A SIMPLE AND DETAILED GUIDE ON HOW TO GET A CORPORATE BANK ACCOUNT IN NIGERIA

A corporate account is a type of account that was usually opened by business owners for their business, this kind of account will carry the name of the business or company instead of the personal name or founder name

Non-government organizations like religious bodies (churches, mosques) Clubs, Associations, and Foundations are also taking the advantage of this corporate account for their organizational sustainability.

So Now let us briefly look at the reasons why you should get a corporate account for your business or organization

There are several benefit surrounding having a corporate account among them are:

1. CREDIBILITY AND TRUST: Having a corporate account will add credibility to your business as the clients or customers will find it easier to forward their hard-earned money to the corporate account against personal accounts

Or for an organization, it will be very easier for many people to donate to the corporate account compared to an individual as it will aid their trust in your organization

2. IT WILL HELP YOU TO MASTER YOUR NUMBERS: having this corporate account will make it easy for you to know your business number (Revenue and expenses) as well as the actual profit

With this, you will have more confidence to pitch your business anywhere which will make it easy to win grant or loan opportunities

3. IT PREVENT FRAUDULENT ACTIVITIES: Having a corporate account for your business will help you monitor your business income

As it will prevent fraudulent activities of the employee i.e stealing your business money, it will be difficult for an employee to direct your money to another account when your account carries the business name by giving direct notice to your customers to pay to Only the account that carries your business details.

4. It makes bookkeeping and recording easy for you

5. IT IS SERVE AS A SIGN OF GROWTH FOR YOU AND YOUR BUSINESS: for you as an individual or organization for you to think of having a corporate account shows that you are growing

5. GRANT, LOAN, AND INVESTMENT OPPORTUNITIES: most organizations and investors will not find it serious when you don't have a corporate bank account

Some businesses had lost their long bid contract because they don't have corporate accounts, when the investor said we can't trust you with our Money,

Even in some opportunities having a corporate account is among the core requirements for application.

SO NOW, you already know the reasons why you should have a corporate bank account for your business growth

Steps needed to get a corporate bank account

1. Decide the bank you want to register with

2. Get your business registered with the corporate affairs commission (CAC ) in any of these categories

A. Business name registration (small businesses)
B. Company Registration (small and large Businesses)
C. Incorporated trustee (NGO, foundation, club, associations churches, and mosques)

You can use this link to apply https://pre(Dot)cac(Dot)go(Dot)ng

3. Get a TAX identification number certificate (TIN)

TIN REGISTRATION REQUIREMENTS

DIRECTOR NAME, BUSINESS NAME, AND BUSINESS ADDRESS:
EMAIL, PHONE NO, BN NO, DATE REGISTERED, and NATURE OF BUSINESS AS IT IS WRITTEN ON YOUR CAC CERTIFICATE:

You can use this link to apply HTTPS://TIN(DOT)JTB(DOT)GOV(DOT)NG/TINREQUESTEXTERNAL

4. Get two REFREE: referee here simply means a person that had registered a corporate account before you (you can liaise with the bank staff to help you with this

5. Get a SCUML certificate from the EFCC office for NGOs and some specific businesses

NOTE: You can't get the 3 and 5 above without the number 2 ( CAC certificate).

As you have this precious information Now

Make a step today to get a Corporate account for your business,

Don't forget that information without an application is worst than having No information

I hope you get value.

Don't hesitate to ask me questions IF you have

Call or WhatsApp 09067097692

© SULEIMAN ABDULWAHAB Al-hadady
Founder Al-hadady Business Konsult LTD

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