There are many reasons why you would want to have a business bank account. Having one helps you separate your business money from your personal money and it increases customer’s trust in you.
It’s not difficult to open a business bank account in Nigeria. But to do so, there are couple of steps you need to follow.
1. Register your business with the Corporate Affairs Commission
Before you open a business bank account in Nigeria, your business must be registered with the Corporate Affairs Commission, the government agency in charge of business registrations in Nigeria. Only a registered business can open a business bank account in Nigeria.
Your business can either be registered as a business name (a.k.a enterprise) or a limited libility company (LLC). Both business structure are eligible for a business bank account.
2. Get your Tax Identification Number (TIN)
Every business intending to open a business bank account in Nigeria must have a Tax Identification Number (TIN). The TIN is a unique set of numbers that will be issued to your business for the purpose of tax filing. You will be able to get your business TIN after your business has been successfully registered by the Corporate Affairs Commission.
3. Decide which bank you want
There are numerous banks in Nigeria offering various banking products that target businesses, both small and large. It is important to research each bank as they have different offerings especially with regards to the cost of opening an account and the cost of maintaining the account.
There are also other considerations you might want to consider. Many Fintech companies today offer different digital services which might be perfect for your business needs.
4. Prepare the required documents
While the banks might have varied product offerins, generally there are a couple of documents you will be asked to present before you can open a business bank account in Nigeria. Below are the general requirements to open a bank account in Nigeria.
- CAC certificate (issued by the Corporate Affairs Commission)
- Status report (iisued by the Corporate Affairs Commission)
- Memorandum of Association (only for limited liability companies, issued by the Corporate Affairs Commission)
- Tax Identification Number
- Resolution to open a bank account
- Proof of business address
- Director’s information, including means of identification (for limited liability company)
- Proprietor information, including means of identification (for business name)
5. Proceed to the bank of your chosen
Once you have all the requirements checked, the next step is to proceed to the bank of your chosen. You will be given a form to fill and submit. If the bank officer finds all information supplied to be completed, an account will be opened for you and your business bank account will be issued to you. Some of the banks also have a channel on their websites where you can submit an application for business bank account opening. But in most cases, you would still have to visit the bank to complete the process.
The importance of having a business bank account can not be over emphasised. If you have any questions yu would like us to answer or you want us to help you with the setting up of your busines, feel free to reach out to us through any of our contact channels.
Call or Whatsapp +23409053334874
Email: contact@bloovera.com.ng