Your business is an individual entity and it takes the character of its owner.
One of the factors that can kill an African owned business is the lack of accountability from her founder.
Many young businesses fail to put a demarcation between an individual bank account and a corporate bank account.
It is quite unfortunate that some founders even operate their company’s account as their individual account.
They even go as far as receiving money from family and friends into their business account forgetting that tax would be paid on all income.
That’s not the focus of the discussion today, rather it is about breaking down the myth and the processes involved in opening a Corporate account for your small business with less stress.
Opening a Corporate bank account in Nigeria can be stressful and quite frustrating, especially for a small and medium scale enterprises.
I remember walking this journey about two years ago, searching for a bank with favourable and customer friendly policies. I visited several banks but I got discouraged with their different policies.
One of the factors that discouraged me then was the fact that I needed 3 referees with Corporate business accounts coupled with other unexplained processes before I can open the account.
I gave up at a point and decided to open a savings account in my name and dedicate it to my business, since that was easier to do.
However, by late last year I visited the process again and today its history.
This article is not an advertisement for any bank, but a piece of hope to other young entrepreneurs in Nigeria who are still struggling with this phase in their business.
This is the break down of the few documents you need before visiting your bank.
1. A certified Registration with the Corporate Affairs Commission in Nigeria.
This could be a business name or the full registration.
2. Tax Identification Number (TIN).
To generate this you must visit the Federal Internal Generated Revenue (FIRS) and fill some documents.
3. A Valid Means of Identification
4. An Utility bill
5. Two passports photograph
6. A token of at least 15,000 Naira for an initial deposit.
You can visit your preferred bank’s website to check if their requirements are the same as those listed here.
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