allow Companies to open a bank account.