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