Open corporate bank account in Australia
Tetra Consultants assists our international clients with Australia corporate bank account opening for their newly-established companies. Over the years, we have established partnerships with multiple reputable Australian banks with excellent internet banking facilities. Some of the Australian banks we worked with include Commonwealth Bank of Australia, ANZ, and Westpac. As such, our banking experts are familiar with the different requirements and expectations of each bank.
To open a multi-currency corporate bank account in Australia, our international clients are usually not required to travel to Australia for a face-to-face meeting with the banker. In rare cases where an interview is required, Tetra Consultants’ nominee director will attend the meeting on your behalf. Alternatively, our team will negotiate with the banks to conduct a video interview instead. This is to minimize engagement delay and secure corporate bank account numbers at the soonest.
What are the benefits of opening a corporate bank account in Australia?
An Australian corporate bank account has the following advantages:
- It is designed specifically for businesses, so it has more features built into it.
- They are more secure. A business bank account clearly distinguishes your personal and business finances, adding an extra layer of security to your personal and professional dealings.
- It is much easier to keep track of your business transactions. With a business bank account, you can see all of your incoming and outgoing funds in one place.
- You devote less time to administrative tasks. All of your company’s financials are kept in one place with a separate business bank account. You do not have to sift through your e-receipts to distinguish between tax and personal payments.
- It helps you prepare for the future. It is easier to manage and scale your business with a business bank account.
- It keeps track of your company’s income and expenses.
- It keeps track of business expenses and revenue.
- It keeps business and personal finances separate.
What do you need to open a bank account?
- To open a business bank account, each bank has its own set of requirements. In general, notwithstanding, most procedures work in a similar way.
- Due to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, all account holders and signatories must be identified. The documentation differs for different business structures, however for a domestic private company, the following information is required from the company:
Certificate of Registration of a Company
- You will need to provide your certificate of registration to the financial institution in order to open a company bank account. This document certifies that your business is a registered company under the Australian Corporations Act, and includes the commencement date. Furthermore, you will need to provide the registered office address to the financial institution.
- The registered office address you use must not be a PO Box. Rather, it can be an official office location or your residential address.
Australian Company Number (ACN)
- You may also need to provide your company’s Australian Company Number (ABN), so also have it on hand. An ACN is a unique number that identifies every registered business in Australia. This includes sole traders, partnerships, and companies.
Proof of Identity Documentation
- Proof of the ID of the directors of the company, and any shareholders with more than 25% holding. Banks operate a ‘points’ system, meaning that you can provide different documentary proof as long as it adds up to sufficient points. Passports and photo ID cards, for example, rank highly in the points system, and presenting a passport and driving license would get you enough points to get started.
Additional Company Documentation
If you have registered your company, you may need to provide additional documents such as:
- Share certificates
- Appointment of Directors
Which entities are mandatorily required to have a corporate bank account in Australia?
The following entities must have a corporate bank account for taxation purposes:
- Partnership
- Trust
- Company
Sole traders are not required to open a corporate bank account; however, some choose to do so to separate personal and business finances.
Are there any banking fees and charges?
Before you open your business bank account in Australia, it is important to read the terms and conditions carefully – especially in relation to banking fees and charges. It is common to find monthly account handling charges and fixed fees for banking transactions.
Some fees that you should expect with a corporate bank account are:
- ATM fees
- Currency exchange fees
- Establishment fees
- Internet banking fees
- Monthly fees
- Transaction fees
What is the procedure for obtaining a corporate bank account?
- Setting up a business bank account in Australia does not have to be a difficult process. The country has a range of different banks with different account benefits along with special services for foreigners. However, to be able to fully benefit from all the special services, knowledge of corporate requirements is needed. Tetra Consultants will fulfill your corporate bank account need under our service package which includes steps such as follows:
Step 1: Prior to opening your Corporate Bank Account, you will be required to register your business in Australia
- To open a business bank account in Australia, you will be required to first register your business with Australian authorities and hold an ABN/ACN registration number. Therefore, any business wanting to open a corporate bank account will have to form an Australian company. Australian law recognizes the following business entity structures:
- Sole trader
- Company
- Partnership
- Trust
- In order to set up your desired entity in Australia, a local partner might be of help. Tetra Consultants is an expert in connecting businesses and supporting startups in the region.
Step 2: Decide what type of bank account you need
- Tetra Consultants will evaluate what type of bank account will need depending on your business needs and goals.
- There are different types of business bank accounts offered, so before opening an account, you need to have decided what option suits you best.
Step 3: Decide what bank your business will use
- Tetra Consultants will provide our client with a list of all banks that have provided positive feedback. In order to choose the bank which best fits your business, we will provide you with important information such as bank account opening fees, initial deposits, transaction limitations, and account maintenance fees.
- Tetra Consultants work with internationally reputable banks and banks in Australia. Some of the banks include Commonwealth Bank of Australia, ANZ, and Westpac. Once our client confirms the most suitable bank for his business, Tetra Consultants will immediately advance our corporate bank account opening service.
Step 4: Form filing, document submission, and verification
- Tetra Consultants will send you pre-filled account opening forms of your preferred banks. After you have completed the forms, our team will review the documents carefully before submitting them to the bank officers and continuing negotiations to secure account opening
- During this phase, Tetra Consultants will communicate extensively with the banks on behalf of our client. Our clients are only required to review and sign corporate bank account opening forms.
Step 5: Approval of business bank account
- Once the bank’s compliance team approves your application, your corporate bank account will be successfully opened within 5 business days. Our team of experts will ensure everything is in place including activation of internet banking tokens, the courier of bank documents, and injection of initial deposit.
Timelines
As your business will be classified as a local company, the corporate bank account opening process is usually straightforward and swift. Coupled with the preparation of a business plan and required due diligence documents, Tetra Consultants expects you to have access to your internet banking within 4 weeks. See this webpage to find out how Tetra Consultants manages to open each corporate bank account within stipulated deadlines.
Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.
