{"id":3196,"date":"2018-11-13T14:17:05","date_gmt":"2018-11-13T03:17:05","guid":{"rendered":"https:\/\/intas.com.au\/?p=3196"},"modified":"2024-04-11T12:21:23","modified_gmt":"2024-04-11T02:21:23","slug":"setup-australian-business-bank-account","status":"publish","type":"post","link":"https:\/\/intas.com.au\/setup-australian-business-bank-account\/","title":{"rendered":"How To Set Up An Australian Business Bank Account"},"content":{"rendered":"\n

There are a lot of considerations for global businesses when setting up a business in Australia especially when you are unfamiliar with the processes and systems.  Opening an Australian business bank account is one.<\/p>\n\n\n\n

Every new business, company, partnership or trust, that opens and operates in Australia must be the holder of an Australian business bank account.<\/p>\n\n\n\n

Australian bank accounts can receive money from around the world and can pay expenses, payroll and taxes directly from the account.<\/p>\n\n\n\n

Before you open your Australian business bank account<\/h2>\n\n\n\n

You need to set up your company in Australia and list with the relevant government bodies with a registered Australian address before you open your new Australian bank account.<\/p>\n\n\n\n

What you need before you can open your bank account –<\/p>\n\n\n\n

  1. A Company name<\/strong> \u2013 the company name must match the company name registered with the Australian government.<\/li>
  2. Tax File Number (TFN) \u2013 <\/strong>This is your unique number identifying your business in its dealings with the Australian Taxation Office.<\/li>
  3. Australian Business Number (ABN)<\/strong> \u2013 An ABN is the registered business number with Australian Securities and Investments Commission (ASIC)<\/a>. This is Australia\u2019s corporate regulator.  You can apply for an ABN at the same time as your TFN.<\/li>
  4. Set up for Goods and Services Tax (GST) \u2013 <\/strong>You must register for GST if your business has a turnover of AUD75,000 per annum or $150,000 per year for non-profit organisations. If your turnover is less than these limits it is optional.<\/li><\/ol>\n\n\n\n

    Things to think about before opening a bank account<\/h2>\n\n\n\n

    There are a few factors you need to think about before you open your Australian business bank account.<\/p>\n\n\n\n

    Who will be the primary account holder\/s?<\/h3>\n\n\n\n

    This person will have responsibility for and access to the bank account.  They will need some form of identification such as passport, drivers license, health card to verify their identity.<\/p>\n\n\n\n

    Australian banks use a 100 points system for identification \u2013 each documentary proof has a number of points attached to it with key IDs such as passports and drivers license, valued with higher points than other identifications.<\/p>\n\n\n\n

    Who will have access to the bank account and funds<\/h3>\n\n\n\n

    Who do you want to have access to the funds, such as to pay bills, suppliers and for payroll?  We suggest you choose people who are responsible, and it is part of their job description such as the financial controller.<\/p>\n\n\n\n

    Primary account holders can grant access to different people with varying levels of access and offers you a way to secure and monitor bank transactions.<\/p>\n\n\n\n

    Choosing the right bank account for your business<\/h3>\n\n\n\n

    Before you begin your research for the best business bank account for your company, it is a good idea to list the features and services your business may need now and in future \u2013 services such as international banking, electronic funds transfer, credit card facilities, overdrafts and multiple foreign currencies.<\/p>\n\n\n\n

    There are websites which list the bank accounts available for business and itemises their fees, restrictions, interest rates.  One such website, www.finder.com.au<\/a>, has click-throughs to each banks website so you can research in-depth its service offerings such as overdraft options, interest rates, business loans and EFTPOS facilities.<\/p>\n\n\n\n

    An alternative is Canstar, an online finance comparison site with expert ratings in finance-related products and services.  Find business bank account comparisons here<\/a>.<\/p>\n\n\n\n

    Documents you need to open an Australian business bank account<\/h2>\n\n\n\n

    Once you have selected the appropriate bank account for your business, most banks will allow you to start the set-up process online.<\/p>\n\n\n\n

    This will give you a head start on the process and provide you with an account number and BSB number.  However, you will need to complete the bank account set up when you arrive in the country in person with the required documents to gain full access to the account.<\/p>\n\n\n\n

    If you are a non-resident, you can still open the bank account in Australia, but your company must be registered in Australia.<\/p>\n\n\n\n

    To complete the setup of the bank account in most cases, you will need:<\/p>\n\n\n\n

    1. Proof of ID of the company directors<\/strong> and shareholders with more than 25% holding \u2013 this can include your passport, drivers license or other identification. Remember, Australian banks use a 100 points system for identification, so ensure you present the correct number of points to completely satisfy the requirements of identification. Important to note: <\/strong>Each bank has different requirements when setting up a business bank account (not to mention, that they keep changing) so we highly recommend you get a list of requirements from your bank before embarking on the process.\n