Digging for information on which bank to choose for their business entity, what procedures to go through, and which corporate bank account requirements are to be fulfilled is a foregone conclusion for every potential business owner. Well, different banks have slightly different procedures but the basic requirement stays the same all around. Moreover, opening a corporate bank account for your company is what consummates company registration in Nigeria. So, here’s a guide for foreigners on how to open a business/corporate account in Nigeria along with the list of anything and everything one would need to do so.
Documents Required to Open a Corporate Bank Account in Nigeria
- Resolution from the Board of Directors/Proprietor(s) authorizing the opening of the account and approving the account signatories
- A company seal
- Certified Memorandum and Articles of Association (MeMat)
- Completely filled corporate account opening form signed by the company’s designated signatories
- Certified true copies of incorporation documents (Form CO7)
- Residential address proof of signatories and directors
- Passports photograph of the signatories
- Bank Verification Number of directors or proprietor
- Legitimate identification document of the directors or proprietors, such as international passport, driver’s license, 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
Minimum Opening Balance for a Nigerian Corporate Account
The minimum opening balance for a Nigerian corporate bank account varies depending upon the bank. Usually, the monetary sum for opening a current account ranges from N5,000 to N100,000.
Top 10 banks in Nigeria
Few of the most preferred banks to open a corporate bank account in Nigeria are:
- Zenith Bank
- Guaranty Trust Bank
- First Bank
- Access Bank
- United Bank of Africa
- Fidelity Bank
- Eco Bank Nigeria
- Skye Bank
- First City Monument Bank
- Diamond Bank
Opening a Nigerian corporate account is very beneficial for entrepreneurs having a Nigerian e-commerce business. Furthermore, having a corporate business account in Nigeria allows one's business to accept Naira payments online, which is again a plus point. So, if you are seeking some professional assistance to guide you better on which bank to go for and how the whole procedure goes then you are on the right platform as our advisors at Business Setup Worldwide are here to help you with the drill. We commit to give world-class consultancy and all type of support services. For any queries on Nigerian corporate bank account for your company, do contact us – we’d be happy to help.