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Start-Up Talk: How Do I Open A BOQ Business Account?

start up finance boq business account

By Isabella Kalaja, Lauren O’Connor, Lisa Johnston, Mikaela Adams.

As a start-up founder, you’re often not just the CEO – you’re the finance person, the sales master, and the marketing superstar. It’s not just important in terms of keeping your start-up going, it’s important for the growth of your start-up as well. We understand though that one of the things you don’t want to be worrying about is your business banking. So, listen up: we’re about to make your life easier.

With BOQ, you know you’re in safe hands. A personal contact at each branch will look over your account, and help you manage any complicated situations that may arise. It’s more than just an account, it’s a relationship with someone who is looking out for you and your business. That said, to set up an account, you need to complete the following steps:

Step one

Make sure your start-up is an established local company with an ABN. You also need to have a local director, and confirm your foreign directors if you have an overseas presence. If you hold any other non-personal entity for your start-up, the ID documents required* will be different. This is further explained in Step two.

Step two

Prepare the following documentation:

Australian citizen: government-issued photographic ID, and you’re good to go! It’s easiest to bring a licence and passport along.

International founder: your passport, your eligible visa, and proof of arrival (for example, your flight itinerary or boarding pass when coming to Australia).

*If you are a holder of other non-personal entity/entities for your start-up, you may be required to bring in different documentation depending on what these are. If this is the case, you may want to be prepared and contact your local BOQ branch to determine exactly what documentation you will be required to bring with you.

Step three

Head to your nearest BOQ branch and bring along your documentation. We’ve got a locater listed here for you.

Step four

Open your account! Once you’ve completed the relevant paperwork for a BOQ Business Account in-branch, it won’t take long. If you’re a previous BOQ customer, the process can take anywhere from 5-15 minutes. If you’re new to us, we need 30-45 minutes of your time to make sure your account is right for you.

Step five

Once our BOQ staff have searched for your business and ensured it’s registered, you’ll be given a welcome letter during your visit to us. This will include your account number. You can also be set-up for Internet Banking and Paperless Statements.

Step six (optional)

If you require a Business Visa Debit card, or a cheque book, this can also be ordered during your branch visit.

From there, you’re good to go! We can’t wait to meet you here at BOQ, and appreciate you supporting our local bankers. If you’d like to learn more about our products and services, click here. We wish you all the very best on your start-up venture!

This blog post is for general information purposes only and is not intended as financial or professional advice. It has not been prepared with reference to the financial circumstances of any particular person or business and should not be relied on as such. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.

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