Discovery Bank in South Africa currently does not offer dedicated business bank accounts; its available accounts are designed for personal use only, as specifically stated in its account terms and conditions: “You may not use your accounts for business purposes. If you want to open a business account, please let us know…”[3]. The Discovery Bank website and customer communications focus on transactional accounts, bundled fee accounts, and credit cards, all of which are marketed toward individuals and not businesses[6].
If you are seeking a business bank account in South Africa, you will need to explore other banks that offer dedicated business products. Typical requirements for opening a business account with a bank generally include:
- Valid identification documents for all account signatories
- Proof of residential address for all account signatories
- Your company’s registration documents (such as the COR14.3 or founding statement)
- Business license or trading certificate, if applicable
- South African Revenue Service (SARS) tax number
- Ownership agreements or partnership details, if multiple owners
Banks may request additional information to comply with anti-money laundering and tax regulations[2].
For cross-border transactions or foreign currency accounts with Discovery Bank, an active tax number is required, and all foreign transactions are reported to relevant authorities[3].
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