Business Bank Account Guide for Contractors

If you are operating your contractor business under a company, you will require a business bank account under the company name. The company is a separate legal entity and the company’s money must be held by the company. If you operating under your personal name (as a sole trader), you do not require a business bank account. However, having a business bank account allows you to get paid easier by your clients. It also provides a professional impression if it is under your business name instead of your personal name.

What you should be looking for in a business bank account?

You should choose a business bank that can offer you the flexibility and convenience and within your price range. There are a range of banks you can choose from however changing banks when your business is already established can be quite time consuming and tedious. Therefore, it is a good idea to choose the right bank from the start. Ensure the bank you choose have the right facilities that can ensure you can:

  • Receive payments from clients and make payment with ease
  • Download bank statements and csv files for record keeping
  • High security
  • Great customer service for businesses
  • Access your bank online

What do you require to setup a business bank account?

Each bank differs in requirements but generally banks ask for the following:

  • License or a form of ID
  • Business name certificate or certificate of company incorporation
  • Company constitution
  • ABN details
  • Address
  • Contact details

Please note that every effort has been made to ensure that information provided in this guide is accurate. You should note however, that the information is intended as a guide only, providing an overview of general information available to contractors and small businesses. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek your own advice for any legal or tax issues raised in your business affairs.