Opening a business account with the ABSA can be considered a bit challenging due to the necessary qualifications that are needed to meet approval requirements. Also, the demographical criteria is a big qualification requirement that rules a lot of business owners out of this equation. However, it is possible to open an ABSA business account without facing the stumbling blocks that cause most people to fail.
Locate a branch near you. You can do so by going online to the bank's homepage. In your Internet Explorer browser, type "http://www.absa.co.za/absacoza/" in the search bar and press "Enter." The next screen will load and redirect you to the bank's universal homepage. In the top navigation menu, click "Contact Us" to view the bank's physical branch locations. When the next page loads, click the "Locate Us" link to view all branch locations.
Go to the branch that caters to your demographical specifications. You will be assigned a designated banking associate for your request. The banking associate will discuss the application process, minimum requirements for qualification, and the turn around time for processing and approval. You will also be given an application packet that will include the list of all other information you will need to attach to be considered for the account.
Fill out the application packet. The application needs to be thoroughly accurate, with the best detailed information you can offer. Your financial analysis is the most important part of the application. Everything must be verified on paper, and the income and other financial information must correlate to the calculations you provide on the application. When you have completed the application, attach the appropiate verification information.
Submit your application and attachments to your designated banking associate. The officiant will discuss and assess the completed application with you. Because the bank's final decision is based solely on the documentation you submitted, you will need to provide the most accurate and detailed responses possible. This portion of the process is designed for the officiant to record your data and verbal responses so your application can be processed online. You will receive an instant decision on whether the account can be opened or not.
Only provide authentic files for verification purposes. Since this process requires your physical presence, you will not need to fax your documents. Therefore, there is no reason not to present your original documents. Present the authentic documentation and give them the opportunity to make copies of the documents. Always retain your original documentation.
You must be a citizen of South Africa to apply for an account with ABSA. International banking is acceptable, but not recommended.
Things You'll Need
Forms CK1 and CK2
Business name and physical address verification
Authentic proof of income
Official banking statement (Start-up businesses are exempt from this)