It takes many entrepreneurs some time to separate their business from themselves in the early start-up stages, but it’s vital to think of your business as the separate legal entity it is (unless you operate as a sole proprietor). As such it’s critical that the business has its own bank account so that your customers pay the business and not you. This has all sorts of tax implications. If you want to register for VAT, then your business is required to have a separate bank account but it’s a good idea to set one up from the word go, whatever your turnover.
Before you can open a business bank account you need proof of the business’s registration. Depending on which entity the business is, you will need to present the following:
Pty Ltd
- Memorandum of Association
- Articles of Association
- Certificate of Incorporation
- Certificate to commence business
- CM 29 document
- Identity document of each shareholder/director
- If you are switching banks, three months’ bank statements
- Consent to credit reference
- Annual turnover
- Tax reference number
- VAT reference number
- Details of existing accounts
- Contact information
- The nature of the business
