Opening a corporate account in Nigeria? Maneuvering through the paperwork is a vital aspect of laying a robust financial groundwork for your business. In this guide, we unravel the essential documents required for a seamless corporate account application.
Covering legal requirements to company credentials, we’ll walk you through the checklist, ensuring you’re thoroughly prepared for this financial venture. Keep reading to uncover the key documents that will facilitate a trouble-free setup of your corporate account in Nigeria.
Requirements for Opening a Corporate Account in Nigeria
It is important to note that you can’t open a corporate account in Nigeria without first having a registered business. Other requirements include:
- Corporate Affairs Commission (CAC) issued registration documents, including your certificates, forms and/or status report.
- Tax Identification Number (TIN): This is another requirement by the banks. The TIN is issued by the Federal Inland Revenue Service (FIRS) and it is the identification number of the company for all tax-related purposes at the FIRS.
- Special Control Unit Against Money Laundering (SCUML) Certificate: This applies to certain types of businesses, such as businesses operating as jewellery dealers, audit firms, tax consultants, non-governmental organisations, hotels, dealers of cars or automobiles etc. This can be obtained from the relevant Economic and Financial Crimes Commission (EFCC).
- Resolution authorising the opening of the account and approving the account signatories. You can get a free board resolution at DIYLaw.
- Valid forms of identification, such as international passport, driver’s license, permanent voter’s card, national identity number (NIN) e.t.c.
- Proof of address i.e. recent utility bills
- Reference forms by other corporate account holders.
- Any foreigner seeking to become a signatory to any bank account in Nigeria must obtain a residence permit, otherwise called the Combined Expatriate Residence Permit and Aliens Card (CERPAC).
- Lastly, banks may request other things such as your passport photograph and your Biometric Verification Number (BVN).
If you need help registering your business name, company, or incorporated trustee, visit DIYLaw here.