AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
To open a business bank account for a new Australian company you normally need the company's ACN (issued by ASIC on registration), its ABN, the registered and business addresses, and identity checks on each director and on the people who own or control the company. The ABN is free and, if the application succeeds, issued straight away, so most delays come from identity checks on directors or shareholders who live in Nigeria. Each bank publishes its own document list.
A new Pty Ltd cannot trade properly without its own bank account: company money must be kept separate from the directors' money, and suppliers, ATO payments and payroll all need a company account. For Nigerian founders the process is usually quick for the resident director and slower for anyone overseas. Here is the sequence and what to have ready.
Get the registrations in order first
- Director IDs. ASIC says directors must apply before the company is registered (see director IDs for Nigerian directors).
- Company registration. ASIC issues the Australian Company Number (ACN) and records the registered office and principal place of business addresses.
- ABN. The company applies to the Australian Business Register. business.gov.au says it is free, a successful online application gives the ABN straight away, and an application needing review can take 20 business days.
- Business name, only if the company will trade under a name other than its own.
- GST, if the company's GST turnover will reach $75,000 or more.
Most banks will start an application with the ACN alone but will want the ABN before or soon after opening. If the ABN application goes to review, ask the bank whether it can proceed with the ACN and the ABN reference number.
What banks commonly ask for
Australian banks must identify their customers and the people who own and control them, so the list is broadly similar across banks, though each sets its own detail:
| Item | Where it comes from |
|---|---|
| Company name, ACN, registered office | ASIC registration |
| ABN | Australian Business Register |
| Company constitution, if any | Your registration documents |
| Directors' identity and addresses | Passports, Australian ID, proof of address |
| Shareholders who own or control the company | Share register; identity of significant owners |
| Who can operate the account | Board decision on signatories |
| Nature of the business and expected transactions | Your plan, including any payments to or from Nigeria |
Where Nigerians get slowed down
Directors or owners in Nigeria
A director who normally lives in Australia can usually verify identity in a branch or app. A second director or a large shareholder in Lagos may have to verify remotely or provide certified documents, and some banks only offer online opening when all directors are in Australia. Ask before you apply which route the bank offers for an overseas director.
Name and date mismatches
If your passport, Australian documents and the ASIC record spell your name differently, fix that first. The company record should match your passport exactly.
Choosing signatories
Decide whether one director can approve payments alone or two must approve. Two-person approval protects a company whose directors live in different countries.
Before you sign: questions to ask the bank
- Can an overseas director verify identity remotely, and with which documents?
- Are there monthly account fees, and what do international transfers cost, including the exchange rate margin?
- Can the account require two approvals for payments above an amount you set?
- Does the bank pay to and receive from Nigerian banks directly, or through intermediaries that may deduct charges?
- What does the bank need from you if a payment to or from Nigeria is held for review?
Write the answers down. Banks change fees and processes, and the answer given at opening is the one you can point back to if a later charge surprises you.
Timing: a realistic plan
- Day 1: company registered, ACN issued.
- Day 1: ABN applied for; often issued at once.
- Week 1: bank application with resident director; overseas directors begin identity verification.
- Weeks 1 to 4: account open, depending on overseas checks and any ABN review.
These are planning estimates, not bank commitments; each bank states its own timeframes.
Where Pryme fits
An Australian bank account is still the right home for the company's Australian dollars and tax payments. Alongside it, a Pryme Business Account can be opened from any country and holds NGN, USD, GBP and EUR with local account details for each, which suits companies paying or getting paid in Nigeria; the app shows the rate and the fee before you approve a Swap. See business multicurrency and business Swap. Outside Nigeria, Pryme's services are provided through regulated partners. For paying Nigerian suppliers, see paying a Nigerian supplier from an Australian business.
Questions people ask
Can I open a business bank account with just an ACN?
Many banks start with the ACN but want the ABN too. If the ABN is under review, ask the bank whether the reference number will do for now.
Do all directors need to be in Australia to open the account?
Not necessarily, but overseas directors usually face slower identity checks, and some banks only open online when all directors are in Australia.
How long does a business bank account take in Australia?
Often days when everyone is in Australia; longer when overseas directors must verify identity. Each bank sets its own timeframe.
Do I need GST registration to open the account?
No. GST is needed once GST turnover reaches $75,000, not to open a bank account.
Sources
- ASIC: Steps to register a company (updated 2 Oct 2026) · accessed Oct 2026
- ASIC: Company officeholders, directors and secretaries (updated 2 Oct 2026) · accessed Oct 2026
- business.gov.au: Register for an Australian Business Number (ABN) (12 Jun 2025) · accessed Oct 2026
- business.gov.au: Register for goods and services tax (GST) (12 Jun 2025) · accessed Oct 2026
- ASIC: Register a business name (updated 29 Jul 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.