If you’ve just kicked-off your business, opening a bank account is one of the most important steps. It’s important seprate your business funds from your personal funds, in order to keep a check on your spending.
Opening a corporate bank account in Nigeria takes a number of processes. While different banks have slightly different procedures, the basic requirements still remain the same across board.
This is a list of compulsory documents you’ll need.
- All banks require a Board Resolution. That is, a resolution from the Board of Directors (or Proprietors, as the case may be) authorizing the opening of the account be presented to it. In this resolution, it is also expected that the name of the signatories to the account are also clearly stipulated and approved.
- Completely filled Corporate Account Opening Form of the bank signed by the company’s designated signatories with all required documents attached on the form.
- Affix Company Seal
- Memorandum and Articles of Association (MEMAT)
- Certified True copy of form CO7 (Particulars of Directors)
- Proof of Residential Address of Signatories to the account and Directors of the company
- Passports Photograph of the signatories to the account
- Bank Verification Number of Directors or Proprietors
- Valid means of Identification (International Passport, Driver’s License, National Identity Card or Voters card) of Directors/Proprietors
- Tax Identification Number (TIN) for the Company as issued by the Federal Inland Revenue Service (FIRS)
- Utility Bill (PHCN, Water bill etc.) of the business address
- Special Control Unit Against Money Laundering (SCUML) Registration where
- If the business is being established by foreign Nationals, further legal documentation such Business Permit or residence permit will be required.
- Minimum opening balance varies, starting from as low as N10,000
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