How to Open a Business Bank Account in PNG (BSP, Kina and Westpac)

Financial services Created by @deleted-user

Prepare the right company or sole-trader paperwork, compare BSP, Kina Bank and Westpac, and submit an application without unnecessary trips to the bank.

Fees, deadlines and important notes

Published examples: Kina Business Account has no monthly maintenance fee; its Aug 2025 schedule lists a K10 minimum-monthly-balance fee when below K500 and allows a nil opening deposit at branch subject to a three-day funding condition. Westpac Business Transaction Account lists K100 opening deposit and K10 monthly maintenance in its published fee guide. BSP offers several different business accounts with different terms; verify the exact selected product and fee schedule with BSP. Fees and eligibility can change.

Before you start — checklist

  • ☐ IPA company certificate or registered business-name certificate/extract (as applicable).
  • ☐ Business TIN; IRC Certificate of Compliance if required by the chosen bank and account type.
  • ☐ Current primary IDs for directors, account signatories and other relevant owners; Kina lists two accepted primary IDs.
  • ☐ Registered office/business address and evidence such as utility bill, rental agreement or bank statement.
  • ☐ Business activity, source-of-funds information, ownership/shareholding details and incorporation date/number.
  • ☐ Company resolution/mandate appointing authorised signatories if the bank requires it.
  • ☐ Initial funds for the opening deposit where applicable and the bank’s completed entity/associated-person forms.
This is a community information guide, not an official notice or legal/tax advice. Requirements and fees may change; confirm details with the responsible agency before applying.
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Guide progress Step 1 of 10

  1. Step 1

    Choose the account for how you actually trade

    Compare how often you will deposit cash, make transfers, pay suppliers online, receive EFTPOS payments or use cheques. A personal savings account should not be used as a substitute for the business account where entity separation or banking rules require otherwise.

  2. Step 2

    Compare BSP, Kina and Westpac before visiting

    BSP: SME Business Current Account and other business products; the SME current account has a monthly fee and BSP provides an account fee schedule. Kina: Kina Business Account accepts eligible sole traders, partnerships and companies; no monthly maintenance fee but low-minimum-balance, dormancy and transaction charges may apply. Westpac: Business Transaction Account; published K100 minimum opening deposit, K10 monthly maintenance and five fee-free deposits per month.

  3. Step 3

    Confirm your business registration and tax documents

    For a company, bring the certificate of incorporation and details of registration and ownership; for a sole trader, take business-name registration if relevant. Banks may ask for a TIN, Certificate of Compliance, business licence (if any), source-of-funds and nature-of-business evidence.

  4. Step 4

    Gather IDs for everyone the bank needs to verify

    Kina asks for two valid forms of primary ID and accepts options such as passport, driver’s licence, NID, superannuation membership card or qualifying employment ID with confirmation letter. Westpac says directors, secretary, shareholders with 20% or more, and authorised signatories require identification and associated-party documentation. BSP outlines primary ID, address and income/source details for new customers, but company-specific documents should be checked with the branch.

  5. Step 5

    Prepare your signatory mandate and bank forms

    Decide who may open, operate and approve transactions and whether signing is singly or jointly authorised. Ask the bank for its current entity application and beneficial-owner or associated-party forms. Company-owned accounts may require director resolution/mandate and supporting corporate records.

  6. Step 6

    Submit at a branch and satisfy opening requirements

    BSP and Kina publish branch-based business account opening instructions; Westpac asks for signed company and associated-party forms and identification. Present originals for verification and copies if required. Deposit the applicable initial amount and ask when the account becomes operational.

  7. Step 7

    Set up secure payments and keep the documentation

    Activate the bank’s approved online/mobile banking, request business debit card/EFTPOS options if suitable, set account signatory permissions, and preserve the account confirmation. Keep credentials private and regularly reconcile the bank statement to business records.

  8. Step 8

    Review your charges after opening

    Check monthly maintenance, minimum-balance, cash-handling, transfer, card, cheque and dormant-account fees against actual use. For example, a no-monthly-maintenance product may still charge a low-balance or counter withdrawal fee.

  9. Step 9

    Common mistakes to avoid

    • Arriving with only the IPA certificate and no TIN or director/signatory ID.
    • Assuming a no-monthly-fee product is free of other charges.
    • Using another person’s private bank account to hold company sales.
    • Not checking the identification requirements for each director, major shareholder and signatory.
    • Picking a savings/deposit product when the business needs daily payments and EFTPOS.

  10. Step 10

    Official sources and last-reviewed date

    Last researched: 8 October 2026. Verify the current forms, fees and process with the relevant agency or bank before proceeding.

Sources

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