DOC issues document required to open BoH business account in Hawaii
With the Bank of Hawai’i closing local operations by Mar. 14 next year, some local companies have already moved or have registered their companies with the state of Hawai’i, whose Department of Commerce and Consumer Affairs requires a Certificate of Good Standing from the ASG Department of Commerce for the local business.
DOC’s Economic Development Division issues such certificates and in the last quarter of fiscal year 2013, which ended Sept. 30, 2013, they prepared and processed seven such documents as the EDD is the authorized and recognized ASG entity to prepare and issue the certificates.
DOC senior official Alex Zodiacal told Samoa News that the issuance of such certificates are not new and it has occurred over the years every time a local firm seeks to register as a business in any state, whose officials then contact DOC for the certificate.
He said that one of the requirements for local firms to register in Hawai’i and other states is a Certification of Good Standing; so DOC works with the credit collection at the Treasury Department, obtains articles of incorporation and gets other basic information that is needed by Hawai’i before a certificate is issued.
While DOC rarely receives a request from a state for a certificate, more requests came in since February this year, as more local firms want to transfer their accounts to Hawai’i, when BoH closes down next March, he said.
Any local company that wants to transfer its banking accounts to BoH’s main Honolulu office is required to register in the state of Hawai’i.