What are the FNB business account requirements? FNB South Africa is a favorite destination for those looking to formalize their businesses by opening bank accounts. Or maybe you are already in business, but now you are looking for an alternative banking option. For new businesses, having an account is one way through which you can achieve growth. It gives you credibility when dealing with customers and other businesses. But what’s required when opening a business account at FNB?
What do businesses need to open accounts with FNB?
The following are the FNB business account requirements;
- Your business needs to earn a minimum amount depending on the type of account that you wish to open. For the FNB First Business Zero Account and the FNB Gold Business Account, you need to earn between R0 and 5 million.
- Company registration documents. If your company is not registered, you can open the FNB First Business Zero Account.
- A South Africa ID.
- A phone on which you will receive an OTP.
- Proof of address for your business.
Can I open an FNB business account online?
Those are the FNB business account requirements. We noted in this article that every business needs to have a bank account. It’s how you can grow your businesses. Your business is likely to attract genuine customers should you have an account.
It’s how you get your payments. It’s also how you pay your customers. We noted here that your company doesn’t need to be registered to be able to open a business account. Your business can be a sole tradership. Or it can be a registered company.
If you are a registered company, you need to present your company documents as part of the process of opening an FNB account. The great thing is that you can open a business account online. You will be able to send all the required documents that way.
Those are the FNB business account requirements. FNB offers a wide range of business accounts. These include the Gold Business account, the First Business Zero account and many more. The difference between these accounts are the business turnover requirements. On some accounts, you need to have a turnover of at least R5 million per year, while on others, your turnover can be 0. This last account is suitable for sole traders.