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:
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:
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.
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.
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.
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.
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.