How To Open A Corporate Account with any Nigerian bank. Are you in need of a corporate account for your business, but don’t know how to go about it? Help has finally come your way, you may have to go through this guide with keen interest to understand every single step therein.
You can open a corporate account with any Nigerian bank with less stress and much confidence as there’s no rocket science involved.
What is corporate account?
This refers to a bank account that majorly, specializes in offering business services to companies with features different from the normal personal savings account.
Features of Corporate/Business account over savings account:
1.The cheque can go for clearing unlike savings account cheque. You may now ask if savings account have cheque as well? Yes, banks have made transactions so dynamic and seamless over time to accommodate global trends.
2. It has a withdrawal threshold of N3m across the counter while savings allow N500,000 withdrawal in line with the CBN cashless policy.
3. It can receive cheque lodgment of any amount, unlike savings account that can only accommodate N2m naira.
4. It’s ideal for high network business.
Requirements for opening a Corporate/Business account in Nigeria.
Banks may vary in products offer and services, however the process and requirements for opening a corporate account with any Nigerian bank are the same.
1 You will need to present your certificate of incorporation, as obtained from the corporate affairs commission (CAC). This is your legal access to owning a business.
2. TIN: Usually known as Tax Identification Number, you will obtain this from the Federal Inland Revenue Service (FIRS).
3. Utility bill: This could be your Electricity monthly bill not older than three months, water bill etc.
4. Memorandum and Articles of Association (MEMAT) of the business: These are documents that entail how the business should be run, rules and regulations guiding each member of the corporation as well their responsibilities to the business.
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5. Two Passport Photographs:Incase up to two members are involved as signatories, their passports photographs are required for mandate instruction as may be deemed fit by the corporation.
6. Board resolution: This is resolution or authority from the Board of directors giving approval that the account should be opened, signature of the signatories are as well required in the board of resolution.
7. Bank verification number of the Director (BVN): This should be in place for the account to operate optimally otherwise it will be thrown to place no debit (PND).
8. Two references must be in place: These are people who run current account with other banks, a savings account holder cannot provide reference.
9. ID Card: You will need to provide a valid Identification card which include; Valid International passport, Voters’ card, Valid Drivers’ license and National ID Card.
10. Completed corporate account opening form with Affix company seal
11. Premise Verification Report (PVR):, this entails that the address you provided will be verified to ascertain its’ authenticity.
12. Opening balance of N7500:This amount could be lesser depending on the bank, however, you have been charged for search report, it’s just N500 inclusive in the above amount.
Having met these demands , your corporate account will be ready within 24 hours.
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Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.