Welcome to Arab Bank Australia’s website business account application area where an Australian proprietary company or a self managed superannuation fund can apply for any of the following deposit accounts, as well as register for Internet Banking:
- Online Savings Account
- Term Deposit
Special Terms and Conditions
Please note that the following special Terms and Conditions apply to this website account application process in addition to the terms and conditions listed in Arab Bank Australia Product Disclosure Statement when opening an account:
- Term Deposits and Business Online Saving Accounts may be opened by website application for Australian proprietary companies and self managed superannuation funds;
- Third party authorisation is not allowed;
- Accounts must be held in Australian dollars only;
- No Visa Debit Card will be issued for such accounts;
- Online access will be limited to view only; and
- Withdrawal requests can only be effected by Arab Bank Australia on behalf of the account holder via:
- Transfer made to an account that is held with another Australian domiciled financial institution and in the same name as the account from which the funds are to be withdrawn.
Note that fees and charges may apply. Refer to the Arab Bank Australia Limited Account Fees and Charges Booklet.
Any credit balance remaining in the account at the date of closing can only be remitted to an account that is held with another Australian domiciled financial institution and in the same name as the closed account.
Please also refer to the Important Information page.
To open an account, you need to complete the following 5 steps:
Step 1
Ensure that you have read and understood:
Step 2
A. For Company accounts:
I. Print
Print the following forms:
a) Account Application Form
b) Identification Documents - Please ensure each authorised signatory, beneficial owner and senior managing official provide their identification documents.
II. Complete and Sign
The Account Application Form and the Account Operating Authority must be completed and signed by:
a) A minimum of two directors, except in the case of sole directorships; or,
b) One director and the company secretary.
III. Identify
All authorised signatories, beneficial owners, and senior managing official(s) as identified in the account opening application form must have their identification documents copied, sighted and verified by a registered Justice of the Peace (JP).
IV. Provide Supporting Documents
Along with your completed and signed Application For Account form, you must provide Arab Bank Australia with the following documents:
a) A recent Australian account bank statement, no less than 3 months old in the same name of the account to be opened;
b) A certificate of registration of business name, if you are opening an account in the business name;
c) A copy of the identification documents that you will use to help us verify the identity of your authorised signatories, your beneficial owners, and senior managing official(s).
B. For self managed superannuation funds where the Trustee is a company:
I. Print
Print the following forms:
a) Account Application Form
b) Identification Documents - Please ensure each authorised signatory, beneficial owner and senior managing official provide their identification documents.
II. Complete and Sign
The Application For Account and the Account Operating Authority must be completed and signed by:
a) A minimum of two directors, except in the case of sole directorships; or,
b) One director and the company secretary.
III. Identify
All authorised signatories, beneficial owners, and senior managing official(s) as identified in the account opening application form must have their identification documents copied, sighted and verified by a registered Justice of the Peace (JP).
IV. Provide Supporting Documents
Along with your completed and signed Application For Account form and Account Operating Authority form, you must provide Arab Bank Australia with the following documents:
a) A copy of the trust deed certified by your accountant or solicitor “as a true copy of original”; or,
b) A letter from your accountant or solicitor on their firm letterhead addressed to Arab Bank Australia certifying that:
i. the solicitor or accountant has sighted the original of the trust deed; and,
ii. the trust appears to be validly created; and,
iii. the description and particulars of the trust set out in the letter is correct.
c) The letter must contain:
i. the name of the trust;
ii. identification of the trust deed by date;
iii. the full name and address of the trustee(s); and
iv. the full names and residential address of all beneficiaries/members of the trust.
d) A recent Australian account bank statement, no less than 3 months old to be provided and must be in the same name of the account to be opened.
C. For self managed superannuation funds where the Trustee(s) are individuals:
I. Print
Print the following forms:
a) Account Application Form
b) Identification Documents - Please ensure each trustee(s) provide their identification documents.
II. Complete and Sign:
The Application For Account must be completed and signed by all trustee(s).
III. Identify
All trustee(s) as identified in the account opening application form must have their identification documents copied, sighted and verified by a registered Justice of the Peace (JP).
IV. Provide supporting documents:
Along with your completed and signed Application For Account form, you must provide Arab Bank Australia with the following documents:
a) A copy of the trust deed certified by your accountant or solicitor “as a true copy of original”; or,
b) A letter from your accountant or solicitor on their firm letterhead addressed to Arab Bank Australia certifying that
i. the solicitor or accountant has sighted the original of the trust deed; and,
ii. the trust appears to be validly created; and,
iii. the description and particulars of the trust set out in the letter is correct.
c) The letter must contain:
i. the name of the trust;
ii. identification of the trust deed by date;
iii. the full name and address of the trustee(s); and
iv. the full names and residential address of all beneficiaries/members of the trust.
d) A recent Australian account bank statement, no less than 3 months old to be provided and must be in the same name of the account to be opened.
Step 3
Complete the forms using a black pen.
Step 4
Each authorised signatory, beneficial owner, senior managing official or trustee must have all identification documents copied, sighted and verified by a registered Justice of the Peace (JP).
Step 5
Place the photocopy of the identification documents provided along with the Application For Account form, Account Operating Authority (where applicable) and other required documents in an envelope and post to:
Reply Paid 645
Arab Bank Australia Limited IBC
GROSVENOR PLACE NSW 1219
How to certify a document
To certify a copy of the identification document to be a true copy of the original document, on the copied document, complete the following:
- Write these words: “I hereby certify this document is a true copy of the original document shown to me on [date]”;
- Sign the copy document;
- Provide Name and Certifier Classification;
- Provide a business or residential address; and
- Provide a contact number.
Note
When you apply for Internet Banking, we will also send you an advice notifying you of your Internet ID so that you can log in and use the Internet Banking service. Once you receive this letter, you will need to contact us on the number provided so that we can provide you with a temporary password and walk you through the Internet Banking activation process. Please note for security purposes, you will need the security code word you nominated on the Internet Banking section of the application form. Please note, your online access will be limited to view only.
What Next?
Once we receive the forms and subject to fulfilling Arab Bank Australia’s requirements, we will process the account opening application. You will receive a letter confirming the account details and you will be advised on how to make the initial payment.
Please note that sometimes and in compliance with the Anti-Money Laundering and Counter Terrorism Financing Act (2006) in Australia, we may require additional information other than the documents we have received from you to be able to progress your application for an account or maintain your account open with us. If additional information is requested, we may not be able to proceed with the opening of the account until such additional information is received. At times we may need to place a stop on the account until all required information has been provided and found to our satisfaction.
Your account could take up to 7 days to open, depending on how long it takes us to receive your documents.
Please don’t hesitate to contact us on 1800 272 222 weekdays between 9:00am and 4:00pm if you have any questions.