FNB business account is a type of account opened specifically for running your business. The requirements for opening an FNB business account include an identity document, proof of address, and an initial deposit.
The type of business account you open should depend on the annual turnover of your business. As a business owner, the importance of having a business account cannot be over-emphasized. This is why banks in South Africa have made it possible for you to create an account specifically for your business. If you are considering opening a business account with First National Bank (FNB), it is important to learn more about the different types of business accounts you can open with the bank, their annual turnover, and the requirements for opening a business account with FNB.
Types Of FNB Business Accounts
A business account helps entrepreneurs keep track of the financial growth of their businesses. It also makes you look more professional when carrying out a business transaction with customers or clients. The type of business account you should consider opening with FNB depends on the financial state of your business.
These business accounts come with benefits and have different annual turnovers. Annual turnover is the total amount of sales a business makes per year. The fact that FNB has different business accounts is nothing to worry about for business owners who choose to bank with the financial institution because, with FNB, there is a business account that is tailored to suit the needs of your business.
Here are the different FNB business accounts and their offers.
First Business Zero Account
The First Business Zero Account was created specifically for sole proprietors. To open this account, your business should have an annual turnover that is between R0 – R5 million. This type of business account comes with zero monthly account fee, and free unlimited card swipes. You can open this account easily using the FNB mobile app or through the FNB website.
Gold Business Account
The Gold Business Account is also for businesses that have an annual turnover of R0 – R5 million. This type of account provides financial support for people opening new businesses or switching to an existing business. Some of these benefits include:
- Online banking for business
- Banking on FNB mobile app
- Speedpoint® device
- CIPC & BEE Registration
- Gold credit card
- Key Person Insurance
This type of account also gives you access to some business support like business loans.
Platinum Business Account
This type of business account is for businesses that have an annual turnover between R5 million to R60 million. It provides all of the financial support that the Gold Business Account comes with and helps the business owner make local and international transactions.
However, this comes with a platinum card and covers businesses with a higher turnover. It also comes with business account calls, Business 32 Day Flexi, 48 Hour Cash Accelerator, Business Save + Invest, Business Money on Call, and Asset Based Finance.
Enterprise Business Account
This is arguably FNB’s best type of business account. Unfortunately, it’s not for all types of businesses. The FNB enterprise business account is for businesses that have an annual turnover of R60 million and above.
This type of account provides its users access to banking professionals and advisory managers. It also covers the business’ transactional needs, borrowing needs, and investment needs. You can open this account via the FNB mobile app.
Requirements For Opening A Business Account At FNB
Before opening a business account with FNB, whether online or offline, it’s important that you first have all relevant documents. The requirements for opening a business account with FNB include the following:
1. Proof of Identity
Before you can open a business account with FNB, you will need a valid identification document. This can be a smart card identification or a good identification book. The importance of this document is to prove to FNB that you are a South African citizen, who is eligible to own a business.
2. Proof Of Personal Address
To open a business account, you will have to provide valid proof of address. You can use documents like utility bills and payment receipts. If you don’t reside in a formal settlement, you can provide the proof of address using the nearest landmark, like a school, church, or well-known business organization.
3. Initial Deposit
To activate your account, you will need to make an initial deposit. The amount of money required will depend on the type of business account you are opening.
4. Certificate of Incorporation
Your word of mouth alone will not be enough to prove to FNB that you own a business and need a business account. You will need the certificate of incorporation of your business. This helps FNB know that you are running a legal business venture that is government-approved.
5. Proof Of Address For Your Business
Aside from the proof of your personal address, you will also have to provide proof of your business address. You can use documents like your utility bill receipt to do this.
6. Evidence Of Annual Revenue
We have already established that the type of business account you open will depend on the annual revenue of your business. You will need to provide valid evidence of the annual revenue of your business.
Requirements For Opening a Business Account With FNB As A Non-Citizen
To open a business account with FNB as someone who is not a citizen of South Africa, you will be required to provide all of the above-listed documents in addition to the following:
- Passport: Your passport serves as proof of identity. It helps FNB know the country you are from and provides other basic information about you.
- Work or Study Permit: Before FNB can allow you to proceed with opening a business account, as a non-citizen you have to provide a study or work permit that shows that you are permitted to live in South Africa.
How To Open An FNB Business Account
Opening a business account with FNB is so easy and straightforward. While it’s possible to visit any offline FNB branch to open a business account, it is also possible to open a business account online. The fact that you opened your business account online does not mean that it would be any less secure than opening it at an offline branch.
To open your account at any FNB branch, all you need to do is visit the branch with all the relevant documents. To open a business account with FNB online, here is what to do:
- Visit the official FNB website business account page
- Scroll through the different types of business accounts to know the one you are eligible to open
- Click on the type of business account you wish to open
- Peruse the page you are directed to find the ‘Apply’ button
- Click on the ‘Apply’ button
- Fill out the short form
- Follow the prompts to complete the process