We have created this Business Account Opening Checklist to let you know what we will need from you so that you can spend less time at the bank and more time doing what’s important to you – running your business and creating your future.

Print this form off as a helpful reference, or see below for details on what accounts and services you may need, different types of business entities and what information you will need to bring to your account opening appointment.

Business Account Services

There are a range of services that your business may need. Below are some of the options that may interest you in opening and running your business account:

• Cheque Account
• Savings Accounts
• EFTPOS/Merchant Services
• Internet Banking
• Visa Debit Card
• Credit Card
• Lending
• Overdraft

Business Entities

Every business needs a legal structure that the business operates under, below are some options you might want to consider:

Sole Trader – A self-employed individual running a business on his/her own.  He or she has personal liability.

Partnership - Two or more persons carrying on a business in common with a view to a profit.  Each partner is jointly and severally liable for the debts of the partnership.

Limited Partnership - A separate legal entity operated by it’s “General Partners” (similar to directors of a Company).  General Partners can be any type of legal entity i.e. companies, trusts, partnerships or individuals.

Company - A body of persons (and in some cases one person) associated together for the purpose of trade or business.  A Company is a separate legal entity by virtue of incorporation under the Companies Act 1993.  This means that the Company is distinct from its directors and can enter into transactions in its own name.

Body Corporate - On the deposit of a unit plan under the Unit Titles Act 1972, the registered proprietor of the land to which the plan relates becomes a body corporate.  Thereafter, the proprietor or proprietors for the time (being of all the units comprised in the unit plan) shall be the body corporate.  A body corporate has a registered number and a common seal.

Trust - A legal arrangement under which property is dealt with by “trustees” who are appointed to look after the property for the benefit of “beneficiaries.”  The property is legally owned by the Trust and may only be dealt with by the trustees according to terms set down in the Trust Deed and Trustee Act 1956.

Incorporated Charitable Trust - Incorporated in accordance with the Charitable Trusts Act 1908 (some are incorporated under the Incorporated Societies Act 1908).  They must be incorporated for a charitable purpose which could include trusts for the advancement of education, religion or benefit of the community.

Incorporated Society - An incorporated society is a group or organisation that has been registered under the Incorporated Societies Act 1908 and, when incorporated, is authorised by law to run its affairs as though it were an individual person.   This means that the members are not personally liable for the society's debts, contracts or other obligations.  Likewise, members do not have any personal interest in any property or assets owned by the society.

Unincorporated Society - Voluntary organisations with or without rules i.e. a club, where the members are jointly and individually liable for the club’s debts.  An Unincorporated Society cannot borrow money in its name as it has no legal standing.

Account Opening Process

When you visit us, we’ll help you complete the application. You’ll need to bring the following:

• Two forms of identification for each Sole Trader, Trustee, Partner, General Partner, Board Member and each Authorised Signatory (if different). Ideally, two forms of primary ID are preferred; however one Primary ID and one Secondary ID are acceptable.
  
  

  Acceptable Primary ID	Acceptable Secondary ID
  NZ Drivers License Passport  International License with photo   Photo Credit Card Tertiary Identification Card Firearms License	Credit or Debit Card Birth Certificate Asian resident Identification Card Bankers Reference Student Identification Card Employee Identification Card

   

• The IRD number for your business. If you are unable to provide us with an IRD number when opening your business account, ASB is required to tax your account at the highest applicable rate.
• Additional information is required dependent on what type of business you run. Please bring the documentation relevant to you:
  • Limited Partnership – partnership deed and certificate of registration
  • Industrial and Provident Societies – certificate of registration
  • Incorporated Societies – certificate of incorporation
  • Incorporated Charitable Trusts - certificate of incorporation
  • Sole Trader – personal identification

Make an appointment

Once you have all the necessary documentation, please call us on 0800 803 804 to arrange an appointment with your local ASB branch. To open the account at the branch, all signatories, directors, trustees or partners will need to attend the appointment at the same time.