How to open a business account in Australia, steps and requirements

Snapshot

To open a business account in Australia you usually register the business, obtain an ABN and an ACN for a company, gather identity documents for the owners and signatories, then apply online or in branch. Fintech accounts can onboard in a few business days, while major banks can take longer.

Core documents: ABN, and for companies the ACN, plus identity for directors and beneficial owners
Typical timeline: Often a few business days for fintech accounts, longer for the major banks
Can a non resident open: Possible where the business is registered in Australia, sometimes with a resident director. Verify with the provider.
Most providers: Multiple business accounts

Fees and features as of 10 February 2026Last reviewed 10 February 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

Opening a business account in Australia generally means registering the business, getting an ABN, and for a company an ACN, then verifying the identity of directors and beneficial owners. As of 10 February 2026, fintech accounts such as Wise Business, Airwallex and Revolut Business can onboard online within a few business days, while the major banks may require more steps. Confirm current requirements with the provider.

The steps to open a business account in Australia

The process follows a familiar order. Register the business and its tax identifiers, choose an account that fits how you trade, prepare the documents, then complete identity verification. The detail and the timeline vary between fintech accounts and the major banks, so confirm the current process with the provider you choose.

Register the business and tax identifiers

Sole traders register an ABN, while companies register with ASIC to receive an ACN and then obtain an ABN. Many providers also expect a business name registration where you trade under a name other than your own. As of 10 February 2026, an ABN is commonly required to open a business account, so set this up first. Verify the requirement with the provider.

Prepare documents and verify identity

Gather identity for directors, owners and signatories, the ABN and any ACN, and proof of the business address. Banks and fintechs run anti money laundering checks. As of 10 February 2026, fintech onboarding is usually online, while major banks may ask a signatory to verify identity in person. Confirm the current document list with the provider.

What you usually need to apply

Before you apply for a business account in Australia, prepare these items, as of 10 February 2026. Verify with the provider

Your ABN, and for a company your ACN, plus the business name registration where relevant.
Identity documents for directors, beneficial owners and account signatories.
Proof of the business address in Australia and details of how the business operates.

How to open the account

Register the business and obtain the ABN, and the ACN for a company, before you apply.
Choose an account that matches your transactions, currencies and team needs.
Complete the application and identity checks, then confirm the current requirements and timeline with the provider.

Compare business accounts available in Australia

These providers accept business customers in Australia and onboard online. Fees and eligibility shown as of 10 February 2026. Confirm current terms with the provider before applying.

Compare business accounts →

Questions about business banking in Australia

What do I need to open a business account in Australia?

You usually need an ABN, and for a company an ACN, identity documents for directors and signatories, and proof of the business address. As of 10 February 2026 the exact list varies by provider. Confirm the current requirements with the provider before you apply.

How long does it take to open a business account in Australia?

Fintech accounts can often onboard online within a few business days once the business is registered and identity is verified, while major banks can take longer, sometimes a few weeks for complex structures. As of 10 February 2026 timelines vary. Confirm with the provider.

Can I open a business account online in Australia?

Yes. As of 10 February 2026, fintech accounts such as Wise Business, Airwallex and Revolut Business onboard online, and some major banks offer online applications for simple structures. Confirm the current process with the provider.

Do I need an ABN to open a business account?

Most providers expect an ABN, and a company also needs an ACN. As of 10 February 2026 some accounts may consider limited cases without one. Verify the requirement with the provider before applying.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 10 February 2026. Confirm current terms with the provider before applying.