All companies are required to establish a bank account. Bank accounts are used for both the company's day to day transactions, as well as initially holding the paid up capital.
What do I need to provide the bank in order to open a bank account for a company?
Banks require the following Company documentation and information to enable an account to be opened:
- A letter addressed to the Bank Manager
- A copy of the Company's Constitution
- A copy of the Form 201
- A copy of the Certificate of Incorporation
- Business Name (if applicable)
- Full address of the company’s registered office
- Industry type
- Tax residency information including tax file number
- Full names of each director and personal ID
Banks require the following Personal ID requirements for directors are as follows:
Either one of the following:-
- Passport; or
- Australian Drivers License
Or two of the following:-
- Birth Certificate
- Australian/Foreign Citizenship Certificate
- Pension or Health card
- Commonwealth, State or Territory issued notice showing full name and address
- ATO notice showing full name and address
- Utilities notice full name and address
- Overseas drivers license
Note: The above is to be taken as a general industry list and therefore each financial institution may have different policies.
Example of a letter addressed to the Bank Manager:
The Bank Manager
RE: ABC Pty Ltd ( A.C.N. 123 456 789)
We wish to confirm the above Company was registered as an Australian Company on xx/xx/2020.
Enclosed/Attached is a copy of the Company Constitution, Form 201 and Certificate of Registration.
The company has been electronically registered, and ASIC sends the Certificate as a PDF. ASIC does not provide hard copies for electronic Certificates. If you have any queries regarding the Certificate, please contact the Australian Securities and Investments Commission on 1300 300 630.
We trust this information will satisfy your requirements thus enabling a bank account to open with the minimum of delay.