The entire process of starting a new business can be a lot to deal with. You might think that it is a complicated process, that is until you realize that you will still need to go through the process of finding the right bank for your business. There is quite a lot of banks to choose from when you start to look around for a possible bank to use as your business’ bank. Each bank offers a different banking structure and different fees and services for businesses. They also have bank accounts that have been tailored specifically for business.
When it comes to finding the right bank, the most important thing will be to determine the services that you will be needing from your bank. These needs will differ from business to business and these needs will determine the bank you will ultimately go with. So be sure to spend some time thinking about your business, its structures and the support you will need from your financial institution.
Below you will find a brief explanation of what each of the major banks in South Africa has to offer for business.
Finding The Right Bank:
First National Bank
First National Bank offers a First National Bank’s business account for businesses. According to FNB, this account is ideal for sole proprietors, partnerships, companies, close corporations, incorporated businesses, trusts and co-operatives.
ABSA has the Small Business Cheque Account and the Absa Biztransact Account to offer. The latter is a current account that is ideal for small business. This account offers a transactional account, but does not offer a cheque book or an overdraft.
Nedbank has a business account to offer, which is specifically designed for small business. The bank account also offers a banker service which can assist with specific business needs and the internet banking of this account is also customizable.
Standard Bank has a business banking current account, as well as a Bizlaunch account to offer. The last mentioned account is specifically designed for startups and entrepreneurs. The Bizlauncher account will convert to a business banking current account after the first 12 months of doing business at Standard Bank.
Capitec Bank offers business services to customers but does not have any business accounts to offer at this point. According to the bank’s website, this bank does not offer any bank accounts for close corporations, companies, partnerships or trusts.
You can also consider the possibility of giving the responsibility of registering your company to the professionals. Pty Company Registration offers a professional service to handle the entire process of registering your company. Feel free to contact them today to find out how to get the process started.
This just gives you an overlook at the different bank in South Africa and what they have to offer to businesses. From here on you will need to research these banks separately in order to determine which one of these banks suit your business’s needs best. Hopefully finding the right bank will be a bit more easy now.
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