Setting up your own business bank account in South Africa is not a complex process. Follow these easy steps and you are on your way to getting the right bank for you!
Get in the know – Research
Choose a bank that has good customer service and offers competitive rates: You’ll want to decide which banks offer the best services for your business before choosing a bank account that is right for you and your company. Here are some things to consider when researching different types of business bank accounts:
Choose a bank that has good customer service and offers competitive rates: You’ll want to decide which banks offer the best services for your business before choosing a business bank account that is right for you and your company. Here are some things to consider when researching different types of business bank accounts:
Type of Business Account? There are different types of business accounts, so it’s important to look at what type you need based on what kind of company (e-commerce retailer vs small retail store) or industry (auto repair vs IT support).
Some examples include personal accounts like those offered by Standard Bank or TDBank; commercial overdraft protection plans offered by Nedbank; lines of credit from Absa Bank Limited; cash management services; foreign exchange services such as Travelex Currency or Moneynet Pty Ltd.; overdrafts from Standard Bank Limited
Prepare your Due Diligence documents
- The documents you need to open a business bank account are:
- Document of Identity, or DOI (Form 395)
- Proof of Address, or POA (Form 398) that is not older than 3 months at the time of application.
- Payee’s Bank Statement shows that they have enough money in their account and at least one month’s balance, including interest earned since the last statement was made out.
Choose the right bank for you
Before you start the process of setting up a business bank account in South Africa, it’s important to consider some key factors. First, choose a bank that is convenient for you and your business.
This can mean choosing an institution that is close by or has branches in other areas of the country where customers would like to shop or visit. It also means finding out whether or not there are any additional fees associated with using this type of financial institution (for example overdraft charges).
Next, make sure that the institution offers all of the services necessary for running a successful company, including access to financial information such as customer deposits and transaction records through its internal systems.
You may also want them to provide advice on how best to use capital investments such as equipment purchases, provide training classes aimed at helping employees acquire skills needed throughout their careers, and give advice on taxes-related issues like overseas remittances, etc.
Get your KYC Documents ready
As a new business owner, you will need to get your KYC documents ready before you can open a business bank account. Your KYC documents are used by banks and other financial institutions to verify that you are who you say you are.
Depending on the type of business that you’re opening an account for, there may be different requirements for getting your KYC documents together. For example:
- If it’s a sole proprietorship or partnership firm (where each partner is responsible for running their own businesses), then each partner must submit copies of their passports or driver’s licenses along with any relevant proof of residence at their place of work or home address.
- If it’s a company with more than one person working in it (e.g., an incorporated company), then all employees should also submit their passports or driver’s licenses along with any relevant proof of residence at their place of work or home address.
Visit the bank and open the Account
When you visit your bank, make sure that you have all the documents and information necessary to open an account.
The first step is to bring your ID, business plan, and any other documents such as a letter of incorporation or articles of association. You should also know how the bank works so that there are no surprises when it comes time for setting up the account.
Most banks will require that you provide them with some sort of proof that they can trust in order for them to set up an account for you—this could be letters from government officials saying how much money they control, but it could just be something as simple as a photocopy of their driver’s license!
It’s important not only because this shows that someone knows what they’re doing but also because it makes life easier if someone else has access during emergencies like theft prevention measures after hours when nobody else is around working at night time.
We have outlined five easy steps for you to follow in order to get your business bank account set up in South Africa.
The first step is to get in the know about what financial services are available for small businesses so that you can decide on which one will best suit your needs.
The next step would be collecting all the necessary documents needed before you can apply for an account or open a new one at any bank or credit union.
Next up would be finding out if they offer any additional services such as online banking or other software as this could help save time when managing money.
Finally, once all these things have been done then visit their branch office where they will open up an account!