After you open a business what next? Sure you know the answer because there is no business without a verified business account. As an entrepreneur starting your own business, you should be more curious about accountability as a new business owner.
Most individuals open businesses and employ staff and operate these businesses through their personal accounts and at the end of the month record some losses and blame it on the staff.
Because you mixed money from your business with your personal money and you get confused at some point you couldn’t account for your company expenses and personal spending.
However, having a business account is one of the key factors to every successful business, and it’s not late to open a business account just head over to your preferred financial institution.
The question now is what are the requirements? You don’t have to panic because Glass Suite has that under control through this post on how to open a business account in Nigeria.
How To Open A Business Account In Nigeria (Requirments)
As a new business owner, you might want to open a business account for your company perhaps you don’t know how to go about it, but don’t worry Glass Suite has got you covered.
Most financial institutions might require more but with the following document, you are set for your business account opening.
- Board Resolution authorizing the opening of the account and approving the account signatories.
- Copy of the company certificate and other incorporation documents.
- Completed corporate account opening form signed by the company’s designated signatories and the directors of the company.
- Residential address of the directors.
- Passport photograph of the signatories.
- Bank Verification Number of signatories of directors
- Valid identification of the directors such as international passport, driver’s license, etc.
- Tax Identification Number for the company
- Utility bills of business addresses such as the Power Holding Company of Nigeria (PHCN), water bill, Waste Management Authority depending on which state you are in, etc.
- Evidence of Special Control Unit Against Money Laundering (SCUML) registration for companies categorizes as DNFI.
- Work permit for foreigner
- Two reference forms by corporate account holders.
The above information is for local businesses/citizens of Nigeria who want to open a business account, but for foreigners or foreign companies that is a different ball game.
However, most banks have higher or minimal requirements and may not ask for all the documentation we provided but trust me and believe me others will, not to mention names.
So, it should be better if you appear ready than run back and forth to get some of the documents, and the customer services are not usually so sweet as they have lots of customers.
How To Open A Business Account For A Foreign Company In Nigeria (Requirments)
The information below is for foreign companies in Nigeria, as the case may seem different with documentation.
Definitely, some international-related questions/documents will be needed for a start, and identification will come to play, but in the long run, everyone will be fine.
The following are for foreign companies who want to open a business account in Nigeria for their new business.
- Reservation of the proposed company’s name with the Corporate Affairs Commission (CAC).
- The objectives or functions of the company are to be provided.
- The share capital and shareholding formula among shareholders will be required.
- A minimum of two directors and two shareholders.
- Particulars of the company secretary (one of the directors may also act as the Secretary of the company)
- The directors and shareholders will be required to provide details of the shareholders of the company. Details include names, occupations, residential addresses, email addresses, mobile phone numbers, and means of identification such as driver’s license, international passport, or national identity card.
- Company incorporation certificate where an existing company is, either registered in Nigeria or overseas, is to be among the shareholders.
- Company resolution authorizing the opening of a subsidiary where an existing company will be the parent company.
The information/documents required for both citizens and foreigners might seem a bit much, but there is no advantage in mismanagement. Just to be ahead of every situation your business must be handled professionally for better accountability.
However, as a business owner, you can visit the right authorities and get any information required and most of these documents come with your business registration.
Putting out a daily business without a business account will definitely put your business to risk and mismanagement.
Nevertheless, take your time and get the necessary requirement and open a business bank account for your company for better and successful business performance.
When registering for a business account opening choose a reliable financial institution to open that takes care of its customers in any situation.
As most financial institutions have zero customer service tolerance, operating a new business you the owner practically don’t need any form of delay in transactions.