If you have recently registered a company in Australia you need to have a separate bank account for tax purposes. However, you will need to provide the bank with certain documents which identify your company in order top open your account. When you register a company with Lawpath, you will receive all the documentation you will need to open a company bank account. Find out in this article which documents these are.
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What do I need to open a bank account?
Each bank or credit union has different rules as to what they require, however, generally you will need to provide the following documents:
1. 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 a bank account. This document certifies that your business is a registered company under the Corporations Act 2001 (Cth), 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. For further clarification regarding this matter click here.
2. Australian Business Number (ABN)
You may also need to provide your company’s Australian Business Number (ABN), so also have it on hand. An ABN is a unique number which identifies every registered business in Australia. This includes sole traders, partnerships and companies. When you start a company, you will need to apply for both an ABN and an Australian Company Number (ACN).
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3. Proof of Identity Documentation
Banks and Credit Unions use a point system to verify a person’s identity which means you will need to provide multiple documents to achieve the 100 points of ID required. To achieve 100 points, you need to provide documents such as your passport, birth certificate, medicare card and utility bills. It is important to understand that the requirements can vary depending on the institution you are applying to. If you are unsure of what you are able to provide will meet their requirements please contact them beforehand to avoid disappointment.
4. Additional Company Documentation
If you have registered your company, you may need to provide additional documents such as:
- Share certificates
- Appointment of Directors
- Company Constitution
Please note a company seal is no longer mandatory. However, some financial institutions may require the Constitution to be stamped. Additionally, we recommend that you bring two letters, one outlining your authority to open the bank account on behalf of the business (usually signed minutes of your Directors Meeting will most likely be sufficient) and Letter to the Banking Manager advising them of your requirements.
Article Summary
There are three key documents required by a company before they can open a bank account:
- 1)Certificate of Registration of a Company
- 2)Australian Business Number (ABN)
- 3)Proof of Identity Documentation
Additionally, other documents such as Share Certificates, Appointment of Directors and a Company Constitution may also need to be provided as additional files.
