To open a company bank account in Australia, the requirements may vary depending on the bank and the type of business structure. Generally, you will need to provide personal identification for all owners or partners, the business name, primary business address, Australian Business Number (ABN), and details about the industry type.
For instance, a sole trader will need to provide personal identification and may not be required to have a separate bank account, but it is recommended. In contrast, partnerships, companies, or trusts must have a separate account for tax purposes. It's essential to prepare the necessary documents and information before approaching a bank, and you may need to visit a branch with a small business specialist to set up your account.
Additionally, if your business structure is not listed, bank representatives can assist you with the required documentation. For detailed checklists and steps, you can refer to resources provided by your financial institution, which usually offer comprehensive guides on setting up a business bank account.
Most Australian banks will require certain proof of identity and company existence in order to open an account in your company name. This list is by no means exhaustive and may differ at each bank:
- ACN and Company name
- Certificate of Incorporation
- Directors’ and shareholders’ details
- ABN
- Place of business address
- Personal identification
- Any other business/trading names
- Signatories who are authorised to access the account