09/12/2023

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How to Open a Corporate Bank Account in New Zealand?

How to Open a Corporate Bank Account in New Zealand?

New Zealand is an enticing destination for foreign investors and new business ventures. Renowned for its political stability, transparent regulatory environment, and skilled workforce, this island nation offers a secure and supportive backdrop for business owners and investors. Learn how to open a corporate bank account in New Zealand.

With a strong focus on innovation, a thriving agriculture sector, and breathtaking natural beauty, New Zealand combines economic opportunity with an unparalleled quality of life. As a result, it attracts people seeking growth, sustainability, and high living standards. 

Understanding how to open a corporate bank account in New Zealand is a pivotal step for a successful establishment, offering financial stability and seamless international transactions.

As an attractive destination for foreign investors, New Zealand boasts a selection of reputable banks. The following guide will explain how to open a New Zealand corporate bank account. 

See also: Company formation New Zealand

Can a Foreigner Open a Bank Account in New Zealand?

Depending on your chosen bank, you can apply and open your New Zealand bank account anywhere from 90 to 365 days before you arrive in the country. It’s essential to ensure you possess a valid visa before starting the application process.

What Documents Do You Need to Open a Corporate Bank Account in New Zealand?

The specific requirements for opening a bank account in New Zealand may vary slightly depending on your chosen account type and the financial institution you select. Your circumstances, such as US citizenship or residency, may necessitate additional documentation.

Nevertheless, since all New Zealand banks must adhere to local and global financial regulations, the requisite documents generally remain consistent. To open a bank account, you typically need:

  1. Valid proof of identity, usually a government-issued photo ID.
  2. Valid proof of address, with traditional banks often requiring a local New Zealand address.
  3. Proof of meeting any other eligibility criteria.

Accepted identification documents typically include:

  • A valid New Zealand or foreign passport with a visa if you’re not a New Zealand citizen.
  • New Zealand refugee or emergency travel documents.
  • A full New Zealand driving license.
  • New Zealand firearms license.

Accepted proof of address documents often include:

  • Recent bank statements showing a New Zealand address (digital statements are typically not accepted).
  • Recent New Zealand credit card statements or utility bills.
  • Government correspondence containing your name and address.

If you lack the suggested documents, such as a mortgage statement or tenancy agreement contact the bank directly. 

Which Bank is Good for Business Account in New Zealand? 

Whether you’re looking to open an investment account, accommodate flexible payment options, or facilitate global money transfers, certain banks in New Zealand offer increased versatility to meet the unique needs of your business. It’s important to choose a bank that aligns seamlessly with your company’s needs.

Here are five esteemed banks in New Zealand:

  1. Bank of New Zealand: The Bank of New Zealand (BNZ), established in 1861 and is one of the country’s oldest banks, offers specialized services primarily tailored to expatriates in New Zealand. For expatriates seeking investment opportunities, BNZ presents a diverse array of options, such as managed funds accounts and term deposits, making it a top choice among banks for expatriates in New Zealand.
  2. Kiwibank: With a network encompassing 266 branches and over 250 ATMs nationwide, supported by approximately 2,500 employees, Kiwibank is a notable presence in the country. Kiwibank offers a comprehensive range of retail banking products and services catering to individuals and small to medium-sized enterprises (SMEs). Furthermore, the bank extends its offerings to encompass retail banking products, and agency services for mortgage lending, including investment and fund management solutions.
  3. ANZ: ANZ is one of the largest banking service providers in New Zealand. ANZ extends a range of valuable services tailored for expatriates, including business banking and insurance. It facilitates a dedicated pathway for new residents planning to relocate to New Zealand. Within 90 days of arrival, individuals can conveniently apply online, selecting from five distinct account types.
  4. Westpac: Westpac has a rich history of providing services across various sectors, including consumer banking, wealth management, commercial, corporate, institutional banking, investments, and insurance. Established in 1861, the bank boasts a network comprising 163 branches and over 450 ATMs nationwide. Drawing upon its extensive experience working with expatriates, Westpac New Zealand offers a dedicated account known as the Migrant Banking Package. Tailored to meet the diverse needs of expatriates in New Zealand, this account addresses a wide range of banking requirements.
  5. ASB: ASB allows you to establish a foreign currency account, facilitating seamless financial management between New Zealand and other countries, without incurring any monthly account fees. However, a minimum balance requirement applies when opening a foreign currency account. For example, if you opt for a US dollar (USD) foreign currency account, you’ll need to deposit a minimum balance of USD 5,000.

Biz Latin Hub can help you with your business

Biz Latin Hub offers integrated market entry and back-office services worldwide, including New Zealand. 

Our unrivaled reach means we can support multi-jurisdiction market entries and cross-border operations.

As well as knowledge about how to open a corporate bank account in New Zealand, our portfolio of services includes hiring & PEO accounting & taxation, company formation, bank account opening, and corporate legal services.

Contact us today to learn more about how we can assist you in finding top talent, or otherwise do business in Latin America, the Caribbean, and Oceania. 

If this article on how to open a corporate bank account in New Zealand was of interest to you, check out the rest of our coverage of the region. Or read about our team and expert authors.

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The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.