Open an FNB Business Bank Account for Your New Company
A business bank account is a dedicated account in your company’s name, kept separate from your personal money. Every registered company needs one to trade, get paid, and pass FICA checks. Govchain registers your company with CIPC and arranges an FNB private banker to contact you and open the account, no branch visit.
Cost:Free
Timeframe: 3 working days
For:New South African businesses opening their first bank account
Free with the R950 New Company Registration Package. Already registered? You can use this service on its own.
When you need a business bank account
A bank account is one of the first things you set up after registering a business. Govchain bundles the bank account introduction with our R950 New Company Registration Package so you handle both in one process. If you already have a registered company you can use this service on its own.
- You’re starting a new business and need both CIPC registration and a bank account
- You’ve just registered a company and need to set up banking next
- You have an existing company that’s never had a dedicated business account
- You want an FNB private banker to handle your application instead of queuing at a branch
Not registered yet? Start with the R950 Company Registration package which includes this bank account introduction. See Company Registration.
What’s included
- A dedicated FNB private banker assigned to your account opening
- An FNB banker contacts you to open the account, no branch visits
- FICA and document checklist sent to you in advance
- Help if the bank queries the application
- No fee from Govchain. The FNB account has no monthly fee. FNB requires a R500 opening deposit to activate the account (the deposit stays in your account, it’s not a charge).
How it works
You complete the form. We register your company (if needed) and arrange the banker.
Step 1
Tell us about your business. If you’re registering a new company, we start that filing in parallel.
Step 2
We email you the documents the bank will need (certified ID, proof of address, COR14.3, company proof of address).
Step 3
Your assigned FNB private banker contacts you to walk through the FICA paperwork and submit the account application.
Step 4
Your business bank account is opened, usually within 3 working days of the application being submitted. Account details emailed to you.
What you’ll need
- Registered company (we register one for you if needed)
- COR14.3 company registration certificate
- Director’s certified ID (not older than 3 months)
- Director’s proof of residence (not older than 3 months)
- Company proof of address (not older than 3 months)
Used by companies across South Africa
Over 124,000 small business owners use Govchain. Company registration, banking, and SARS compliance handled in one place.
Frequently Asked Questions
Find answers to the most common questions about Open an FNB Business Bank Account for Your New Company
Is the bank account included in the R950 company registration package?
Yes. The Govchain R950 New Company Registration Package includes a free FNB bank account introduction. An FNB private banker contacts you after we file your CIPC registration. The FNB account has no monthly fee, but FNB requires a R500 opening deposit to activate it (the deposit stays in your account, it isn’t a charge). Govchain doesn’t charge for the bank account part of the package, and you can use this service on its own at no charge if you’re already registered.
Which banks does Govchain work with?
You can choose any South African bank for your business account. Govchain has an exclusive arrangement with FNB to assign a private banker who contacts you directly and opens the account. That part is included in the R950 registration package. If you’d rather bank elsewhere, you can apply with that bank yourself. Your CIPC registration is valid for any bank.
Can I open a business bank account without registering a company?
Sole proprietors can open a business account directly using their personal ID and tax number, no CIPC registration needed. For a (Pty) Ltd or close corporation, you need to be CIPC-registered first because the bank requires the company’s COR14.3 certificate.
What is FICA and what documents do I need?
FICA is the Financial Intelligence Centre Act. Banks must verify your identity, address, and source of funds before opening any account. For a business account you’ll typically need the director’s certified ID and proof of residence (both not older than 3 months), the company COR14.3, and a company proof of address.
How long does it take to open a business bank account?
Around 3 working days from when the FNB banker submits the application, in most cases. It can take longer if FICA documents need to be re-submitted or if there’s an enhanced due diligence step (for example, foreign directors).
Will an FNB banker actually contact me?
Yes. Once Govchain refers your application, an assigned FNB private banker reaches out to you directly. They walk you through the FICA paperwork and submit the account application on your behalf. No branch visits, no queuing. This is the part that’s exclusive to the Govchain and FNB arrangement.
What’s the difference between a sole prop and a (Pty) Ltd bank account?
A sole proprietor uses their own ID and trades under their personal tax number, so banks open the “business” account against the individual. A registered company is a separate legal entity and needs its own account, opened against the COR14.3 and the company tax number.
Can I use TymeBank or Bank Zero instead?
Yes, if you prefer self-service. TymeBank Business, Bank Zero, and FNB First Business Zero let you open an account online without going through a banker. They suit simple needs. The Govchain service is for cases where having an assigned FNB banker walk you through is faster than navigating an online application yourself.
Do I need to be a South African resident to open a business account?
You need to be a director of the registered company. Foreign directors can hold accounts on a South African company, but FICA requirements are stricter (passport, certified proof of address from your home country, sometimes a residence permit). FNB has standard processes for foreign directors. We’ll let you know upfront what additional documents the bank will need.
What if my account application is denied?
Denials are uncommon if your FICA documents are in order. The most common cause is something on the CIPC record that needs cleaning up first (for example, outdated director details). We can help sort that and try again, often with the same banker.
Open a business bank account
Register your company and open a bank account in one process. R950 covers both. An FNB private banker contacts you to open the account.