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 submission of 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 below.
The advantages of corporate banking in Australia
- Our foreign Clients will find the Australian banking sector to be favorable for their business operations because;
- Australia is home to a myriad of global banking institutions preferred by businesses, including i) HSBC Australia ii) Barclays Bank iii) Deutsche Bank iv) JP Morgan Chase v) Standard Chartered among others;
- • The country’s local banks i) Commonwealth Bank ii) Westpac Banking Corporation iii) National Australia Bank (NAB) and iv) Australia & New Zealand Banking Group (ANZ) are equally dominating and provide world-class banking services;
- The banks in the country are highly internationalized and are globally rated as the 5th safest globally by S&P for providing our Clients with a sense of security about the value of their assets;
- Australia is a business-attractive, reputable, stable jurisdiction that portrays an excellent image to international customers and suppliers;
- The country does not have foreign exchange restrictions on inward and outward transfers and our Clients are free to remit their profits abroad.
- An Australian corporate bank account is an ideal option for local and international businesses because:
- The banks offer the private companies in Australia an array of services including current and merchant account formation in any major global currency as well as issue them credit and debit cards, cheque books, loans and provide them with a range of wealth management facilities;
- The banks offer quality customer services with the help of its English-proficient and efficient banking staff who have a fast turnaround time for enquiries;
- A company setup in Australia will enjoy high quality international internet and phone banking facilities that would enable its Clients to access their accounts remotely;
- Foreigners starting their business in Australia benefit from easy access to credit with most banks offering unsecured line of credit to their Clients;
- Most Australian banks do not charge opening, account maintaining or closing fees, hence reducing costs for our Client’s business;
- Australia Government deposit guarantee scheme covers $250,000 of deposits per Client;
- 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
Corporate bank accounts for local companies
- For our Clients forming a new company in Australia, Healy Consultants team can assist to open an international corporate bank account within 3 – 4 weeks following completion of company formation in Australia;
- Following bank account approval, our Client’s preferred Australian bank will email them their corporate bank account numbers directly the corporate bank account numbers. There is no need for our Client to travel to complete the process;
- Healy Consultants has longstanding professional relationship with major banking institutions in Australia. We will assist to open corporate account with reputable banks such as Commonwealth Bank, Standard Chartered, and Citibank Australia.
Corporate bank accounts for foreign companies
- Healy Consultants banking team can also open a non-resident corporate bank account for our Clients with businesses outside of Australia without either registering in Australia or traveling to the country;
- Healy Consultants will provide our Client with our local in-house banking expert to visit their preferred bank to attend a bank interview on our Client’s behalf and finalize account opening without our Client’s presence;
- Some Australian banks do not courier internet banking tokens overseas thereby Healy Consultants will assist our Clients by directing the bank to mail the facility to Healy Consultants local office and thereafter we will courier the same to our Client’s preferred overseas address.
If required, Healy Consultants will assist our Clients with lending and trade finance applications by preparing a quality application consisting of i) a feasibility plan ii) project strength and weaknesses analysis (SWOT) and iii) audited financial statements.
Steps to open a corporate bank account
See this page for an overview of corporate bank account procedures in Australia and abroad.
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 developments.
- 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;
- A letter requesting for opening of the corporate bank account;
- Filled, preapproved, and signed bank account opening forms.
Following review of the application and before approval of the corporate bank account, the bank will request our Client to courier all the original corporate and personal due diligence and other supporting documents directly to Australia.