A business bank account is essential for any business. If you have been thinking of opening any business account with FNB bank, you should know the requirements. Hence, the reason why I’ve prepared this quick guide detailing all the requirements to open an FNB business account in South Africa.
FNB offers business accounts to all kinds of businesses, whether small or big business.
With such an account, you by fall look professional to your customers.
Additionally, you can differentiate between your business and personal finances.
In this guide, I have divided it into two parts detailing requirements for South African citizens and the other part detailing requirements for non-citizens.
Requirements to open FNB Business Account for South Africa Citizens
If you are a South Africa Citizen, the following are the requirements for you to open an FNB business account:
1. Identity Proof
For you to open an FNB business account, you have to prove your identity by presenting a valid smart card Identification document or a reliable and authentic identity book.
These documents will prove you’re a South African citizen and allowed to open a business account with FNB.
2. Address Proof (Basic Requirements To Open FNB Business Account)
First National Bank will also be required to provide address proof.
It has to be a valid address of the place you’re currently living or residence.
Some of the main documents you can use to prove address include a utility bill or clothing bill of not less than three months.
3. Account opening deposit
The other requirement is to deposit the account’s initial amount.
The amount depends on the type of business account you have opened.
Requirements to open FNB Business Account for South African Non-Citizens
Even if you are not a South African citizen, you can also open an FNB business account.
The following are the documents required to be allowed to open an account with FNB:
The first requirement is a passport, and it is used to prove your identity detailing the country you are from, among other details essential to the bank.
You should present a valid passport with correct personal details, including the photo, names, and country of origin.
2. A study permit or a work permit (FNB business account requirements)
The bank also accepts other documents to prove you are allowed in the country, such as a business permit, visitors permit, or study permit.
If you have any of those documents, FNB can allow you to open a business bank account.
Note the documents have to be approved by the Ministry of Home Affairs validating your stay in South Africa.
3. Account opening deposit
The other requirement is to deposit the minimum account opening amount. The amount depends on the type of business account you have opened.
The amount is meant to activate the account.
Those are the things you need to open an FNB Business Account in South Africa.