How do I open a business account in Nigeria?
Question
How do I open a business account in Nigeria? I am looking to open an commerce shop online and one of the criteria is that I must have a business account. Please what are the requirements for opening a Nigerian business account. And which of the banks can I go to.
Answers ( 4 )
It is very easy to open a business account in Nigeria, we have commercial banks scattered all over the country there are different types of accounts such as the
1) Savings account (personal account)
2) Current account (Business account)
3) Fixed deposit account
4) Cooperate account (for coperations)
But the best type of account that fit a business is the current account. How to open a business account in Nigeria is very easy, first you locate your choice commercial Bank you go to any of their branches scattered all over the country and make inquiries of the necessary documents needed to open such an account usually the documents include:
1) Valid ID card (Passport, Drivers License, voters card or national ID card).
2) A recent utility bill (Nepa Bill).
3) 2 recent passport photograph.
4) A reference form.
an application letter for the request of opening an account the Constitution of your business and objective the bvn of the signatory of the account and then the minimum amount required to open a business account maybe Usually between 5000 and 50000 depending on the type of current account you want to operate. current account is good for a business as it makes payments and withdrawals very easy using the checkbook.
You can open a business account in Nigeria easily, if you have guarantors ready, you could have it in just 48 hours. You start by choosing your preferred bank then go there with your documents (Preferred Identification cards, utility bills, passport photograph, signatory etc). Then you choose the type of bank account you intend to open.
Current account is the right account for business people, it is also called “business account” in Nigeria. It is the best for sole proprietors. If you are a cooperation, you will need a cooperate account.
Usually, the custormer service should have this information ready.
It costs just 10000 (ten thousand naira) to open a business account in Nigeria (current account) in most Nigerian banks. Part of the money will be used to pay for the cards and check book that will be issued to you.
The balance will be left in your account and could be withdrawn anytime.
First, get your CAC which shows that the business is registered.
Create a list of your Board of Directors.
Declare the business Assets worth.
Provide 3 signatories with their ID cards
Choose a current account in your application.
This is how you open a business account in Nigeria. It is also called corporate account and requires a certificate of incorporation or a certificate of business name registration (both can be obtained from “Corporate Affairs Commission” CAC).
Business accounts are also called checking account, it is advisable that you open a business account for every new business you establish. You will be giving a check book and you get to enjoy the freedom it offers.
You will need
1) 2 Passport Photographs
2) Means of Identification (National Id card, International passport, Voters card, etc.)
3) 2 Guarantors
4) Proof of address of Business (Utility bills, Nepa Bill, any official document that identifies your address.
5) Tax Identification Number (You can get this from FIRS offices all over the country)
6) Certificate of Incorporation
While the requirements for opening a business account in Nigeria differ from one bank to another, what I have listed above, are the basic requirements.
Your chosen bank will communicate the extras to you.
Next is to proceed to a desirable bank and obtain a corporate account opening form, before you know it, your business account is ready and waiting for you.
The hardest part is always getting guarantors. However, if you are familiar with a marketer in the bank this could be easily sorted out.
This is how you open a business account in Nigeria, easy right?
You can learn more about Business in Nigeria