Opening account for your enterprise is very important for business owners. Although the account opening procedures and steps varies for different banks but the basic requirements for opening enterprise account still remain same. This article contains basic requirements for opening enterprise account, what you should have ready to open a bank account for your enterprise.
Enterprise is a business company for profit making. If you must succeed in the business world today you must have a bank account for your enterprise or company. A wise man always say “is better to know what is involved before embarking on the journey”. Instead of you to go to the bank and waste your time all day without the bank requirements needed for opening enterprise account, that is why we provided the information that will help you manage your time. Read this article “ Requirements For Opening Enterprise Account” carefully for a clear understanding.
Requirements For Opening Enterprise Account With Any Bank
- Resolution from the Board of Directors/Proprietor(s)
All banks require the authorizing resolution order from board of directors or proprietors opening the account to be present. This resolution, must have name of signatories to the account be clearly state and approved by the board.
- Attach Company Seal
- Completely filled Corporate Account Opening Form signed by the company’s required signatories. Make you attach all required documents on the form to be submitted to the bank.
- Memorandum and Articles of Association (MEMAT)Certified
- True copy of form CO7 (Particulars of Directors)
- Proof of Residential Address of Signatories to the account and Directors of the company
- Passports Photograph of the signatories to the account
- Bank Verification Number of Directors or Proprietors
- Valid means of Identification (International Passport, Driver’s License, National Identity Card or Voters card) of Directors/Proprietors
- Tax Identification Number (TIN) for the Company as issued by the Federal Inland Revenue Service (FIRS)
- Utility Bill (PHCN, Water bill, LAWMA etc.) of the business address
- Special Control Unit Against Money Laundering (SCUML) Registration where applicable
- If the business is being established by foreign Nationals, further legal documentation such Business Permit or residence permit will be required.
- Two References from people with current accounts with any bank or Duly filled two Reference Forms by Corporate Account Holders
- Minimum opening balance varies, starting from as low as N1,000
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