Australia corporate banking options
Healy Consultants will be pleased to assist our Clients with corporate bank account opening in Australia. Our services will include the preparation of all the required documentation and submitting the same to the relevant bank. We shelter our Clients from the administrative challenges by attending account opening interview on our Client’s behalf, if required. Find more information regarding Australia business banking outlined below.
The advantages of corporate banking in Australia
- Our foreign Clients will be able to use the services of their favorite global bank in Australia, as almost all of them have opened an Australian branch. Foreign banks presence include i) HSBC ii) Deutsche Bank iii) BNP Paribas iv) ING v) Barclays vi) Arab Bank vii) JP Morgan Chase and viii) Bank of America, among many others;
- Opening a corporate bank account with a local bank is also an excellent choice, as Australian banks i) are highly internationalized and ii) are rated as the world’s 5th safest by S&P, allowing our Clients to feel secure about their assets’ value. The four main Australian banks are i) Commonwealth Bank ii) ANZ iii) NAB and iv) Westpac;
- Since the corporate account is located in a reputable, stable jurisdiction, it portrays an excellent image to your Clients and suppliers. Also, our Clients will benefit from the stability of the Australian dollar;
- Australia-based businesses benefit from easy access to credit and international internet banking facilities. Also, there are no foreign exchange controls in Australia, thereby allowing our Clients to freely remit their profits from the country;
- It is quick to open a corporate bank account in Australia thanks to Healy Consultants’ efficient procedures. That said, a range of due diligence information must be provided, a list of which has been provided in the final section.
Healy Consultants services
- Following Australia company formation, Healy Consultants team can open an international corporate bank account within 3 – 4 weeks. Following bank account approval, the preferred bank will directly and independently email Client the corporate bank account number. There is no need for our Client to travel to complete the process. Our fee for this service is AU$2,950;
- In order for Australian banks to provide finance to registered companies, the following will be requested by banks: i) a detailed feasibility plan ii) assets available to serve as collateral iii) audited financial statements for the past 3 years iv) realistic feasibility study and experience of proprietors and v) project strength and weaknesses analysis (SWOT);
- Australia corporate account is available in multiple currencies, and has good corporate internet banking facilities which facilitate international trade. We will open corporate account with reputable international banks such as HSBC, Standard Chartered, and Citibank;
- Healy Consultants will assist our Client with trade finance tasks to support their new business. Tasks include i) bank guarantees ii) letter of credit iii) finance against trust receipt and iv) document against payment and against acceptance;
- Our Clients incorporating an Australian company will also have access to a strong and reliable banking system, providing excellent access to i) multiple currencies ii) checking/saving accounts iii) business lines of credit iv) debit and credit cards and v) wealth management services.
Steps to opening a corporate bank account
- Healy Consultants banking team and our Client agree on the preferred Australian banking institution. Thereafter our team collects and completes the corporate bank account opening forms on behalf of our Client, and obtains our Client’s signature on the application form;
- Our banking experts then prepares a detailed business plan relating to the company, including information on the company’s business activities, shareholders and directors, a brief market analysis, and estimated financial projections;
- Healy Consultants submits the copies of the signed application forms and business plan to the bank, along with the corporate documents and personal due diligence information outlined above. Our Client will courier the originals to the bank directly;
- If required, our local officer will attend a one-hour bank interview in Australia on our Client’s behalf, describing the company’s business activities and explaining why the company requires a corporate bank account in Australia. Although we are able to open a corporate account on our Client’s behalf, we do not act as a bank signatory or beneficial owner;
- Once Healy Consultants receives approval from the bank, we will then apply for corporate internet banking facilities for the company to enable our Client access to the account remotely. If requested, Healy Consultants banking team applies for a corporate credit card, corporate ATM card and corporate cheque book;
- Lastly our Client receives directly i) the account internet login and password information and ii) corporate cheque books and iii) corporate credit and ATM cards in a sealed letter addressed to our Client.
List of documents required when opening a corporate bank account in Australia
Although the list below is standard, other banking institutions will require additional due diligence documents during or after the bank account opening process. We always keep our Clients abreast with such engagement development.
- A notary certified true copy of your Company Registration Certificate (either Overseas or Australian equivalent);
- Memorandum & Articles of Association/Charter disclosing the Directors/Shareholders;
- Certified true copy of passport for all shareholders/directors and account signatories;
- Certified passport size photographs;
- Original certified copy of proof of address;
- Board resolution appointing the bank signatories.