FNB Business Account Requirements, Types And Registration

When you empower entrepreneurs you do not only assist a person to live his dream lifestyle, but you also boost the economy. Entrepreneurs will thereby be able to employ more people, and run their businesses optimally, and make a greater impact on society. FNB Business Account is the ideal bank account for the businessman who wants the power to do more, and his money to reach further.

In this post, I detailed what the FNB Business Account requirements necessary are; how to open an FNB Business Account, and the account application registration process.

Types Of FNB Business Account

The FNB Business Account is a category of products designed for businesses. This is not for individuals, but for people in business. The business should have an annual turnover of between R0 – R5 million. With this account, you have the ability to empower your business, pay your workers, make bulk purchases, and most of all, you can build a solid relationship with the bank so as to enjoy more value-added services such as priority information, loans, and overdraft services, and business consultancy.

First Business Zero Account: Turnover 0-5 million South African Rands

Gold Business Account: 0-5 million South African Rands

Platinum Business Account: 5-60 million South African Rands

Enterprise Business Account: 60 million South African Rands Per Annum and Above

FNB Business Account Requirements

Remember; this account will enable you to build a strong working relationship with the bank. It is, therefore, necessary that you provide details that will help the bank know you and serve you better. To open a business account with the bank you need:   

• Proof of identity: your proof of identity can be your certified identity documents or Passport.
• Proof of address: The bank requires you to provide valid proof of address such as a utility bill.
• You will need to provide your certificate of incorporation.
• You will need to provide proof of address of your business.
• You will need to provide evidence of your annual revenue so as to help the bank decide which type of account is most suitable to you.
• You will then provide the minimum opening deposit. 

 After successfully provided the necessary requirements to the FNB bank, you will then be given an account most suited to your needs and revenue category. With that, you will become eligible to enjoy some of the value-added services which FNB has reserved for customers in the business category.

FNB Business Account Application Registration

The application process for a business account with FNB is simple and straightforward. The easiest way to do this is to walk into any branch of FNB and request to open a Business Account. The customer care attendant will provide you with an application form, and offer guidance on how to complete it correctly.

How Do I Open An FNB Business Account?

As explained in the paragraph above, you can easily open an FNB Business Account by just walking into any of the numerous FNB branches nationwide, and requesting to open a business account. Just make sure you have the requirements; you need your identity documents handy, as well as your certificate of incorporation. You also need to provide documents that show your annual flow of money. 

A customer care attendant at the bank will provide you with the necessary assistance to help you open the account. They will help you choose the exact type of business account that suits your needs and that will provide the benefits that will help you maximize the potential of your business.

Let us now look at some of the benefits of this FNB Business Accounts:

FNB Business Visa Cheque

This product gives you inContact and inContact Pro which allows you to track your financial transactions across all your FNB accounts, including your personal accounts, and business accounts. This information is provided to you by means of SMS or email. The bank will notify you of all purchases and withdrawals over R100, and enable you to instantly view your available balances.

 Another benefit is that you get to keep track of your business transactions electronically with email statements, which the bank will send to your inbox as My Limit Alert, My Balance Alert, and Scheduled Payment Alerts. The service is free. It keeps you updated on what is happening with your bank accounts.

Another benefit is that you can view your business financial reports for FREE. You can easily view this by logging into your Online Banking for Business profile.

eWallet Pro allows you to pay your staff or to make other payments immediately and seamlessly, even if the recipients do not have bank accounts.

FNB’s Top Up and Withdraw with PayPal gives you the easiest option to pay money across borders and make purchases from anywhere in the world without exposing credit card or bank account details.

FNB Forex enables you to send and receive foreign currency payments anywhere, and at any time.

Business Overdraft

The business overdraft feature of these accounts is a benefit given to business owners; as we mentioned before, this account will build a relationship between you and the bank, where you mutually want to help each other succeed. Anyway, if the time comes when you need cash for your business, the bank will quickly make funds available. 

 This feature will give you accessibility to the required cash flow you need to run your business. The payments are made into the overdraft facility to make funds available for use in business. This overdraft feature will help you pay your workers, make purchases, and grab unexpected business opportunities.

Related:

• What Is The Cheapest FNB Account?
• FNB Pay and Clear Cost

Conclusion:

This FNB Business Account is designed to help your business grow by providing you with the ability to disburse money efficiently. You will be able to track your expenditure and make purchases through so many avenues without compromising on safety and privacy. These accounts help you to empower your staff by issuing them with limited-function cheque cards. That way they don’t have to wait for you to be around before making small payments and purchases for the benefit of the business.

You can also decide to give them full-function cards linked to the business’s accounts, you can then decide how much will be domiciled in those accounts. Your staff will then be able to withdraw cash, pay at point-of-sale devices, and even get balances and statements at FNB ATMs.

These accounts also give you overdraft facilities to make money available when needed.