Guide on How To Successfully open a Business account in Nigeria
Opening a business account today in Nigeria is very important for a business owner because it is an integral part of getting your finances in the right order and help you to manage and grow your business.
It is essential for business owners to separate their business and personal funds, and it will help to understand how well your business is growing.
Creating or opening a business account enables you to avoid mixing personal and business finances, making it hard for you to prove which expenses are business and personal.
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What documents do I need to open a business bank account?
To open a business account in Nigeria :
Choose a bank: This is the first step on opening a business account because it requires you to look for a bank that meets your business’s need; different banks like GT bank, First Bank, Zenith Bank, Access bank e.t.c.
Some banks provide lines of credit, some banks offer free opening and management of account, some offer cash bonuses.
You might also get special deals if you open a business bank account at the same bank that manages your funds. All these will help you to pick the bank you want to open your business account.
Prepare Documents: At this stage, you have to get your papers in order. The materials you need depend on your—business structure.
Requirements to open a business bank account
All businesses need a tax identification number or employer identification number. When trying to open businesses, some documents are required based on your business structure.
Sole proprietorship: Employer Identification Number, Business Licence
Partnership: Employment Identification Number, partnership agreement, Business name of filling
Corporations: Employer Identification Number, Articles of incorporation
LLC’s: Employers Identification Number, Articles of Organization
Make sure you obtain a taxpayer identification number, Business licenses, Business name of filling documents, Articles of Incorporation, or organization before you try to open a business account in Nigeria.
How To Open a Business Account in Nigeria
Open the account online or in-person: Once you have collected the necessary documents and chosen the bank that you want to patronize, you should take note and that if you’re going to open online, you have the answers you need, and you are clear on opening your account online, but if you have questions to ask and information not clear to you, I advise that you open your account in person.
Ensure everything is intact: At this stage, your business account is set up. You need to ensure that everything went through successfully. Ensure your check name marks your legal business name and ensure that you track the money movement that goes in and out of your account.
Besides, it would be best if you took note that there are other documents
that are also required in opening a corporate business account according to “Companies and Allied Matters Act (CAMA).