Financial Data
Updated 21 Sep 2020


Opening a business bank account

Get full control and management of your business accounts and do your banking over most electronic banking channels.


A Standard Bank business account is simple to manage, and allows you to transact in the way that is most convenient for you, from traditional branch banking to advanced electronic services.

This BizConnect guide will help you to make an application for a business bank account:


Standard Bank business bank account

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A Standard Bank business bank account is linked to a Business AutoBank card which enables remote business banking. This gives you the ability to do the following:

  • Access all banking channels
  • Do your banking on by telephone, cellphone and at AutoBank centres
  • Do your banking on the Internet, which means that you can do your banking on your computer, or from any ATM anywhere, any time
  • Pay for business purchases at merchants displaying the Maestro sign.

The security features built into your Business AutoBank card let you issue cards to as many employees as you want. You are able to manage the monthly limits on the cards.
You can apply for an electronic account payment limit from your home branch. The limit should be equal to the average number of deposits or withdrawals (cash and cheque) on your account.

If the limit requested is more than your monthly turnover, additional information - such as a projected cash flow - must support the application. Any application to load or increase limits must be signed by the account holder.


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Often start-up entrepreneurs make the mistake of trading from their personal bank account. This makes it harder to differentiate between your personal expenses and business expenses. It also doesn’t allow you to build up a credit risk profile for your business, which is an important factor should you ever want to approach a bank for financing. Rather, start trading as a business from the get-go by opening up a Business Current Account.



Documents required

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Note: all documents must be original

Sole proprietor

  • Identity document
  • Proof of residential address
  • Two trade references
  • Tax reference number is required
  • If you are switching banks, three months' bank statements
  • Consent to credit reference

Close Corporation

Note: No new CCs may be registered. This applies only to existing CCs wishing to switch banks

  • CIPRO Certificate
  • Identification documents of members, signatories and persons who act on behalf of a close corporation
  • Proof of physical or trading address of business
  • The last 3 months bank statements of business (if existing)

Partnership

  • Partnership agreement
  • Trading name
  • Identity document of each partner and signatory
  • If you are switching banks, three months' bank statements

Unlisted Company

  • CIPRO Certificate
  • Memorandum of Association (CM2)
  • Articles of Association (CM44)
  • Certificate of change of name of company (if applicable) (CM9)
  • Identification documents of directors, signatories, principal executive officer, shareholders with 25% or more voting rights and persons acting on behalf of company
  • Proof of physical or trading address of business
  • The last 3 months bank statements of business (if existing)

Listed Company

  • CIPRO Certificate
  • Memorandum of Association (CM2)
  • Articles of Association (CM44)
  • Certificate of change of name of company (if applicable) (CM9)
  • Proof of Listing (print out from Stock Exchange)
  • Group Structure (if wholly owned subsidiary of listed company)
  • Identification documents of signatories

Acceptable forms of verification

The following are acceptable forms of verification of trade name and physical address of a business/juristic entity.

Note: printouts, emails and over the counter statements are not acceptable

  • An original company letterhead
  • A utility bill (less than 3 months old)
  • A bank statement or financial statement or official correspondence from another financial institution (less than 3 months old)
  • A copy of a lease or rental agreement signed by both parties (less than 3 months old)
  • A municipal rates and taxes invoice (less than 3 months old)
  • A mortgage statement from another financial institution not within the Standard Bank Group (less than 6 months old)
  • A telephone account that is a land-line or cell-phone (less than 3 months old)
  • An official tax return or tax assessment (less than 1 year old)
  • Official correspondence (excludes IRP5) from the South African Receiver of Revenue Services (less than 3 months old)
  • A valid television licence or renewal document (less than 1 year old)
  • A short-term insurance policy or a renewal letter (less than 1 year old)
  • A retail account statement or official correspondence (less than 3 months old)
  • A valid agreement from a security company reflecting the trade name and physical address of the business at which an alarm is installed (less than 3 months old)
  • An official correspondence from a security company reflecting the trade name and physical address of the business at which an alarm is installed (less than 3 months old)

The following are acceptable forms of residential address verification (for Sole Proprietor)

Note: printouts, emails and over the counter statements are not acceptable

  • A utility bill (less than 3 months old)
  • A bank statement or financial statement or official correspondence from another financial institution (less than 3 months old)
  • A copy of a lease or rental agreement signed by both parties (less than 3 months old)
  • A municipal rates and taxes invoice (less than 3 months old)
  • A mortgage statement from another financial institution not within the Standard Bank Group (less than 6 months old)
  • A telephone account that is a land-line or cell-phone (less than 3 months old)
  • An official tax return or tax assessment (less than 1 year old)
  • Official correspondence from the South African Receiver of Revenue Services (less than 3 months old)
  • A life insurance policy issued by an insurance company (less than 1 year old)
  • Correspondence from a body corporate or share-block association (less than 3 months old)
  • A valid television licence or renewal document (less than 1 year old)
  • A short-term insurance policy or a renewal letter (less than 1 year old)
  • A retail account statement or official correspondence (less than 3 months old)
  • A valid medical aid statement or official correspondence (less than 3 months old)
  • A valid agreement from a security company reflecting the residential address at which an alarm is installed (less than 3 months old)
  • A fine (no spot fines) issued by the South African Metro Police Services or a local municipality (less than 3 months old)
  • A letter from a tribal chief where the person lives on tribal land (less than 3 months old)

Acceptable forms of identification

The following are acceptable forms of identification: Individuals

  • Green bar coded ID book
  • Passport (if no ID)
  • CIPRO certificate
  • CM1 and CM22 (registered address)
  • CK1 and CK2
  • Foreign Incorporation documents
  • Constitution/other founding document or Minutes of meeting or Rules of body corporate
  • Trust deed
  • Partnership agreement


Once you have all the required documentation, visit your branch to submit the application. You can begin the process of applying for a business bank account online by going to  www.standardbank.co.za, or by calling 0860 123 456.

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