First National Bank
Request to open business account turned down

I am a Zimbabwean national living and working here in South Africa. My documents with the home affairs department are in order. I approached FNB Somerset West branch with a request to open a bank account for a company for which i am the sole director. I was told i cannot have an account opened for the business as my work permit needs to explain that i am allowed to operate a business.

This should not be the case as the company has already been registered legally with the very same permit by the CIPC. I do not have to apply for a business permit as I am not bringing in millions of rands in investment money, but rather am a budding entrepreneur whilst working here. I have a personal bank account too. If the CIPC allows registration of companies by foreigners on work permits why does a bank then refuse to open a business account. There is confusion somewhere.

It is such actions by banks that frustrates foreigners like myself to operate businesses outside the legal framework, resulting in millions if not billions of rands lost by the country in the form of tax revenue. I kindly request an explanation from a suitable person from FNB as I still want to open my business account with y

Company: First National Bank
Country: South Africa
City: Somerset west

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