Requirements for Opening a Corporate Bank Account in Nigeria

For prospective business owners, opening a bank account for the entity is a foregone conclusion. While different banks have slightly different procedures for opening a corporate account, the basic requirements still remain the same across board. This is a list of compulsory documents you’ll need.

• Board Resolution: All banks require that a resolution from the Board of Directors (or Proprietors, as the case may be) authorizing the opening of the account be presented to it. In this resolution, it is also expected that the name of the signatories to the account are also clearly stipulated and approved then stamped.
• Completely filled Corporate Account Opening Form of the bank signed by the company’s designated signatories with all required documents attached on the form
• Affix Company Seal
• Memorandum and Articles of Association (MEMAT)Certified
• True copy of form CO7 (Particulars of Directors)
• Proof of Residential Address of Signatories to the account and Directors of the company
• Passports Photograph of the signatories to the account
• Bank Verification Number of Directors or Proprietors
• Valid means of Identification (International Passport, Driver’s License, National Identity Card or Voters card) of Directors/Proprietors
• Tax Identification Number (TIN) for the Company as issued by the Federal Inland Revenue Service (FIRS)
• Utility Bill (PHCN, Water bill, LAWMA etc.) of the business address
• Special Control Unit Against Money Laundering (SCUML) Registration where applicable
• If the business is being established by foreign Nationals, further legal documentation such Business Permit or residence permit will be required.
• Two References from people with current accounts with any bank
• Minimum opening balance varies, starting from as low as N1,000

Note that most of this documents are given to you when you register your business with CAC and the above is mainly for a limited liability company and not for an enterprise(business name)