A business bank account is crucial for the smooth running of a particular business. If you have been wondering how to open a business bank account with First National Bank but don’t know the requirements, well! No worries we have designed this article on FNB Business Account Requirements to keep you updated on the basic requirements that you need to open an FNB business account.
The First National Bank business account is the primary business checking account. This account is solely for small firms, startup businesses that are closely held together, and small-scale companies. The FNB Gold Business Account is a simplified day-to-day transaction account that permits you to make purchases both online and in-store with ease.
Interestingly, if you or your registered organization have a Gold Business Account, you will be able to make purchases both locally and internationally without hitches. The good news is that via FNB’s online banking, the Department of Trade and Industry has been working mutually with FNB to help an individual in registering a corporation with Companies and the Intellectual Property Commission (CIPC). With this mutual corporation, individuals can register their business (es) and obtain a valid bank account with FNB simultaneously.
Basic Requirements To Open Business Account For South Africa Citizens
If you are indigenous to South Africa, the following are the basic requirements for you to open an FNB business account.
- Proof of Address
- Account Opening Deposit
- Proof of identity
Proof Of Address
One of the basic requirements for you to open an FNB business account is address proof. This has to do with you verifying your residential address. The address must be a valid address of the place where you are currently residing or living. Some of the documents that you can use to authenticate your address are utility bills or cloth billing which must not be older than three months.
Account Opening Deposit
Another important requirement for you to open an FNB business account is an account opening deposit. This has to do with the initial amount that you deposited on the first day you opened the account. But this amount depends solely on the type of business account that you have opened.
Proof Of Identity
Just like other savings account openings, for you to open an FNB business account, you have to prove your identity. However, to prove your identity, you need to present a valid smart card identification document or a trusted and authentic identity book.
The essence of this document is to prove that you are indigenous to South Africa which would pave way for you to open an FNB business account.
Requirements To Open FNB Business Account For Non-Citizens Of South Africa
If you are not a citizen of South Africa, you can still open an FNB business account but you will be needed to provide some basic requirements. Some of the basic requirements that you need to open an FNB business if you are indigenous to South Africa are outlined below;
- A Study permit or a work permit
- Account opening deposit
A Study Permit Or A Work Permit
If you are a student or a worker in South Africa but you aren’t indigenous to South Africa, before you can open an FNB business account, you have to provide your study permit or work permit. However, apart from these two documents, First National Bank can also accept a business permit or visitor permit to open a business account for you. That is to say, this requirement is not limited to a study permit or a work permit only.
However, it is pertinent to note that any of these documents that you would like to use to open the business account be it a work permit or a visitor’s permit must be duly signed and approved by the South Africa Ministry of Home Affairs (Interior) which connote that you stay in South Africa is legal and legit.
Account Opening Deposit
Another basic requirement for opening an FNB business account is to deposit the minimum account opening amount. Meanwhile, the amount that you will deposit is dependent on the kind of business account that you opened. The primary aim of depositing the amount is solely to activate your business account.
Another important requirement for a foreigner to open an FNB business account is a passport. The passport is needed to prove your identity which includes your country of origin, and your legal full name among other vital information.
However, because of the importance of this passport for opening an FNB business account, we strongly recommend that you present a valid passport with correct personal details like your full name, country of origin, and neat photo.
What Do You Need To Qualify For A Business Account?
The basic things that you need to be eligible for a business account are outlined below;
- Business License
- Employer Identification Number or a Social Security number for a sole proprietorship business
- Your business’s formation documents
FNB Gold Business Account Summary
Now that you have known the basic requirements to open an FNB business account, let’s briefly look at the FNB business account summary. The FNB business account is a basic checking business account for start-up companies having a gross yearly turnover of R0.00 to R5,000,000.
The FNB business account has two pricing options Viz: a pay-as-you-go option and a one-time fee. The monthly interest few for the single fee option is R265.00 or R390.00 but the pay-as-you-go option permits 20 additional electronic debit transactions and extra five more FNB ATM cash withdrawals than the one-time fee option
The Pay As You Use option has the only available option which is a monthly service fee of R80.00 but the trust entities have a regular monthly service fee of R150.00. The FNB Gold Business Account pay and clear fee are R35.00 for each transaction which is R27.00 greater than the pay and clear price fee for the FNB first business zero accounts. Meanwhile,
for online debit transactions, you will be required to pay R18.00 out of the bundle fee per transaction but this solely depends on the pricing method that you opt for.
What Do I Need To Open An FNB Business Account?
For you to open an FNB business account the following are required
- Proof of identity
- Account opening deposit
- Proof of address
- A Study or a work permit (for non-citizens of South Africa)
- Passport (for non-citizens of South Africa).
How Much Is FNB Business Account?
If you open an FNB business account, you will be required to pay a monthly servicing fee. Generally, the FNB business account has a monthly service fee of R80.00, but the trust entities have a monthly service fee of R150.00. Meanwhile, the pay and clear fee for the FNB business account is R35.00
How Much Money Do You Need To Open A Business Account?
If you would like to open a business account, it doesn’t cost much to get started. Ordinarily, financial institutions usually require an open deposit of between $5 to $1,000 but in some scenarios, some banks don’t have an initial deposit.