How to Open Business Bank Account in Nigeria
The topic, how to open business bank account in Nigeria, I thought to myself is a well-known topic that I overlooked not until recently, following the question asked, in our comment section on how to open a Corporate bank account for her business in Nigeria.
If you have any questions on any topic, simply use the comment section or contact us to Ask and Get Answers.
Many might be asking the same exact question so here is the detailed breakdown of all the things you need to open a business bank account with any Nigerian bank of your choice. Enjoy
First let’s fully grasp what a Corporate/business bank account is: I wouldn’t go into scholastic definitions I will simply refer to a Corporate or business account as a bank account opened in reference to a Corporate body or business; with its registered Corporate name as the bank name.
What to Learn From This Article
• How to open a business bank account for your business in Nigeria with any bank (using GTB bank as a case study)
• Requirements
• How to register a business name
• How to get a TIN
• Applying for TIN
• Getting reference
• The process
How Much is Needed to Open This Account
Now, it will be worth it to give you a rundown of the need before; we will be taking GTB bank as a case study because our business is now banking with them.
1. Business name registration certificate
2. BVN
3. Means of identification
4. Passport photograph
5. Referees (two)
6. TIN
Requirements to Open a Business Bank Account in Nigeria
1. Certificates of Business Name Registration
As indicated above the first step in this whole process is registering a business name. I have in my earlier post and in a video, discussed how and the steps to registering a business name with the business Corporate affair commission (CAC).
Assuming you have registered your business name of which you want to open a bank account. After registration of your business name with CAC, three documents/certificate is given, on the way to be for opening a business bank account.
2. Bank Verification Number (BVN)
Currently, in Nigeria with a mandate on BVN (Bank Verification Number), I will assume all bank account owners should have, for the benefit of those opening an account for the first time BVN means Bank Verification Number which is a custom 11-digit personal number issued to all bank account owners by their banking institutions.
3. Means of Identification
To open this account you must give a means of identification likewise your partners (if any). Means of identification – your ID card, Voters Card, Driver’s License, International passport or NIN certificate, etc.
4. Passport Photograph
You need a minimum f 2 colored passport photographs of yourself and your partner (if any)of any background of any size provided your face is showing identified as you.
5. Two Referees
This refers to people (a current bank account owner in any bank in Nigeria bust preferable look for refers having a current account with the bank where you intend to open the account) that will stand for you and your business proving legitimacy. Provision will be made in the business bank account opening form which they will have to fill and sign.
It’s crucial without your account won’t be opened. Getting these referees is sometimes a hard one as you would not want all to know you’re starting up a business. If you have family and friends that own a current account, you can even talk with the staff issuing the form, and strike out something with them they often help get referees.
6. TIN (Tax Identification Numbers)
This is highly needed for every registered business establishment in Nigeria, and needed for many business purposes and also to open a business bank account.
TIN in Nigeria is issued by Federal Inland Revenue Service (FIRS) having offices all over Nigeria so you can get a tin anywhere throughout the Federation and to get this is simple.
The Requirement to get TIN:
- No charge
- Passport
- Letter addressed to FIRS together with your business’s letterhead.
- Stamp – (handstamp) you will have to get a stamp with your business name which you will use.
- TIN application Form. It’s mandatory without which your Form can’t be processed.
After providing the requirements above to the agency, your TIN and given to you in less than an hour. See Steps to Apply For Tax Identification Number(TIN). After meeting all the above needs then you can go ahead to your bank of choice for documentation and opening of a business bank account.
Amount Needed to Open Business Bank Account?
Depending on the bank, no mandatory amount is the least but be aware, to open a business bank account a fee charge of N5000 which is the legal search fee is deducted.
What is a legal search fee? You provided a certificate of your business registration; they will charge you that fee for confirmation and for all other legal proceedings. In addition, checkbook, ATM (if requested) fee. So, you need at least 10,000 to open a business bank account successfully in Nigeria.
Good luck with opening a corporate account. Please leave a comment.
