What is a sole trader?

A sole trader is the simplest form of business structure, where a person is solely responsible for all aspects of the business, including any financial debts as well as all operations.

Why do we need this information?

It’s important to be prepared if you’re planning to run your business as a sole trader. Our checklist contains all the information we require to establish you as a customer and complete your business application. Further information may be collected from you to support the establishment process, if required.

All customers applying for a new business account as a sole trader must complete the identification procedures for the purposes of Anti-Money Laundering and Counter Terrorism Financing laws.

Please note that the sole trader and each signatory operating on the account will need to provide identification documents as per the individual checklist unless they are existing NAB customers. As part of our ongoing due diligence, individuals who have been NAB customers prior to 12 December 2007 may be asked to provide ID documents again.

Information required

  • Full business name as registered with ASIC and its registration date (if applicable). If business name is not registered, the full name that the business operates under.

  • Australian Business Number (ABN), if applicable

  • The nature and purpose of your intended banking relationship with NAB

  • Your wealth – the activities that have contributed to your wealth to date and from which countries did it originate from

  • Nature of business/industry – all activities of the business

  • Principal place of business address and mailing address if different to your principal place of business address

  • If your business is a resident of any other country for tax purposes (this is required under Foreign Account Tax Compliance Act (FATCA) / Common Reporting Standard (CRS) regulations)

  • For the individual (sole trader) – full name, residential address, mailing address, occupation, date of birth, country(ies) of citizenship and if you are a resident of a foreign country for tax purposes, provide Tax Identification Number (TIN)

  • Any signatories other than the individual

  • If any signatories are a citizen or resident of a foreign country for tax purposes, provide Tax Identification Number (TIN)

  • Any guardian of the individual

  • Any joint account holders

  • Any agent

Next steps

  • Organise all required individuals to provide identification documents at a NAB branch or their banker. Where we have your consent, we may be able to verify your identity electronically.

  • Arrange a time to complete the onboarding process with your banker.

  • Provide or email information and relevant documents to your banker.

Sole Trader checklist (PDF, 144KB), opens in new window

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