This can be a lengthy process depending on the size and type of business you own. It will also come down to how organised you are. Somebody that walks in with all the documentation in order will have an easier time and shorter process than if you walk into a bank not knowing what you need. The greatest advantage in today’s age is that you have that sort of information at your fingertips with the internet. Most banks will have put up what each can offer your business and what they require from you as a business owner.
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Depending on the type of business you have you will be required to present different documentation when opening a bank account. This could include;
Memorandum of Association, Articles of Association, Certificate of Incorporation, Certificate to commence business, CM 29 document, Identification documents for each director or shareholder, If you are switching banks then three months’ bank statements, Consent to credit reference, Annual turnover, Tax reference number, VAT reference number, Details of existing accounts, Contact information and The nature of the business.
Below we have listed all the common banks that South African businesses open bank accounts with. We have also provided you with a link to go and see what each bank has to offer your business:
- Absa
- African Bank
- Capitec Bank
- FNB
- Investec
- Nedbank
- Standard Bank
Each bank offers a wide range of services and all of them have their strengths and weakness but no one bank is the “best”. You’ll normally find that you choose your bank depending on what you need in your current situation. Different businesses, at different points in time, will require different services. So while one bank might work for you another might work for someone else. There is no right or wrong bank to go to. At the end of the day you have to pick the bank that works best for you and your business.
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