How To Open A Business Bank Account In South Africa
Steps to get started with the right financial partner for your business.
This post will show to where and how to open a business bank account in South Africa.
A business bank account shows your company is open for business. It is a licence to begin accepting payments, paying vendors and employees, and financing the operations and growth of your venture.
The process of opening a business account in South Africa is straightforward but requires careful preparation. Entrepreneurs must prepare themselves to navigate some essential decisions and assemble key documentation. Below, we break down the different business account options for you. With the proper groundwork laid, securing a business bank account can be done efficiently.
Documents you’ll need to open a bank account in South Africa
With these essential documents in hand, you’ve got what it takes to open an account and start banking. Of course, different banks may request additional information, but you can consider these documents your admission ticket to get the process started.
Proof of Business Registration
South African companies must register with the Companies and Intellectual Property Commission (CIPC). Bring your CIPC certificate of incorporation or registration to prove your business is properly registered and allowed to operate. Some banks may require additional documents like a CIPC printout, CM46 registration certificate, or a CM29 name change certificate, if applicable.
Proof of Address
Bring proof of your business or personal address, dated within the last 3 months. This verifies where the business operates and your physical location. Utility bills, lease agreements, and municipal statements less than 90 days old are accepted. Make copies, as the bank will keep these for their records.
ID Documents
The bank will want an ID for anyone who is a signatory on the account. This means you, as the business owner, plus any other directors or partners who can authorise transactions. Make sure to bring your green barcoded ID book or smart card.
A South African Business Banking Comparison
Standard Bank
Standard Bank offers accounts ideal for startups and small businesses ready to make their mark. These accounts provide the means to make quick payments and access funds instantly through digital channels. You can manage payments, monitor cash flow, and scale operations with confidence.
As your business grows, Standard Bank has accounts providing advanced tools for managing increasing complexity. Move money internationally, automate collections, and gain insights to optimise your financial performance. Specialised business bankers are on hand to guide your enterprise to new heights.
Account Options
- MyMoBiz Account – R7 monthly fee
- MyMoBiz Plus Account – R155 monthly fee
- Business Current Account – R85 minimum monthly fee
- Bizlaunch Account – R225 monthly fee
- Bizlaunch Plus Account – R640 monthly fee
ABSA
Whether you’re just starting out or have an established enterprise, Absa has a solution. Choose from basic packages for new ventures with low transaction volumes. Medium-sized businesses can select bundles with features aimed at their needs. And large operations with high transaction volumes get customised options to help them manage operations efficiently.
Their merchant onboarding process is quick and straightforward, so you can start accepting payments right away. The Absa Merchant Access portal provides secure 24/7 access to view transactions and manage daily card operations.
Account Options
- Business Evolve Lite – R0 Monthly fee
- Business Evolve Core – R0 Monthly fee
- Business Evolve PAYT – R95 Monthly fee
- Business Evolve Ignite – R190 Monthly fee
- Business Evolve Start – R300 Monthly fee
- Business Evolve Grow – R420 Monthly fee
- Business Evolve Excel – R675 Monthly fee
Nedbank
Nedbank’s basic package offers budget-friendly access to everyday business banking. And as your company expands, you can upgrade to packages with more transactions and features.
They understand that small businesses need flexibility. Their bankers work with you to find the right plan for your needs and goals. And their online and mobile platforms make it simple to manage your finances anytime, anywhere.
Account options:
- Startup Bundle – R0 monthly fee
- Business Pay-as-you-use – R70 monthly fee
- Business Bundle 50 – R295 monthly fee
- Business Bundle 100 – R450 monthly fee
FNB
Like all the other banks, FNB solutions are tailored to where you are in your business journey – whether you’re just getting started, running day-to-day operations, or ready to grow to the next level.
FNB’s packages are structured around your annual turnover, so you only pay for the services that make sense for your business size and lifecycle stage. This multidimensional approach provides maximum value no matter where you’re at.
Account options:
- FNB First Business Zero Account – R0 monthly fee
- FNB Gold Business Account – R85 monthly fee
- FNB Platinum Business Account – R145 monthly fee
- FNB Enterprise Business Account – R850 or R1 410 monthly fee
Capitec
Capitec offers a single business account for life. There are no hoops to jump through to open multiple accounts as your company grows. You get one transparent fee, whether you process ten transactions a month or ten thousand. And as the primary account holder, you have full visibility and control over your funds through their digital banking portal.
R65 Monthly fee
How to apply
Banks offer a few ways to get that crucial account. Many allow online applications now, some have mobile apps to apply, and of course you can still go old school and visit a branch. Each bank has its own requirements and processes. Do your research to find the right fit. Look into fee structures and account features as you compare options. With the right business account, you’ll have a solid foundation for managing the financial side of your exciting new venture.
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