Good Morning,

I would like to know what it takes to open a bank account with business name in Nigeria.

For example :
Bank Name : Coded Brains Int'l

Thanks.

YOu will need 2 current account holder as guarantor

Go for EFCC verification (SCUML)

Filll the bank forms

Thats all

ElizaVeta:
Godn h Morning,

I would like to know what it takes to open a bank account with business name in Nigeria.

For example :
Bank Name : Coded Brains Int'l

Thanks.

If the business is registered as a LLC, you'll need the folowing:
Cert. of Incorporation, Form C07 & C02, Memo of Understanding/Article of Association, Board resolution. You'll need need to fill the form and get 2 Corporate Account reference from any bank. Remember a company seal is required when filling form for account opening of a Limited Liability Company. There a different categories of corporate account. Sticking with a classic corporate is best if you don't understand T&Cs of other categories. That's where you get unwanted/hidden charges.

ElizaVeta:
Good Morning,

I would like to know what it takes to open a bank account with business name in Nigeria.

For example :
Bank Name : Coded Brains Int'l

Thanks.

Now if the business is registered as Ventures, you require all the docs. listed above, except Form C07 & C02, company seal is not required and for some banks a board resolution isn't necessary.
This is standard compliance requirements.

You will need

CAC documents
Electricity bill
TIN
2 Guarantors to fill forms for you.

However, the last two no padi-padi things jare. If you proceed to IRS to get your TIN, you will need to obtain a company seal, letter head paper, etc and I don't know how many years you might spend in getting your TIN eventually.

So, the last two depends on the bank. I went to First Bank some weeks ago, I was told to go n bring TIN in addition to CAC certificate and electricity bill that I was holding. I went to IRS office and... long story.

I proceeded to another bank, n the problem was solved. Note: I did not present any guarantor at all(maybe it was because I met an alumnus of my school). For the TIN, you may be required to pay maybe 3k(but that is not official o). They will do it for you and you will get your TIN(not the same day o).

Warning: If you go to any bank, don't beg them to 'help'you do anything o, just present the documents that you have and they will GLADLY direct you appropriately. I've advised from my fresh experience o.

Thanks to all that answered the question, I appreciate.

How much does it cost to register a company with CAC?

Robert Kiyasoki my mentor once said that a research was conducted and it was discovered that 80 percent business never makes it more than 5 years before it crashes and that those that ever makes it, 90 percent of them never make a million dollars in 10 years. These days we see Businesses go up and suddenly fallout. It's so difficult to see a new business ever make it to the top without ever falling millions of time.
The reasons are not far fetched at all. We also understand that it is very rare to see any business starter to get it right from the very onset. Very very rare. But determination will stand you tall among all these. So, keep doing the right thing and the needful and trust me your business stands the chance of not failing but success will be all guaranteed.

We have done our due diligence and we have identified some reasons why most Small Businesses Fail in Nigeria. The list goes on and on but we are gonna take the most prevalent ones.

1. No Business Plan

One of the most important Reasons why most Small Businesses Fail in Nigeria, is that most business starters are never prepared. Sometimes they think lack of capital is the major issue. But that's not the issue first. Can you a builder building a house without a plan that involves an architectural work and other plans and yet you expect that house to stand? So many business starters go into business without a proper business plan and that is where it all begins. You can't go into a business without a business and expect to make progress. It's a mirage don't believe it.lick here for the full details