How do you open a corporate bank account in Nigeria for your company or a business account for your business in Nigeria. in today’s business,one need to get ready to present his/her business as the ideal brand,and having a business or corporate account can help.

When a business starts there is always a driving force behind it.

Every business is propelled by determination to make a name,create solutions and make profits.

How do you run a successful business in Nigeria.

The answer to this question is probably open ended, in order to boldly run a successful business in Nigeria,one need to do alot, probably starting with a business plan,a business registration,and business account could prove very effective.

What is Business Plan ? A business plan according to investopedia.com is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints.

Now you have understood the meaning of a business plan, you can go about and set up one for your business.

How to write a business plan:

Your business plan is one of the key foundation of your business.A house builder imagines building a house with an architect drawn plan,without such he cannot stand on vain imagination to build a house,so is a business plan to any business .

Benefits of Business plan: it is worthy to note that without a strong business plan, your business might fail, for its a common adage,that “he who fails to plan,plans to fail”

A business plan sets your groundwork,most commercial banks demands for such to have a business dealing with you.

See also  CAC:COMPANY REGISTRATION GUIDELINE IN NIGERIA

Benefits of Business Plan

  • Business plans help you run your business
  • A business plan helps you with management and structure of a business
  • A business plan attracts investors and partners

A good written business plan guides you through each stage of starting,implementing, managing your business. You’ll use your business plan as a compass on how to run, structure, grow and expand your new business.

Business plan can help you get funding or bring on new business partners. it is important to note that every Investor, partners wants to join a winning or company with proper coordination stimulating growth, investors want to feel secured they’ll see a return on their investment.,and this is seen from your business plan.

HOW TO OPEN A BUSINESS ACCOUNT WITH YOUR BANK:

Opening a business account with your bank is one very important step, you need in business and corporate branding for your company.

In Nigeria, most banks we demand the following to open a business account

i. Business Registration Certificate: Your business name registration certificate is a very important document towards opening an account with most banks in Nigeria.

ii. Cac Status Report: Corporate affairs commission status report is an up to date report of your business.it bears your name and important information needed to open your business account.

iii. Utility Bills: utility bills are essential part of your application for the opening of a business name account.

iv: VAT/ TIN certificate– A tax identification number certificate, bearing your tax identity number, is very important before a bank can process business account for you.

v: Passport Photo : Two copies of your passport photo is very importat.

See also  HOW TO REGISTER BUSINESS NAME WITH CAC

vi. National identity card: in applying for the business account from your bank, you will need any of the federal government issued identity card.federal government identity cards are voters card, national id card, driving license,international passport.

vii. Bank Verification Number- obtain your bank verification number before you initiate this application.

HOW TO OPEN A CORPORATE ACCOUNT WITH NIGERIAN BANKS

How to open a corporate account with Nigerian banks .

it is pertinent to note that opening a corporate account demands certain conditions ,most if not fulfilled will leave the application incomplete.

what are the conditions to fulfill to open a corporate account with Nigerian banks?, i will walk you through the steps.

i. CERTIFICATE OF COMPANY INCORPORATION: A certificate of company incorporation from the corporate affairs commission is the first documents you must submit to your bank.

ii.Memorandum and Articles of Association of your Company: A memorandum and articles of association of your company presents your company nature of business,objectives, directors information, shareholders information,constitutions,clauses,rights and obligations.

iii.TIN CERTIFICATE: A tax identification number certificate is a very vital document your bank will demand before opening your company corporate account.

iv SCUML CERTIFICATE :This certificate is issued by the economic and financial crimes commission(efcc) to ensure no money laundering using your corporate account.

vi UTILITY BILLS: a utility bill ,is a very important requirement to open a corporate account with your bank.

vi:Referree form: some banks will demand you get a referree before you open a corporate account with them,a refereee might be someone operating a corporate account already with any Nigerian bank.this persons stands to refer you as reputable and well known person capable of running the account efficiently.

See also  CONDITIONS TO MEET BEFORE CONVERTING PRIVATE COMPANY TO PUBLIC COMPANY IN NIGERIA

vii:Passport and identity card: yes, your identity cards and passport are very vital in applying for a corporate account with your bank.

it is worthy to note that most banks , has peculiar requirements and might or not require all these ,before opening a corporate account for your company. in order to begin and complete your business or corporate account opening with any Nigerian banks, you must register your business and secondly you must complete banks requirements before your business can enjoy such.

BENEFITS OF HAVING A CORPORATE OR BUSINESS ACCOUNT: there are a lot of business benefits ,you will enjoy with a business or corporate account.

i.it raises your business branding to a higher level.

ii.it protects your personal identity

iii.it raises your brand trustworthiness

iv.it adds more reputation to your business name.

v.it adds credibility to your business.

vi: it positions you to investors and partners

vii. it opens door to funding and higher equity sourcing opportunities.

By admin

Leave a Reply

Your email address will not be published.