Do I Need A Business Bank Account in Nigeria

When it comes to opening a bank account in Nigeria, there are a few requirements that you need to meet to ensure a smooth process.

Whether you’re a small business owner or a large corporation, having a business bank account helps you stay organised, maintain accurate financial records, and take advantage of various banking services.

Why Do You Need A Business Account for your business?
Opening a business bank account in Nigeria has a lot of advantages. A corporate bank account offers the following the following benefits including but not limited to:

To show professionalism: A business bank account shows your customers how dedicated you are as a business owner. When your business name appears instead of your personal name during a transaction, you tell everyone you mean business.

To build trust with your customers: Having a business bank account increases customer trust. People feel safer sending money to a business account than a personal one.
To build credit and access loans: Every business would require a loan at some point.
As a result, one of the requirements for obtaining a large loan is having a business account with a history of paying back your previous smaller loans on time. With a good record attached to your business, you can quickly get the loan you need to grow and expand.

To get more control over your money: With a business account, you can separate your business funds from your personal funds. With this dedicated account, it’s easier for you to make smarter financial decisions and keep track of your cash flow.

To get accurately taxed: a business account ensures you are adequately taxed based on your business-generating potential. Using a personal bank account may result in excessive taxation by the tax management system.

Bank Account Opening Requirement in Nigeria

Now that you understand the advantages of opening a bank account in Nigeria, let's look at the following requirement(s). Please note that requirement may vary depending on the status of your business. To open a business bank account, you will need:

Business registration documents: You must provide proof of the company business registration, such as a certificate of incorporation, business name registration certificate, or any other relevant documents as required by the bank.

Tax identification number:
All businesses must have a Tax Identification Number (TIN) to open a bank account in Nigeria. This number is issued by the Federal Inland Revenue Service (FIRS) and is used for tax purposes.

Business address:
You must provide the bank with address of the business, including the physical location, postal address, and contact details.

Directors or shareholders information: Depending on the type of business structure, you may need to provide details of the directors, shareholders, or partners of the business. This can include passports photograph of the shareholders, bank verification number, power holding company of Nigeria, waste management authority Lawma bill, valid international passport or driver's license.

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What's the difference between business name and company name?

Contrary to what some may think, a business name and a company name are not synonymous with one another. The key difference between a company name and a business name is that a registered business name is the name in which a venture operates under. A company name, however, is a legal entity on its own.

Initial deposit: Most banks require an initial deposit to open a business bank account. This amount can vary depending on the bank and the type of account you’re opening.

That’s all it takes to pass the requirements and open a business account in Nigeria. With that, you’ve made managing your business’ finances organized and more professional.

With your newly created business bank account, you can access financial solutions essential for helping you grow your business and reach your financial goals. Opening a business account offers you a lot of benefit for growing your business in Nigeria.

We are Chartered CAC Accredited Agents. We are into registration of your Business Name, Company (Private Limited Company and Public Limited Company), Limited Partnership and Limited Liability Partnership, Incorporated Trustee as Foundation, NGO, CLUB, Association, Churches, Mosque etc, with CAC.

We also undertake the rigorous process of your CAC post registration services such:

As Annual returns, change or correction of name, name substitution, change of address, change of directors, change of nature of business, registration of business name as a limited company etc.



If you would like us to undertake the whole process of registering your business in Nigeria and get your approved Certificate of registration or Incorporation to you,reach us by Call/WhatsApp on 07033097160.

Do you own or manage a provision shop in Nigeria? Where is your CAC document? It gives the legal right to carry on the business.

We are CAC’s accredited agent, assisting individuals and entities for Enterprise and Company’s registration in Nigeria. We can be contacted through the below contact details/ 07033097160.

Register your business with us and gain legal and formal representation.

Briefly Explain Limited Partnership

A Limited Partnership (LP) is a partnership arrangement with at least one general partner and at least one limited partner. The liabilities of a general partner are unlimited while the liabilities of a limited partner are limited (unless he takes part in the management of the partnership). An LP shall not consist of more than 20 persons. The name of an LP must end with the word “Limited Partnership” or the abbreviation “LP”.

What should I do if CAC asks me to increase my issued share capital?

This happens where the company’s issued share capital is lower than the prescribed issued share capital for the proposed object(s). You may resolve this by either expunging the specific object(s) or increasing the issued share capital to meet the prescribed minimum issued share capital.

Where the issued share capital is increased to meet the prescribed minimum issued share capital, filing fees and stamp duties should be paid on the increase through remita.net and stampduty.gov.ng respectively. After payment, receipts for the payments should be uploaded as “OTHERS” under the upload options.

What are good names for a company?

Some examples of smart business names are:

PrimaCARE.
Anytime Fitness.
EZ Eyecare.
Kindness Animal Hospital.
Fidelity Investment.
Reliant at Home.
Holistic Business Excellence.
Five Star Senior Living.
Etc

We are CAC Accredited registration agent. Let's register your business today.

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What are the disadvantages of registering a business name in Nigeria?

One of the main disadvantages of business name or sole proprietorship in Nigeria is that the proprietor is personally liable for the debts, obligations, and legal liabilities of the business. This means that your personal assets could be at risk if the business encounters financial difficulties or legal issues.

What is stamp duty fees for incorporation of company in Nigeria?

Stamp duties

Stamp duty is imposed at the rate of 0.75% on the authorised share capital at incorporation of a company or on registration of new shares. All deposit banks and financial institutions are required to charge stamp duties on all eligible transaction.

Blessed Sunday

A Company is a business arrangement which enjoys legal personality. It is a corporate body and separate from its members (owners). The liabilities of members (owners) of a Company may be limited by shares or guarantee or may be unlimited. A Company may be public or private. The name of a Company must end with the word “Limited” or “Limited by Guarantee” or “Unlimited” or their abbreviations (“Ltd or PLC” or “Unltd” or “Ltd/Gte”)

Do you have an NGO? Would you pass the opportunity to register one in Nigeria? What are the benefits of having an NGO?

Who is a Trustee and can a trustee be a director?
The Companies Act 2006 defines a company director as “any person occupying the position of director, by whatever name called”. If the company is charitable, the directors are also charity trustees at law.

We are Chartered CAC Accredited Agents. We are into registration of your Business Name, Company (Private Limited Company and Public Limited Company), Limited Partnership and Limited Liability Partnership, Incorporated Trustee as Foundation, NGO, CLUB, Association, Churches, Mosque etc, with CAC.

We also undertake the rigorous process of your CAC post registration services such:

As Annual returns, change or correction of name, name substitution, change of address, change of directors, change of nature of business, registration of business name as a limited company etc.

One of the surest path to financial freedom is to start and run a business. You will decide the category and type of business you want to venture and get it registered.

Get it registered. Get a legal and formal recognition.

TIN (Tax Identification Number) is a unique identifier that is used by governments for tracking and managing individuals or entities for tax purposes.