What is a company?
Unlike a sole trader or partnership, a company has a more complex business structure and is a separate legal entity.
The officers and directors must comply with legal obligations under the Corporations Act 2001. People First Bank provides business accounts for companies.
Step 1: Set up your business account
Do all directors have a personal account with People First Bank?
Yes - Great! Proceed to the next steps below.
No - Not a problem!
- If a sole director, you need to be a customer for a minimum of 12 months to apply for the company account.
- If your company operates with multiple directors, ensure at least one director has been a customer for a minimum of 12 months prior to opening the company account. The other directors, together with the secretary, can then verify their ID in a branch.
Step 2: Start your business account
Step 3: Finalise your business account
Once you’ve completed the application form and obtained your ABN, please bring them with you when you visit one of our branches to open your business account.
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