No, merely confirming that the account has a balance equal to or greater than the amount of the capital is not sufficient to prove that the capital has been duly paid.
In the incorporation of a company, the subscriber(s) must actually transfer the amount of capital into the designated bank account by means such as remittance or transfer.
To certify the payment of capital, a record of the deposit showing all of the following items is required (such as a copy of a bankbook or an online banking transaction history screenshot):
- Name of the financial institution and its branch,
- Name of the account holder (the person who receives the capital contribution), and
- Date and amount of the deposit.
Accordingly, a balance certificate or a screenshot showing a sufficient account balance alone is not adequate.
Please note that it is acceptable to make the payment in a lump sum or in several installments.
