HOW TO OPEN CORPORATE BANK ACCOUNT IN NIGERIA

OPEN YOUR BUSINESS BANK ACCOUNT NOW

CORPORATE LAW PRACTICE IN NIGERIA

CHAMAN LAW FIRM

2021-05-31 2 min read

HOW TO OPEN CORPORATE BANK ACCOUNT IN NIGERIA

INTRODUCTION

It is only a company duly registered in Nigeria that can open a bank account in Nigeria.The minimum opening

balance for a Nigerian corporate bank account varies depending

upon the bank. Usualy,the monetary

sum for opening a curent account ranges from N10,000 to N100,000. A foreign company is not entitled to open

a corporate account in Nigeria unless its subsidiary has been registered in Nigeria. Foreigners seeking to become a signatory to any bank account in Nigeria should firstly obtain the Nigerian work permit oficially known as the Combined Expatriate Residence Permit and Aliens Card (CERPAC). A foreigner seeking to obtain CERPAC must be employed by acompany duly registered in Nigeria with nothing less than Ten Milion Naira share capital.

How To Open Corporate Bank Account in Nigeria:

a) Firstly, determine the bank you want to open an account with,

b) Provide your Tax ID Number,

c) Provide your Business License,

d) Fill the bank Application

e) Get Your Paper work in Order,

f) Provide your business name registered in Nigeria.

Documents Required to Open a Corporate Bank Account in Nigeria:

1. duly filed reference forms by corporate account holders.

2. Certified true copies of incorporation documents.

 3.A fix Company Seal

4. Residential address of the directors.

5. Passports photograph of the signatories.

6. Resolution from the Board of Directors authorizing the opening of the account. The name  of the signatories to the account are also clearly stipulated and approved.

7. Certified Memorandum  and Articles of Association (Memart).

 8. Proof of Residential Address of Signatories to the account and Directors of the company.

9. Passports Photograph of the signatories to the account.

10. Bank Verification Number of directors.

11. Certified True copy of form CO7 (Particulars of Directors)

12. Valid means of Identification such as; Driver’s License, International Passport, National Identity Card or Voters card of Proprietors/Directors.

13. Utility Bill (Water bil, PHCN, etc.) of the business address.

14. Tax Identification Number (TIN) for the Company.

15. Legal documentation such as residence permit or Business Permit will be required if the business is being established by foreign Nationals

16. Minimum opening balance varies, starting from as low as N 10,000

17. Completed corporate account opening form signed by the company’s designated signatories and the directors of the company.

18. Search report.

PREPARED BY: CHAMAN LAW FIRM TEAM

Email: chamanlawfirm@gmail.com

Tel: 08065553671, 08024200080