How To Open A Business Or Corporate Bank Account In Nigeria (Requirements And Procedures)
Are you searching online for how to open a business or corporate bank account in Nigeria?
You’ve come to the right place.
This article reveals the requirements and procedures to open a business account in Nigeria.
To open and operate a business account in Nigeria is a totally different method from the personal bank account in terms of requirements and documentation.
To be able to own a business account, the business must be duly registered in accordance with the Companies and Allied Matters Act (CAMA), which is the principal law that regulates companies in Nigeria.
Most banks have different procedures for opening a corporate bank account, but the requirements are still the same across all the banks.
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Benefits Of Opening A Business Or Corporate Bank Account in Nigeria
There are lots of benefits in owning a business bank account.
A personal account is restricted from performing certain account, but with a business account you can perform the following;
- Transfer funds from Nigeria to other country.
- Trade facilities.
- Operate a Debit and Credit card
- Internet banking Facility
- Multi-currency account.
- A business bank account allows one to easily keep track of expenses, manage employees’ salary, convey finances to investors, receive payments, and plan the company’s budget.
Here Are The Requirements And Procedures For Opening A Business Bank Account In Nigeria
The first step in opening a business bank account is to choose the bank you want to open an account with.
Every bank provides various types of incentives to its account holders. Nevertheless, the requirements for all banks are the same.
The following are the documents required for a business bank account opening in Nigeria:
- Board Resolution from the Board of Directors authorizing the opening of the account and approving the account signatories
- Certified Memorandum and Articles of Association (Memart)
- Completed corporate account opening form signed by the company’s designated signatories and the directors of the company.
- Certified true copies of incorporation documents.
- Residential address of the directors.
- Passports photograph of the signatories.
- Bank Verification Number of directors.
- Legitimate identification document of the directors such as international passport, driver’s license, voter’s card, national id, etc
- Tax Identification Number (TIN) for the company
- Utility bill of business addresses such as the Power Holding Company of Nigeria (PHCN), water bill, Lagos Waste Management Authority (LAWMA), etc.
- Special Control Unit Against Money Laundering (SCUML) registration where applicable.
- Special requirements such as business permit, residence permit, etc. for foreigner nationals.
- 2 duly filled reference forms by corporate account holders.
NOTE: The minimum opening balance for a Nigerian Business bank account varies depending on the bank.
Usually, the monetary sum for opening a current account ranges from N10,000 to N100,000.
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In Conclusion
Every bank have their different mode of operation when it comes to business account in Nigeria, so choose wisely.
Under the Nigerian laws and banking regulations, it is only a company duly registered in Nigeria that can open a bank account in Nigeria.
This means that a foreign company is not entitled to open a bank in Nigeria unless its subsidiary has been registered in Nigeria.
I hope you find this guide on how to open a business or corporate bank account in Nigeria useful.
Kindly share it with your friends on social media.
