Business Bank Account

“What is a business bank account?”

A business bank account is a separate account that you open in your company’s name, not your personal name, and it’s used only for your business’s income & expenses.

It helps you keep your business finances separate from your personal money, which is SUPER important for good recordkeeping, tax compliance, and building credibility with clients or suppliers.

“Do I need a business bank account?”

Yes. If you’ve registered a company (like a Pty Ltd), most banks will require you to open a separate business bank account before you can…

  • Invoice clients under your company name
  • Get paid directly into your business
  • Apply for funding or loans

And even if it’s not legally required, it’s still a very smart move, especially when your business starts growing.

“What are the benefits of having a business bank account?”

Having a dedicated account makes it easier to:

  • Track your income and expenses
  • Simplify your bookkeeping and tax filing
  • Avoid mixing personal and business funds (which can lead to confusion or tax trouble)
  • Build trust with clients and suppliers by showing you’re a legitimate business

It also makes it easier to apply for funding, since your financial records are clear and consistent.

“What do I need to open a business bank account?”

Each bank is different, but in general, you’ll need:

  • Your company registration documents (from CIPC)
  • A company resolution (if there are multiple directors)
  • Proof of business address
  • Your ID or passport
  • Income tax registration certificate

Some banks may also ask for your Beneficial Ownership Register, especially if your business has multiple shareholders.

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