How Do I Open a Corporate Bank Account in Australia?

Do you have a business and want to run it more efficiently? Then you should have a corporate bank account. It will help you in growing by following business entity structures. Regardless of how small or big your company is, it is necessary to open a business bank account.

If you wonder what a corporate bank account is, keep reading. This article will discuss everything about the corporate bank account in Australia.

What does a corporate bank account mean?

A corporate bank account is also known as a business bank account, and company bank accounts are designed for the business. The purpose of these accounts is to keep a record of your company by opening a separate account.

Business banking is set up to assist the corporation in making the best financial decision for the company. The business account comes with some great benefits like it safeguards your company’s status and assists you in making the right decision for the corporation.

Business bank accounts are very beneficial for the company, which is growing rapidly. The company owner is separating their personal and business finances. The bank will provide additional services, spending money advisory, loans, low-interest credit allowance, and payroll administration if you have a corporate bank account. It is a safe and secure way of banking in your business. Let’s discuss how to open a business bank account.

How to open a corporate bank account in Australia?

Every bank has specific requirements; however, most procedures are the same. We will discuss the initial process for opening an account. Some documents and information that are required to open a business bank that a company should submit to the bank.

• Full name of company 0r corporation registered on ASIC Australia and security investments commission.
• Australian business number
• Australian company number
• Company’s official office location
• Place of the business
• Details of company directors ( Name, mobile number, email, etc.)
• Company’s license
• Full corporation name or trading name
• Company license

For opening a business bank account, online information is available on the bank’s website; you can visit the website for more details. Other than the company’s details and documentation. Some information from the owner is also required.

• Personal identification documents
• Photographic identification documents like Passport and driving license
• Citizenship certificate Australian or foreign.

Which bank should I choose?

The most critical part is choosing the right bank for your business bank account. There are some very popular banks in Australia offering business accounts. The four most popular banks in Australia are:

1. Commonwealth bank
2. National Australian bank
3. ANZ bank
4. West Pac

Commonwealth bank:

It is a very popular bank in Australia and the US and has over 1,100 branches worldwide. Commonwealth bank costs $10 a month to run a business account. It allows users to open a business account online; however, all the documents and details mentioned above will be required.

National Australian Bank:

The Australian national bank allows users to open a free corporate bank account with free cash withdrawals from networked ATM’S. It is Australia’s largest bank with over 1,500 branches and 3,400 ATMs.

ANZ bank:

It is the fourth largest bank in Australia, and you can open an Australian corporate bank account for a low fee. ANZ is one of the best banks for business banking, and you can get more details about the bank, including charges, on their website.

West Pac:

West Pac has over 1,429 branches, and 3,850 ATMs running and is the best in Australia. It has various business banking offers, and it is best for professional accounts in Australia, with additional offers and promotion attachments to the account.

These are the best and the most popular banks in Australia where you can open a bank and enhance your, other than business, and you can also get a personal bank account in these banks. They provide the best services in business as well as in personal finances.

Choosing the right type of corporate bank account:

If you have decided about the bank, now it is time to focus on the type of bank account you want according to your need and preferences. The bank offers a few options to the owners, from which we have to choose.

Everyday transaction account:

This company bank account is for people who deal with everyday cash flow. An everyday transaction account is a high-traffic account that only allows a few daily transactions. A very low or no monthly fee is required to run these accounts.

Specialized account:

Some banks have a specialized bank account for the company’s works on a big scale. This type of account comes with high monthly fees.

A saving account:

The banks have saving accounts specially designed for the owner who wants to save their money from extra expenditures.

Benefits of opening a corporate bank account:

Business banking comes with a slew of benefits; let’s discuss them.

• They are very secure and fraud-resistant it will securely deal with your professional and business finances without you worrying about them.
• You can easily check your incoming and outgoing through the bank account and keep a record of your transactions.
• They have more efficient features as they are designed for business purposes.
• It records your company’s income, revenue, and expenses.
• All your company’s finance is kept in one place, in a business bank account. You do not have to distinguish between your taxes and personal payments.

Do I need an Australian nationality?

Many people wonder if they need nationality or not to open an Australian business account. Well is not necessary to have an Australian nationality for the business account in Australia.

You have to submit your foreign nationality to the bank for the procedure. If you are abroad and want to open an account, you can register online and continue the process. The bank will open your account.

Conclusion:

This article discusses the opening process of a corporate bank account in Australia, its benefits, and its whole procedure. To conclude the article, I wanted to say that businesses are becoming easier with the growth of technology.

If you are running a business, you should open a business bank account, which will help you and make your business easier and more effective. I hope this article will help you.