Bank Accounts

Your bank account

Why is it important that we think about our practice bank account first? You will need a bank account number to apply for a practice number. It is not ideal to use your own personal account for practice business as it then becomes difficult to separate personal and business transactions (which complicates things for your accountant). If you are practicing as a private company you need to ensure you use a bank account registered in the name of your business.

Choosing between the different bank accounts is a personal choice. Most banks have specialist teams to deal with medical professionals. Sometimes it may seem like they only cater for doctors and a select few health professions – do not let this discourage you from asking for these services if your profession is not mentioned. Their websites can be outdated and it is the person on the other side of your query that makes the determination if you fit their requirements. You may want these types of services due to their specialist knowledge in a certain area of business. Always compare the real benefits you receive versus what you pay for. You do not always need a dedicated 24/7 banker when you start out, so be careful what you sign on for as you will pay for it. Also take your time to go through the different pricing options. Carefully consider your expected usage and take this into account when making your choice. This is your business and the decisions you make are all your own.

You can find links to the major banks below:

FNB

ABSA

Nedbank

Standard Bank

Technically you should be able to apply for a practice number with your personal account and then change the bank account details after you have obtained your practice number. This way will be more time-consuming because after your registration you will then have to submit a change of banking details form to the Board of Healthcare Funders again.

What you need when opening a bank account:

• Identity Book or Card
• Proof of Address
• Usually a small amount of money to deposit into the account to activate it (between R50 and R150)

If you are practicing as a private company you need to bring:

• CIPRO Certificate
• Memorandum of Association (CM2)
• Articles of Association (CM44)
• Certificate of change of name of company (if applicable) (CM9)
• Identification documents of directors, signatories, principal executive officer, shareholders with 25% or more voting right