If you are setting up an Australian company you will want to set up a business bank account.
If you are operating a company, then you must have a separate bank account for tax purposes.
Who is entitled to a business bank account?
To open a business bank account in Australia, you must first register your business with the Australian statutory body ie ASIC and The Australian Tax Office and obtain an ABN/ACN registration number.
If you have a locally-based representative of your business i.e. local resident director, then your application for an Australian business bank account, can be accepted.
International residents may encounter greater amounts of paperwork due to any bank’s increased AML laws
Choice of bank
Australia’s four biggest banks have good branch and ATM coverage across the country. These include
• ANZ Bank
• Commonwealth Bank
• National Australian Bank
• Westpac
Each bank offers a range of banking options including online banking services. There are also digital and neo banks operating in Australia.
Proof of Identity
The bank application requires proof of identity of directors and shareholders, you’ll need to provide the following:
• your passport and/or driving licence
• Tax File Number
• Proof of address (a utility bill or bank statement will suffice)
More helpful reading resources
Are you looking to do business in Australia? Have a look at how we help overseas companies to register a business in Australia, and now you too can – get ready, set up, and go!
What is a resident director? Here are the FAQs to answer those tricky questions.
The Abdera team is ready to help you. Call our team on +61 2 8916 6259 or contact us here.