HOW TO OPEN A CORPORATE BANK ACCOUNT IN NIGERIA

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HOW TO OPEN A CORPORATE BANK ACCOUNT IN NIGERIA

Corporate Account nigeria image

Wondering how to open or create a corporate account in Nigeria? Activating and operating a corporate account in Nigerian banks is not the same as the process for creating and operating a personal account especially because of its requirements and documentations. In order to create and operate an account for your company, the company must have been incorporated under the Companies and Allied Matters Act (CAMA), which is the main law that controls companies in Nigeria. The Commission in charge of the control and administration of the registration of companies in Nigeria is the Corporate Affairs Commission (CAC) established pursuant to the provisions of CAMA.  

Although many banks such as Zenith Bank PLC, Guaranty Trust Bank PLC among others have different requirements but thee requirements are almost the same across all banks.

STEPS TO OPEN YOUR BUSINESS BANK ACCOUNT 

DOCUMENTS REQUIRED TO OPEN A CORPORATE BANK ACCOUNT IN NIGERIA

The following are the documents required for a business bank account opening:

  • Board Resolution from the Board of Directors authorizing the opening of the account and approving the account signatories
  • Certified Memorandum and Articles of Association (Memart)
  • Completed corporate account opening form signed by the company’s designated 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 Number of directors.
  • Legitimate identification document of the directors 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 foreign nationals.
  • 2 duly filled reference forms by the corporate account holder

MINIMUM OPENING ACCOUNT BANK BALANCE FOR A NIGERIAN COMPANY ACCOUNT

Depending on the bank the minimum amount required for opening a corporate bank account differs from one bank to another bank but these amounts is usually between N 10,000 to N 100,000.

FOREIGN COMPANY OPENING A BANK ACCOUNT IN NIGERIA

In Nigeria, the relevant laws and rules provide that only a company duly registered in Nigeria can create a bank account in Nigeria. As a result, an alien company is not permitted to operate a bank in Nigeria except its subsidiary has been incorporated in Nigeria. It is an incorporated subsidiary that can apply to open a Corporate Bank Account. 

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