I and my friend run a small biz but we don't have a business account yet.

We don't want to use our personal name to open an account instead we prefer to use the "business name" We have already registered with CAC

We were told we must pass through FIRS

Now what is the implications of this if at the end we register it with FIRS to obtain the TIN NO

Is it not possible to run a small business account without involving FIRS?

The business is just coming up no profit yet.. But do you have an idea of how much percentage goes to FIRS as tax every year billed on a cooperate account?

What do you think we do as a small business?

You must have a TIN before you can open a bank account. Work into any FIRS office, they would provide you with the requirement and please note that TIN is free. Since its a business name, you would only need to pay both VAT and WHT. Note that even the vat is borne by the customer. All you need to do is just to add VAT@5% to your goods or service rendered.

cheers