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.
Banks have different procedures for opening a business corporate account, but the requirements are the same across all banks in Nigeria. Majority of banks provide a wide range of services to their clients with multiple features like trade facilities, ability to transfer funds from Nigeria to overseas, debit and credit cards, internet banking and multi currency account.
It also allows someone to keep track of expenses, convey finances to investors, receive payments, manage employees’ salary and plan the company’s budget.
STEPS TO OPEN YOUR BUSINESS CORPORATE ACCOUNT
It’s important to choose the bank you want to open an account, incentives are provided by these banks, which also requires you researching about the type of incentive you need and approach the bank that perfectly suit your kind of interest. In clearer terms, the most convenient for you.
DOCUMENTS REQUIRED TO OPEN A BUSINESS CORPORATE ACCOUNT IN NIGERIA
The under-listed documents are the requirements for opening a business corporate account;
• Board resolution from the board of directors authorizing the opening of the account and also approval of the account signatories.
• Certified memorandum and articles of the organization.
• Completed corporate account opening form, duly signed by the company’s assigned 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 numbers (BVN) of the directors.
• Government approved identity cards.
• Tax Identification Number (TIN)for the company.
• Utility bill of the business addresses such as waste management bill, water bill and the generally known Power Holding Company of Nigeria bill.
• SCUML: Special Control Unit against Money Laundering where applicable
• 2 duly filled reference forms by corporate account holders.
MINIMUM OPENING BALANCE FOR A BUSINESS CORPORATE ACCOUNT
The minimum opening balance for a Nigerian corporate account varies depending upon the bank.
In most cases, the monetary sum for opening a business corporate account range from #10,000 to #100,000.
Meanwhile it is impossible for foreigners (non-Nigerians) to directly open a corporate account unless its subsidiary has been registered in Nigeria. It is the registered subsidiary that can open a business corporate account.
The commission in charge of the regulation and the supervision of the registration of companies in Nigeria is the Corporate Affairs Commission (CAC) pursuant to the provisions of the company and allied matters act (CAMA).
I’m sure you will find this information useful.!
