What you need to open a Business Banking account

The information you need to provide to open a Business Banking account depends on the account owner. The requirements for each entity type are outlined below.

To open an account for a company, you’ll need to provide the following information to us:

Company applicant details

• Company name
• ACN (Note: in most cases, we can pre-populate company details once the ACN has been provided)
• Australian Business Number (ABN) and/or Tax File Number (TFN), or a reason for exemption
• Details of any foreign tax residency 
• Industry and nature of business activity
• Source of wealth
• The company type 
• Registered office and principal place of business address/es (can be pre-populated)
• Details of the directors, including (name and address can be pre-populated):
• Title
• Full legal name (including any middle names)
• Any other name known by
• Date of birth
• Occupation
• Source of wealth
• Mobile number
• Email address
• Residential address
• Source of wealth
• Identification information (Australian driver licence or Australian passport). If we can't electronically verify the client, we will require a certified copy of ID. For more information on certification, see our article Macquarie client identity verification FAQs. 

Company beneficial owner details (name and address can be pre-populated unless shares are held non-beneficially)

Beneficial owners include shareholders who hold 25% or more directly or indirectly. If there are no such individuals, we require confirmation of who controls the company (i.e. has 25% or more of voting rights or senior managing officials such as the CEO, CFO, COO or equivalent). 

In some cases, an individual or another entity holds shares in the entity through a trustee or through a nominee on behalf of another person. This is known as non-beneficially held shares. We require evidence of the ultimate beneficial owner, which is often determined via a certified copy of the trust deed for the trust which is holding the shares on behalf of someone else. Please provide:

• Full legal name (including any middle names)
• Date of birth
• Occupation
• Source of wealth
• Mobile number
• Email address
• Residential address
• Source of wealth
• Identification information (Australian driver licence or Australian passport). If we can't electronically verify the client, we will require a certified copy of ID. For more information on certification, see our article Macquarie client identity verification FAQs.

Source of funds and Purpose of account

• Details about how the account will be funded and what the account will be used for.

For verification, we require one or more of the following documents:

• If any shares are held non-beneficially, we require evidence on who the shares are being held on behalf of (e.g. a trust deed).

To open an account for a public listed company, you’ll need to provide the following information to us: 

Company applicant details 

• Company name
• ACN
• Australian Business Number (ABN) and/or Tax File Number (TFN), or a reason for exemption
• Details of any foreign tax residency 
• Industry and nature of business activity
• Source of wealth
• The company type 
• Registered office and principal place of business address/es

Source of funds and Purpose of account

• Exchange on which the shares are listed.
• Details about how the account will be funded and what the account will be used for.

To open an account for a public unlisted company, you’ll need to provide the following information to us:

Company applicant details

• Company name
• ACN
• Australian Business Number (ABN) and/or Tax File Number (TFN), or a reason for exemption
• Details of any foreign tax residency
• Full names of all directors
• Industry and nature of business activity
• Source of wealth
• The company type
• Registered office and principal place of business address/es.

Company beneficial owner details

Beneficial owners include shareholders who hold 25% or more directly or indirectly. If there are no such individuals, we require confirmation of who controls the company (i.e. has 25% or more of voting rights or senior managing officials such as the CEO, CFO, COO or equivalent). Please provide:

• Full legal name (including any middle names)
• Date of birth
• Occupation
• Source of wealth
• Mobile number
• Email address
• Residential address
• Source of wealth
• Identification information (Australian driver licence or Australian passport). If we can't electronically verify the client, we will require a certified copy of ID. For more information on certification, see our article Macquarie client identity verification FAQs.

Source of funds and Purpose of account 

• Details about how the account will be funded and what the account will be used for.

To apply for an account for an individual, you’ll need to provide the following information to us:

Applicant(s) details

• Full legal name (including any middle names)
• Any other names known by
• Date of birth
• Mobile number
• Email address
• Residential address
• Occupation
• Source of wealth 
• Tax File Number (optional)
• Details of any foreign tax residency, including a Tax Identification Number (TIN) if applicable
• Identification information (Australian driver licence or Australian passport). If we can't electronically verify the client, we will require a certified copy of ID. For more information, see our article Macquarie client identity verification FAQs.

Account details

• Details about how the account will be funded and what the account will be used for.

To apply for a sole trader account, you’ll need to provide the following information to us:

Applicant details

• Full legal name (including any middle names)
• Any other name known by
• Date of birth
• Mobile number
• Email address
• Residential address
• Occupation
• Source of wealth 
• Tax File Number 
• Details of any foreign tax residency, including Tax Identification Number (TIN) if applicable
• Identification information (Australian driver licence or Australian passport). If we can't electronically verify the client, we will require a certified copy of ID. For more information on certification, see our article Macquarie client identity verification FAQs.
• Full name of business
• ABN
• Industry and nature of business activity
• Registered office and principal place of business address/es. 

Account details

• Details about how the account will be funded and what the account will be used for.

To open an account for a partnership, you’ll need to provide the following information to us:

Partnership details

• Full name of the partnership
• Full business name (if any) of the partnership as registered
• Full address of principal place of business for the partnership (if applicable)
• Country of formation.

Details of the partners

1. Individual partner:

• Full legal name (including any middle names)
• Any other name known by
• Date of birth
• Mobile number
• Email address
• Residential address
• Occupation
• Source of wealth 
• Tax File Number
• Details of any foreign tax residency, including Tax Identification Number (TIN) if applicable
• Identification information (Australian driver licence or Australian passport). If we can't electronically verify the client, we will require a certified copy of ID. For more information on certification, see our article Macquarie client identity verification FAQs.

2. Non-individual partner:

• See the checklist relevant for that entity type (e.g. domestic private company, trust).

Business activity and regulation status  

• Industry in which the customer operates
• Nature of business activity
• Regulated status (i.e. regulated or unregulated)
• If regulated:
  • Name of professional association
  • Current membership details
• If unregulated:
  • Full name and address of all partners, including all non-individual partners.

Source of funds and Purpose of account 

• Details about how the account will be funded and what the account will be used for.

For verification, we require one or more of the following documents:

• A certified copy or extract of the partnership agreement
• A certified copy or extract of a partnership meeting
• A signed letter on letterhead dated within the last 12 months from a solicitor or qualified accountant confirming the full name of the partnership, and if regulated by a professional association, the name of that association and current membership details.

To open an account for a trust, you’ll need to provide the following information to us: 

Trust details

• Full name of the trust
• Full business name of the trust (if any)
• Country where the trust was established
• Industry (drop down) 
• Nature of trust activity (drop down)
• Source of wealth
• Type of trust
  • SMSF 
  • Registered Managed Investment Scheme
  • Other regulated trust
  • Government superannuation fund
  • Other trust type:
    • Family
    • Charitable
    • Testamentary 
    • Unit 
    • Other
• Tax information: category of trust
• Beneficiaries
• Settlor of the trust 
  • Name
  • Foreign tax residency (if any).

Trustee details

1. If individual trustee(s):

• Full legal name (including any middle names)
• Any other name known by
• Date of birth
• Mobile number
• Email address
• Residential address
• Occupation
• Source of wealth
• Tax File Number
• Details of any foreign tax residency, including Tax Identification Number (TIN) if applicable
• Identification information (Australian driver licence or Australian passport).

If corporate trustee:

• Company name
• ACN (Note: in most cases, we can pre-populate details of the corporate trustee once the ACN has been provided)
• Industry 
• Nature of business activity 
• Public or proprietary
• Registered office address
• Principal place of business address 
• Company category – Regulated, Listed, Majority owned subsidiary or other
• Details of company officers (e.g. Director, Secretary):
  • Title
  • Full legal name (including any middle names) 
  • Date of birth
  • Occupation
  • Mobile number
  • Email address 
  • Source of wealth
  • Identification information (Australian driver licence or Australian passport). If we can't electronically verify the client, we will require a certified copy of ID. For more information on certification, see our article Macquarie client identity verification FAQs.

Beneficial Owners of the corporate trustee 

Beneficial owners include shareholders who hold 25% or more directly or indirectly. If there are no such individuals, we require confirmation of who controls the company (i.e. has 25% or more of voting rights or senior managing officials such as the CEO, CFO, COO or equivalent) including:

• Title
• Full legal name (including any middle names) 
• Date of birth
• Occupation
• Mobile number
• Email address
• Source of wealth
• Trust beneficiaries
  • Full legal name (including any middle names)
  • Residential address
• Trust Beneficial Owners – this includes Trustees, Trust Appointors, Protectors (if any) and unit holders if it’s a unit trust. Enter these exactly as per the trust deed.

Source of funds and Purpose of account

• Details about how the account will be funded and what the account will be used for.

For verification, we will require:

• Signed letter on letterhead dated within the last 12 months from a solicitor or qualified accountant that confirms the name of the Trust, Trustee(s), Settlor and Beneficiaries or Class(es) of Beneficiaries, or a certified copy of the trust deed.
• If any account holders or Beneficial Owners fail electronic verification, we will require a certified copy of ID. For more information on certification, see our article Macquarie client identity verification FAQs.