What are the Absa business account requirements? Some of our readers have been asking this? Absa is one of South Africa’s strongest banks, with over 9.7 million customers. Most of these are retail customers. You are here because you now wish to open a business account with Absa. Perhaps you have just launched your own business. Or maybe you are simply looking for a new bank for an existing venture. In any case, what do you need in order to open an account for your business with Absa?
Requirements for opening an Absa business account
The following are the Absa business account requirements;
- Company registration documents. You do not have to produce these if you are a sole trader.
- Proof of your company’s address.
- Proof of address for the owner(s), directors or members.
- South African IDs for the directors.
- A company resolution.
- At least R500 when you open the account.
Why open a company account?
Most businesses start small. Perhaps you have been doing yours as a side thing, but now you wish to make it mainstream. Opening a company account is necessary in this regard.
If you really want to gain credibility with your customers and with other stakeholders, then you need to have an account that’s dedicated to your business. A company account also helps you keep your personal and business affairs separate.
Where can I apply for an Absa business account
Now that you know all the Absa business account requirements, it’s time to find out where you can apply for one. The good news is that you have several options in this regard.
You can apply for an Absa business account online. You can also make your application at your nearest Absa bank branch. Whatever your choice, make sure that you have all the required documentation at hand. f
Available Absa business accounts
The following are some of the available Absa business accounts;
- Business Evolve Lite
- Business Evolve Core
- Business Evolve PAYT
- Business Evolve Ignite
- Business Evolve Start
- Business Evolve Grow.
Which one should you choose?
The type of Absa business account that you choose depends on how big your business is. Each of the above charges different monthly fees. The Business Evolve Lite account, as an example, charges R0 per month.
However, your turnover needs to be below R1.5 million. On the other end, the Business Evolve Grow charges R415 per month. Your annual turnover can be up to R500 million.
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