Start a business

There are many things to consider when starting a business. A good place to start is a business plan and structure. You might need to register for licences and permits. Of course, choosing a name is the fun part. A vital part of starting a new business is opening separate business bank accounts so you can manage your money more easily.

A sole trader is a simple business structure with typically less paperwork and set-up costs. A sole trader is legally responsible for all aspects of their business including debts and losses. A company is a more complex structure with higher costs and ongoing requirements, but it forms its own separate legal entity.

Yes. If you're a sole trader, it's a good idea to open your own business bank account. Keeping your business transactions separate from your personal bank accounts makes your business banking easier to manage.

Yes. You’ll need an Australian Business Number (ABN) to open a business bank account. You’ll also need to be a registered sole trader or company and provide one form of ID to open a Business+ Account or Business+ Saver. Check full eligibility requirements.

It's a good idea to keep your personal and business bank accounts separate to make it easier to manage and track your business income and expenses.

No. Your business needs to run for a minimum of one year before you can apply for a loan. Opening a Business+ Account and Business+ Saver is a good way to show trading history when it's time to apply for a loan.