Requirements and documents in Australia

What you need to open a business account in Australia

Australian providers verify three things, your business, the people behind it, and your address. The business identifier is the Australian Business Number, and companies registered with the Australian Securities and Investments Commission also provide an Australian Company Number. Directors, signatories, and beneficial owners give photo identity such as a passport or driver licence, and the business shows proof of its address. The amount of extra documentation rises with the complexity of the entity. As of 21 April 2026.

By entity type

A sole trader usually needs an ABN and photo identity. A company also provides its ACN and details of directors and shareholders. Trusts and partnerships are typically asked for the trust deed or partnership agreement. Some providers request more for entities with complex ownership. As of 21 April 2026. Verify the list with the provider.

Timelines

For simple sole trader applications the process can sometimes finish within about a day. For companies with several directors, trusts, or any entity with a complex ownership structure, expect several days to a few weeks, and longer for foreign owned companies at the traditional banks. As of 21 April 2026.

Document checklist to prepare

Gather these before you apply for a business account in Australia, as of 21 April 2026. Verify with the provider

• Your ABN, and your ACN if you are a company registered with ASIC.
• Photo identity for each director, signatory, and beneficial owner.
• Proof of business address, and entity documents such as a company certificate, trust deed, or partnership agreement where relevant.

How to get ready

1. Confirm your entity type and register for an ABN, and an ACN if you are a company, before you apply.
2. Collect identity and address documents for everyone the provider will need to verify.
3. Check the provider specific checklist, because requirements and accepted documents vary, then apply.