CORPORATE BANK ACCOUNT IN NIGERIA

Most banks in Nigeria require you to comply with the following requirements to open a corporate account You can check with the bank directly to find out if they need any additional documents.

CAC REGISTRATION DOCUMENTS

To enable a corporate body to open a corporate bank account, it must be registered with the Corporate Affairs Commission. The body in charge of registration and regulations of all registered entities in Nigeria.

TAXPAYER IDENTIFICATION NUMBER

To open a corporate account in Nigeria, you must have a valid Tax Identification Number which is a unique identification number issued by the Federal Inland Revenue Service that identifies the taxable person and his or her business activities in Nigeria. A TIN can be obtained from the local tax office closest to the address of the registered business.

VALID MEANS OF IDENTIFICATION

The Valid means of identification must be a government-issued identity card. i.e National Identity Card (NIN), Driver's License, International Passport or Permanent Voter's Card.

UTILITY BILL OF OPERATING ADDRESS

You also need utility bills from all premises where your business is currently located so that officials can verify them at the designated branch offices before they will open your corporate account.

Other requirements may include:

• Two References Company seal where applicable
• Board Resolution where applicable
• Special Control Unit on Money Laundering (SCUML) registration certificate where applicable for Non-Political Organisations and Designated Non-financial Businesses and Professions
• Partnership agreement where applicable

By Fathenso Professional Services

The information in this blog post is provided for general information purposes only.