Opening a Corporate Bank Account in Nigeria
When setting up a business in a new country, one of the first order of business is to open a corporate bank account for the company. A separate business bank account would prove a lot helpful for the business as it would be less time taking and will also be helpful when filing for taxes. A separate bank account of the company would help in keeping a track of all the expenses borne by the company, manage the payment of the employees and present a clear picture of the finances of the company to both the management and the potential investors. It would also allow the company to prepare its budget for the future.
To open a corporate bank account, one needs to follow the below-mentioned steps:
How to Open a Corporate Bank Account in Nigeria?
To simplify the process of opening a bank account in Nigeria, this procedure can be completed online. This would remove the hassle of going to the bank again and again and waiting in line for a process to complete. To open a corporate bank account, the following steps need to be performed:
1. Choose a Bank
This is the first and the most essential step to take while opening a bank account in Nigeria. Each bank would provide various features like the ability to transfer funds from Nigeria to other country, trade facilities, debit and credit card, internet banking, etc. It is the duty of the owner to find out all about the various features a bank would provide and choose the bank accordingly.
2. Prepare All the Documents
According to the type of bank account to be opened, an entity must prepare the documents and know beforehand what type of documents might be required. Usually, it is necessary for an entity to produce the relevant tax licence and the business license and registration id. These documents would be required in the next step of creating a bank account in Nigeria.
3.Complete and Submit the Application
Download the application to open the bank account from the bank’s official website. Once the application is downloaded, it needs to be filled with relevant details about the company and all the necessary documents must be attached to it. After the attachment is made, the completed form needs to be submitted to the banks portal where it would be further scrutinized.
4.Physically Present at the Bank
The last step in the procedure is to be physically present at the bank while signing the documents and opening the bank account. Once you follow all the steps, submit documents, and be physically present in the bank to sign all the relevant documents, your business bank account will be opened in nick of time.
Documents Required to Open a Bank Account in Nigeria
- Resolution from the Board of Directors/Proprietor(s) authorizing the opening of the account and approving the account signatories
- Official Seal of the Company
- Certified Memorandum of Association and Articles of Association (MeMat)
- Completely filled corporate account opening form signed by the company’s assigned parties
- Certified copies of the incorporation documents (Form CO7)
- Residential address proof of signatories and directors
- Passports photograph of all 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
Why Choose Business Setup Worldwide?
At Business Setup Worldwide, the experts will provide you with professional and relevant information and advice at all the stages of opening a bank account. They would gauge the requirement of the business and provide a relevant and effective solution to the problem at hand. Needless to say, we would be with our client all the way until the goal of the client is achieved. For any query do contact us, we would be happy to help.