Who can sign up for a Send business account?
This article explains who can sign up for a Send business account, so you know what to expect before you start.
If you are signing up as an individual, see Who can open an account with Send?
Before you start
- Have your business details handy (for example, your ABN, ACN, or ARBN, and any company, partnership, or trust documents).
- Be ready to provide details for the people connected with your business who we may need to verify (such as directors, partners, trustees, or beneficial owners).
- Have your phone and email handy so we can stay in touch.
Which businesses can sign up
To open a business account, the business must be properly incorporated, registered, or constituted.
Examples of Australian business and entity types you may see referenced during onboarding include:
- Sole Trader
- Partnership
- Company (including Proprietary Limited / Pty Ltd)
- Trust
- Joint Venture
- Incorporated Association
- Co-operative
- Foreign Company operating in Australia
Who we may need to verify
For business customers, Send may require identity and other verification checks for relevant individuals connected with the business. Who we need to verify depends on the business type. For example:
- Sole Trader: the individual operating the business.
- Partnership: the partners.
- Company (including Pty Ltd): directors and ultimate beneficial owners (generally those holding 25% or more).
- Trust: the trustee and, where relevant, the settlor, beneficiaries, and appointer.
- Incorporated Association: officeholders.
- Co-operative: board members and beneficial controllers.
- Joint Venture: participants in the venture and their ownership structure.
- Foreign Company operating in Australia: the local agent and ultimate beneficial owners.
Send may also need to verify other authorised persons, such as a Nominated Representative authorised to act on the business's behalf. For more on opening an account on behalf of another person or business, see Can I open an account for someone else?
What you'll need for verification (KYB)
"KYB" stands for "Know Your Business" - and are the checks we complete to verify your business and the people connected to it. Send is required to obtain information and carry out checks to meet its compliance obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Send may also use third-party providers to help verify your information and documents.
What you may be asked for depends on your business type. Common items include:
- Sole Trader: ABN (if registered) and identity documents for the individual.
- Partnership: ABN, the partnership agreement (or extract), and identity documents for each partner.
- Company: ACN, ASIC details, and identity documents for directors and ultimate beneficial owners.
- Trust: a trust deed extract (and ABN if registered), plus identity documents for the trustee and, where relevant, the settlor, beneficiaries, and appointer.
- Incorporated Association: state register details and identity documents for officeholders.
- Co-operative: entity registration details and identity documents for board members and beneficial controllers.
- Joint Venture: details of all participants and the ownership structure.
- Foreign Company operating in Australia: foreign incorporation documents (for example, certificate of registration), ARBN, local agent details, and identity documents for ultimate beneficial owners.
For a full list of what to have ready, see What do I need to open an account?
How to set up a business account
Step 1: Choose the business account type
When you start sign-up, select that you're opening a business account, and choose your business or entity type from the options shown.
[Suggested visual: add a screenshot of the business account type selection screen]
Step 2: Provide your business details
Follow the prompts on screen to enter your business information (for example, ABN, ACN, or ARBN, and any documents we ask for).
[Suggested visual: add a screenshot of the business details form]
Step 3: Add the people connected with your business
Add the relevant individuals we may need to verify (for example, directors, partners, trustees, beneficial owners, officeholders, or the local agent), based on your business type.
[Suggested visual: add a screenshot of the people / beneficial owners screen]
Step 4: Complete identity verification
As part of sign-up, we'll need to confirm the identity of the relevant individuals. Send may use third-party providers to help verify identity and documents.
What happens next
- After sign-up and required checks are completed, your business can proceed subject to Send's approval and the Terms and Conditions.
- If we need more information, Send may contact you through the Send Platform, by phone, by email, or by text message.
- Send may decline to open an account or provide services at its discretion - for example, if required information or documents are not provided, if Send is not satisfied with the information, documents or checks, or if the application sits outside Send's risk appetite.
- For more on timing, see How long does it take to open an account?
About Send
Send is provided by SendFX Limited (ACN 617 647 220) and is regulated by the Australian Securities and Investments Commission (ASIC). Send holds an Australian Financial Services Licence (AFSL 509635), is a member of the Australian Financial Complaints Authority (AFCA member 71562), and is registered with AUSTRAC.
Common questions
Can a sole trader sign up for a business account?
- Yes. A sole trader can sign up, and Send may need to verify the individual operating the business along with the ABN (where registered).
I'm a director - do I still need to verify my own ID?
- Yes. For business customers, Send may require identity and other verification checks for relevant individuals connected with the business, such as directors, beneficial owners, nominated representatives, or other authorised persons.
We're a trust - what documents will you need?
- You may be asked for a trust deed extract and ABN (if registered), and identity documents for the trustee. Where relevant, Send may also need to identify the settlor, beneficiaries, and appointer.
Why do you need details of our beneficial owners?
- Send is required to obtain information and carry out checks to meet its compliance obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. For companies, this generally includes ultimate beneficial owners holding 25% or more.
Our business is registered overseas - can we still apply?
- Foreign companies operating in Australia may be eligible to apply where they are properly registered and Send can complete the required verification checks.
- This will generally require ASIC registration as a foreign company, an ARBN, a local agent, and the required verification checks.
- Send may require enhanced due diligence because of cross-border risk.
Why was our business application declined?
- Send may decline to open an account or provide services at its discretion.
- Send is not always required to provide a reason where it exercises its discretion under the Terms and Conditions.
Contact us
Call Us
Phone: 1800 982 418
International: +61 7 5619 5700
Hours: 8:30am - 5:30pm AEST/AEDT, Monday - Friday