Are you eligible for Business+?

What you'll learn

Smaller small business owners have been given little choice when it comes to business banking. Often, owners need to accept accounts and finance designed for much larger businesses.

Great Southern Bank’s Business+ is an exception. It’s built specifically for businesses with four or fewer employees and gives back the one thing small business owners are most short of – time.

Business+ is an entirely digital business banking platform meaning that owners don’t need to visit a branch or wait on hold to do their banking. And whether it’s opening an account or applying for finance, the process is fast with no paperwork to print and return.

But first things first.

Having been designed with small business owners in mind, Business+ has some eligibility criteria. Don’t worry, they’re not too onerous.

Sole traders

You don’t need to be an employer to access Business+. Sole traders can apply too. Here’s what you’ll need to tick off if you’re after a Business+ Account (the everyday business bank account offered through Business+) and Business+ Saver (our high-interest savings account):

Be 18 or over
Be an Australian resident
Have a valid ABN
Have an email address and phone number
Have a valid form of ID like a driver’s license, passport or Medicare card

If you’re considering applying for a business loan or overdraft, you’ll also need to:

be registered for GST
have at least $75,000 in annual turnover
have at least one-year’s trading history

Companies

If your business is a company, you can sign up for Business+ if:

your company only has people as directors and shareholders (not another company, trust or partnership)
the person signing up for Business+ needs to be a primary owner of the business (but you can invite other directors to access your accounts). So, what do we mean by ‘primary owner’?
- You hold 25% or more of the shares in your company; or
- if there are no owners with 25% or more, then you must be a director.

All the other criteria are the same as those listed for sole traders, the only difference being all directors must give a guarantee when the business applies for finance.

If you’re not sure how your business is structured, check out this resource from the Australian Taxation Office.

Partnerships

If your business is a partnership, you can sign up for Business+ if:

your partnership consists of partners who are individuals (not another company, partnership or trust).
the person signing up for Business+ is a partner (they can then invite other partners to sign up and access their Business+ accounts).
the partnership has a valid ABN.
the partnership agreement is provided (or if unavailable, complete a disclosure certificate).

All the other eligibility criteria are the same as those listed for sole traders. For now, though, if you’re a partnership, you can’t apply for business finance. (but we’re working on it).

If you’re not sure how your business is structured, check out this resource from the Australian Taxation Office.

Trusts

Trusts aren’t eligible for Business+ yet, but we’re working on it. Improvements and new features are constantly being added, so it won’t be long before more business types can access Business+.

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General Advice Warning

The information provided here is general in nature. We haven’t considered your financial circumstances, needs or objectives. Consider the appropriateness of the information, before acting on it. You should ask your Tax Advisor or Accountant before you decide about products mentioned in this article. All care has been taken to prepare this content, but no warranty is given for the information provided. Neither Great Southern Bank or its related entities, employees or agents are liable for the decisions or actions you take because of this information.

Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL 238317. Conditions, fees and charges apply. Information on Business+ accounts is general information and does not consider your objectives, financial situation or needs. You should consult the Product Disclosure Documents before making a decision to apply for products.