REQUIREMENTS TO OPEN A BANK ACCOUNT IN NIGERIA

To open a business bank account, you will need:

1. Business registration documents

If the bank request it, you must produce documentation proving the company’s business registration, such as a certificate of incorporation, a business name registration certificate, or any other pertinent paperwork.

2. Tax identification number

In Nigeria, a Tax identification Number ( TIN) is required for all businesses in order to open a bank account. For tax purposes, the federal inland revenue service (FIRS) issues this number.

3. Business address: 

The business’s address, including its physical location, mailing address, and phone number, must be given to the bank.

4. Directors or shareholders information:

You could be required to submit information on the company’s directors, shareholders, or partners, depending on the kind of business structure. This can include a valid international passport of drivers license, the shareholders passport photos, the bank holding company, the waste management authority Lawma bill, and so on.

5. Initial deposit

To open a business bank account, the majority of banks need an initial deposit. Depending on the bank and kind of account you’re opening, this sum may change

Why Do You Need A Business Account for your business?

1. To show professionalism:

Customers can see how committed you are to running your business by looking at your business bank account. You convey to everyone that you mean business when, during a transaction, your business name appears instead of your personal name.

2. To build trust with your customers

A corporate bank account boosts credibility with clients. Transferring funds to a company account is considered more secure than to a personal one.

3. To build credit and access loans: Every business would require a loan at some point.

Because of this, one of the prerequisites for getting a big loan is having a business account with a track record of promptly repaying earlier, smaller loans. You can obtain the loan you require to grow and expand your firm swiftly if it has a solid track record.

4. To get more control over your money

You can keep your personal and professional finances apart with a business account. You can monitor Your cash flow and make better financial decisions with this specialized account.