How to Open a Business Bank Account in Australia (2026)

If your business is registered in Australia, a dedicated business bank account is not optional for most entity types. Partnerships, companies, and trusts are legally required by the Australian Tax Office (ATO) to hold a separate business account. Sole traders are exempt from that requirement, but using a personal account for business transactions creates real problems: messy accounting, inaccurate tax reporting, and potential compliance issues.

This guide covers what you actually need to open an account: documents, eligibility, the step-by-step process, online options, timelines, and how costs break down across the major banks. It also covers the specific situation for non-residents, since requirements differ significantly if the business owners are not Australian residents.

According to business.gov.au, you must have a dedicated business account if you operate in Australia as a partnership, company, or trust. The requirement is there for tax purposes — mixing personal and business transactions makes it impossible to report accurately.

Sole traders are not legally required to have a separate account, but there are practical reasons to open one regardless. Major Australian banks offer higher daily payment limits for business accounts, and having separate accounts removes a significant burden from annual bookkeeping and tax filing.

If you are a sole trader who wants to continue using a single account, you will need to clearly identify any personal payments or expenses in your records. Most accountants recommend against it.

The basic requirement across all Australian banks is that the applicant must be at least 18 years old, and the business must be registered in Australia. Beyond that, eligibility depends on the bank and the type of business entity.

Residents

Australian residents opening accounts for straightforward entities (sole trader, single-director company) have the smoothest path. Most major banks allow full online account opening for these cases, often in under 20 minutes.

For more complex structures with multiple directors, partners, or signatories, an in-branch verification visit is usually required.

Non-Residents

Non-residents can open Australian business bank accounts, but the requirements are stricter than for residents.

Key requirements across most banks are as follows:

• Business registration: The business must be registered in Australia — either as an Australian company or a registered foreign company — with an Australian address.
• Identity verification: Valid passport documents are required for all directors and beneficial owners. Some banks require at least one resident director.
• Remote onboarding: Some banks allow it with notarised documents and digital identity verification; others require a director to appear in person at a branch in Australia. Confirm with your preferred bank before submitting documents.
• Visa requirements: Non-citizen directors may need an eligible Australian business or investor visa. Note that the Business Innovation and Investment Program ( Subclass 188) closed to new applicants on 31 July 2024 and was replaced by the National Innovation Visa ( Subclass 858). The Business Talent Visa ( Subclass 132) remains available. Requirements vary by bank and change over time — confirm directly with your chosen bank.

The precise document list varies by bank and entity type. The table below covers the core requirements that apply across most Australian banks.

Australian banks use a 100-point identity check system. An Australian or foreign passport carries 60 points, and a driver's licence carries 40 points. To pass verification, you need documents totalling at least 100 points. 

The specific documents accepted vary by bank — check your preferred bank's website for its complete list.

Now that we have an overview, let's explore the step-by-step process for opening a business bank account in Australia.

Step 1: Choose Your Australian Bank 

The four largest banks in Australia — Commonwealth Bank, Westpac, NAB, and ANZ — are the default choice for most businesses. They offer the widest branch networks, the most complete product ranges, and the clearest online application processes.

When comparing them, focus on:

• Monthly fees and transaction fee structure
• Online opening eligibility for your entity type
• Accounting software integrations you need

All four offer free electronic transactions and a business debit card on their core transaction accounts.

Step 2: Gather Your Documents

Use the table above in the ‘What Documents Do You Need to Open a Business Bank Account in Australia’ section to identify what you need. 

Confirm the specific requirements for your entity type (sole trader, company, partnership, trust) on the bank's website before you start the application — document requirements are listed by entity type on all four major banks' support pages.

Step 3: Submit Your Application

Most banks let you start the application online. You will fill out a form covering your business details, entity structure, and the identity information for all directors or owners.

• If you are applying online, have your documents ready in digital format.
• If you are applying in-branch, bring originals or certified copies as specified by the bank.

Step 4: Complete Identity Verification 

After submitting, the bank will verify your identity. The process depends on your entity type:

• Sole traders and single-director companies: Verification can usually be completed digitally during the application.
• Multiple directors, partners, or complex structures: Each signatory typically needs to verify in person at a branch.

The bank may also run Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. For businesses in higher-risk industries or with complex ownership structures, this can add several days to the process.

Step 5: Activate Your Account

Once approved, the bank will provide your account details. Some banks require a small initial deposit to activate the account.

You should receive internet banking access and a business debit card shortly after.

Sole traders, partners in a partnership, directors of an Australian private company, and trustees of a trust — provided the applicant lives in Australia and is an Australian tax resident with an active ABN or ACN.

Yes — but whether you can complete the entire process online depends on the bank and your entity type. 

The table below shows which entity types are eligible for online opening at each major bank. All other entity types and those requiring multiple signatories will need to complete the process in-branch.

➡️ For simple entity types — sole traders in particular — the process can be completed within 24 hours. The application itself typically takes 8–15 minutes online

➡️ For companies with multiple directors, trusts, or any entity with a complex ownership structure, expect the process to take several days to a few weeks. 

The timeline depends on how quickly all signatories can complete identity verification and on the AML/KYC review, which can be longer for certain industries or international ownership structures.

Fee data sourced from the four major banks' official pricing pages, as of March 2026.

The four major Australian banks — often called the Big Four — cover the needs of most small businesses.

Fees based on publicly available pricing as of March 2026. Monthly fees shown are for business transaction accounts; savings and specialised accounts may differ.

Opening a business bank account in Australia is straightforward once you have your documents in order. The right bank depends on your entity type, but most businesses are up and running within a few days — sometimes within 24 hours for simpler structures.

That said, if your business stretches beyond Australia into Hong Kong or Singapore, a domestic AUD account will only take you so far. International transfers alone cost AUD 20–32 per transaction with the major Australian banks — that adds up fast for businesses moving money across borders regularly. 

💡 Statrys (a non-bank provider) offers multi-currency business accounts for companies incorporated in Hong Kong and Singapore, letting you send and receive payments in multiple currencies and manage FX at rates from 0.1%.