Frequently asked questions

  • Who can apply for a business account online?

    Any business entity seeking a business account. However, only one person, normally the main applicant, can apply provided they have the mandate to act on behalf of that entity.

    Any business entity seeking an Absa business account. However, only one person, normally the main applicant, can apply provided they have the mandate to act on behalf of that entity.

     

  • What information do I need to apply for a business account online?

    The main application must have the business (for example, company registration number, company address etc where applicable) and related party information. For entities that have more than one member or related party, the main applicant must have at least the names, identity numbers and email addresses of the other members. This would allow the main applicant to send a request systematically to the email addresses of the other members to complete their own details online.

    Any business entity seeking an Absa business account. However, only one person, normally the main applicant, can apply provided they have the mandate to act on behalf of that entity.

     

  • How do I know that my application was received?

    The system will send a notification to the main applicant with the reference number of the application. For incomplete applications, the main applicant will also receive reminder notifications to complete the application online.

    Any business entity seeking an Absa business account. However, only one person, normally the main applicant, can apply provided they have the mandate to act on behalf of that entity.

     

  • Do I need to make a separate application for company registration and another for account opening?

    No. You can apply for an account and company registration in one go. The system will send the required information to CIPC. CIPC will generate a customer number and process your company registration application. If your company registration is successful you’ll be notified by email where you can collect your incorporation certificate. This process happens simultaneously with the processing of your transaction account opening.

  • Who do I contact for my company registration application status?

    Call the Absa contact number provided in the communication sent to you or call 0861 000 734.

  • What type of legal entities can register their companies with CIPC through Absa?

    Currently we allow for new Private Company registrations as Close Corporations are being phased out by CIPC. Eventually existing Close Corporations will be converted to Private Companies.

    Any business entity seeking an Absa business account. However, only one person, normally the main applicant, can apply provided they have the mandate to act on behalf of that entity.

     

  • I am a temporary resident in South Africa. Can I apply for company registration online?

    Not at the moment. However, you can still go to a CIPC branch/office where you will be assisted through a manual application process. Once your company is registered, you can open your account online with us. Whether you’re a permanent resident or an asylum seeker/refugee, our account opening process will assist you get required legal identity documents from Home Affairs to apply for business accounts online.

    Any business entity seeking an Absa business account. However, only one person, normally the main applicant, can apply provided they have the mandate to act on behalf of that entity.

     

  • What are the accepted “legal identity documents” for asylum seekers and refugees that can be used to apply for a business account?

    We currently accept one of the following; Section 22 Permit, Section 24 Permit or a maroon ID.

    Any business entity seeking an Absa business account. However, only one person, normally the main applicant, can apply provided they have the mandate to act on behalf of that entity.

     

  • Do I need to visit a branch to submit documentation?

    No. For all our online application processes, there is an integrated solution for uploading supporting documents online. There is definitely no need for you to go to a branch just to submit your documents.

    Any business entity seeking an Absa business account. However, only one person, normally the main applicant, can apply provided they have the mandate to act on behalf of that entity.

     

  • How will the other mandated officials acknowledge and sign the terms and conditions for applications made online?

    All mandated officials will receive a notification to log onto Instant Business and access the application submitted by the main applicant. They can then read and accept the terms and conditions online. This serves as a digital acknowledgement that they understand what it means to open a business account with us and to say we can go ahead and process the application.

  • Can I apply for more than one account within the same application?

    Yes. You can apply for more than one product on the same application up to a maximum of 10 products. However, you can only apply for products we offer on the Instant Business portal. Currently, we offer all business current accounts including the Liquidity Plus Savings Account.

  • What is Self Service FICA?

    Self Service FICA is an online process that allows existing Absa customers to remediate or update their information online. Once the information is submitted and the supporting documentation is uploaded online, an RSC Consultant will contact the client to verify information. Should the customer choose to remediate their details, be it online or at a branch, the bank holds the right to put certain restrictions on the customer’s accounts.

  • How will I know that the business entity is due for FICA remediation?

    All existing customers due for FICA remediation will be sent an sms/email notification containing details of their FICA status. This will be accompanied by a reference number and further instructions how the FICA status can be remediated.

    Alternatively, the customer will be notified by their banker to remediate the FICA status of the business entity.

  • Why do I have to update my FICA status or information?

    Financial Intelligence Centre Act 38 of 2001 South Africa introduced FICA in 2001 to help fight financial crimes such as money laundering, the financing of terrorist activities, and to protect banking customers from such crimes. According to FICA, banks must ensure that the customer information that the bank keeps is correct and up to date as it is important for banks to know their customers.

  • How do I go about updating the entity’s FICA information?

    • Upon receipt of the FICA remediation notification, you would need to follow the instructions contained in the notification or go to https://www.absa.co.za/business/ and click on “FICA self-service”.
    • Enter the reference number as provided in the communication and provide the relevant identity number or registration number. Where the reference number is not available please use the business account number by selecting “I don’t have a reference number link”.
    • Update the details online and upload all required documentation.
    • Upon submission of the online application you will receive a communication from the Support team to verify information and process your FICA update without 48 hours.
  • Which entities can remediate their FICA status online?

    • Sole Proprietors 
    • Private Companies
    • Close Corporations
    • Partnerships

Need more help?

Let one of our consultants assist you.

For more information on opening a business account online, call us on:

0861 000 734

If you’re a new customer or you don’t bank with us, call us on:

0860 040 302