How to open a business bank account in Australia – 4 easy steps to set up!

Once your application has been processed and approved, you will receive your account details and can start managing your money.

Which bank is the best to open a business account?

In Australia, you are spoilt for choice. 

Some popular banks for business banking in Australia include Commonwealth Bank, Westpac, ANZ (Australia New Zealand Banking Group), NAB, (also called The Big Four), plus others such as ING, BankWest, St George, or you can try credit unions, community banks, rural banks or online or neobanks.

The choice of business bank accounts will ultimately depend on your business banking needs, preferences, and priorities.

Some banking services to consider when choosing a bank include:

• The bank account options offered –
• The fees associated with the business account, including transaction fees, monthly fees, and ATM fees – look for unlimited electronic transactions as these fees can quickly add up and eat into your profits.
• The interest rates offered on savings accounts or term deposits – check they offer competitive interest rates in line with the other banks.
• The online banking platform and features offered by the bank, such as mobile business banking, account integration, apple pay or google pay, automated payments, international money transfers, real-time tracking, and bank feeds to your accounting software – online transactions make it super easy to pay bills and run your business.
• The accessibility of the bank’s branch or ATM network – sometimes, you may need to meet in person.
• The quality of customer service and support by the bank – their customer reviews should give you a sound idea of their service or ask your work colleagues for any recommendations.

Helpful guide: What are the Best Banks for Business Accounts

Can you open a business bank account online in Australia?

Yes, it is possible to open an Australian business bank account online. Major banks in Australia offer online account opening services for business accounts. The requirements and procedures for opening an account online may vary depending on the bank and the type of business entity.

Generally, to open an account online, you will need to provide information about your business, such as its legal name, business structure, ABN (Australian Business Number), business address, and the nature of the business activities. You may also need to provide identification documents for the business owners and directors, such as passports, driver’s licenses, or other forms of identification.

Additionally, some banks may require additional documentation, such as a business plan, financial statements, or other proof of the business’s legitimacy and financial stability.

Check with the bank of your choice to confirm the specific requirements and process for opening a business bank account online in Australia.

Can I open a bank account remotely when my company has overseas directors and/or shareholders?

A fully remote account opening for a traditional bank account in Australia may not be entirely possible in the case that there will be overseas-based directors and shareholders listed on the company. 

While each bank differs in their account opening requirements, typically prior to approving a new account opening most traditional banks will require all overseas-based company representatives to travel to Australia and present their ID in person at a bank.

The reason for this physical visit is to verify their ID in person and to prevent illegal activities like money laundering. In some cases, the local director of the company may be able to initiate the traditional bank account opening and then coordinate with the bank on the sharing of certified copies of ID for the overseas based company representatives.

Although this means an additional step in opening your account, it’s a necessary part of keeping the banking system safe and ensuring fair international business practices.

What documents do I need to open a business bank account in Australia?

This will depend on your business structure.

Check with the bank of your choice to confirm their specific requirements and any additional documents that may be required.

Our checklists outline the requirements for each type of business structure –

Sole trader bank account

To open a business bank account in Australia as a sole trader, you will typically need to provide the following documents:

• Your identification documents, one of these photographic documents such as your passport or driver’s license, or two of these non-photographic documents – Australian or foreign birth certificate, Australian or foreign citizenship certificate, and/or Centrelink pension or health card.
• Your ABN.
• Your business name registration certificate (if applicable).
• Your business registration documents, such as your business name registration or ASIC documents.
• Your tax file number (TFN) or exemption.
• Financial statements or tax returns for your business (if required by the bank).

Partnership

To open a business bank account in Australia for a partnership, you will typically need to provide the following documents:

• Partnership Agreement, which outlines the terms and conditions of the partnership.
• Australian Business Number and Tax File Number (TFN) for the partnership.
• Identification documents for all partners – one of these photographic documents such as your passport or driver’s license, or two of these non-photographic documents – Australian or foreign birth certificate, Australian or foreign citizenship certificate, and/or Centrelink pension or health card.
• Proof of address for all partners, such as utility bills or bank statements.
• Consent forms signed by all partners.
• Business plan or statement of purpose for the partnership.
• Financial statements or tax returns for the partnership (if required by the bank).

PTY LTD Company (Australian domestic proprietary company)

To open a business bank account in Australia for a Pty Ltd company, you will typically need to provide the following documents:

• Certificate of Registration of the Company issued by the Australian Securities and Investments Commission (ASIC).
• ABN, Australian Company Number (ACN) and Tax File Number (TFN) for the company.
• Identification documents for all directors and others authorised to operate the account, such as passports or driver’s licenses.
• Proof of name and address for all directors and signatories, such as utility bills or bank statements.
• Consent form signed by all directors and signatories.
• Business plan or statement of purpose for the company (if required by the bank).
• Financial statements or tax returns for the company (if required by the bank).

You may need to disclose –

The full address of the company’s principal place of business (if any)

The industry type of the business

Any tax residency information – including countries of residency and tax identification numbers

Tell us if the company earns more than 50% of its income from investing activities

Who needs to visit the bank with ID?

• You
• At least one director
• All beneficial owners
• Anyone else you’d like to operate the account

Trust

To open a business bank account in Australia for a trust, you will typically need to provide the following documents:

• Trust Deed, which outlines the terms and conditions of the trust.
• ABN and TFN for the trust.
• Identification documents for all trustees and beneficiaries, such as passports or driver’s licenses.
• Proof of address for all trustees and beneficiaries, such as utility bills or bank statements.
• Consent form signed by all trustees.
• Business plan or statement of purpose for the trust.
• Financial statements or tax returns for the trust (if required by the bank).

Who needs to visit the bank with ID?

• You
• Each individual trustee
• Each corporate trustee (if any)
• All beneficial owners of the trust
• Anyone authorised to operate the account

As there are different types of trusts and the complexities associated with them, check with the bank of your choice to confirm their specific requirements and any additional documents that may be required.

Opening a business bank account is an essential step in managing your business finances effectively. Streamline your financial management and focus on growing your business with Sleek. To open a business bank account in Australia, call us on +61 2 9100 0480 today or use our chatbox to ask a question.