Hello friends, i want to open a business/corporate account.

1. What the requirements to open one
2. What type of business/corporate account is best to open
3. What bank is best to open with

P.S The business is a small to mid scale business

Please your responses are very important and vital
Thanks in advance

masss:
Hello friends, i want to open a business/corporate account.

1. What the requirements to open one
2. What type of business/corporate account is best to open
3. What bank is best to open with

P.S The business is a small to mid scale business

Please your responses are very important and vital
Thanks in advance

if your business is an enterprise, you open a corporate account with cash lodgement of #1-#100m.

But for a PLC ,you open an account that has no limit.

The bank will put you through

Simple Requirements;
1. CAC CERTIFICATE
2. TAX IDENTIFICATION NUMBER
3. 2 PASSPORT PHOTO
4. ANY NIGERIAN IDENTITY CARD
5. ELECTRICITY BILL OR ANY UTILITY BILL
6. 15K.....10K FOR CAC VERIFICATION, 5K BALANCE FOR ATM AND CHEQUEBOOK
7. I USE FIDELITY BANK, AND THEYVE BEEN GOOD SO FAR, NO MONTHLY CHARGES, NOTHING....

masss:
Hello friends, i want to open a business/corporate account.

1. What the requirements to open one
2. What type of business/corporate account is best to open
3. What bank is best to open with

P.S The business is a small to mid scale business

Please your responses are very important and vital
Thanks in advance

Documents you need to open a corporate account

1- Copy of Certificate of Incorporation or business name registration

2 - Tax identification number

3 - A valid means of identification

4 - 1 or 2 passport photos depending on the bank

5 - Copy of electricity or utility bill to prove the address of the business

6 - Two referees who must also be operating corporate accounts in good standing ( This is the only difficult hurdle you need to scale)

7 - You will need to pay in about 10K into the account and from it the bank will deduct 6K as charges for name search

Note that most banks have different classes of corporate acounts therefore you need to ask them the features of that account type before you agree to it. For instance Fidelity bank has an account type where you get charged 900Naira if the balance in your account falls below 20K

You may not request for cheques now until you're sure you will be needing it. Most payments can be made online these days except payment for taxes and some government levies

If you do ask for cheque books tell them to give you the one that meets the new standard of the Central bank of Nigeria that will take effect from next year


Banks I will recommend to you are Zenith Bank, UBA Plc, Fidelity Bank, First Bank and GTBank

Pierocash:
if your business is an enterprise, you open a corporate account with cash lodgement of #1-#100m.

But for a PLC ,you open an account that has no limit.

The bank will put you through

It's an enterprise. I want to know more about it before approaching the bank because they are all about their interests.

What bank offers good deal for corporate accounts?
What type of corporate account would make more sense to open in order to reduce the several charges associated to bank accounts especially corporate accounts?

SavageResponse:


Documents you need to open a corporate account

1- Copy of Certificate of Incorporation or business name registration

2 - Tax identification number

3 - A valid means of identification

4 - 1 or 2 passport photos depending on the bank

5 - Copy of electricity or utility bill to prove the address of the business

6 - Two referees who must also be operating corporate accounts in good standing ( This is the only difficult hurdle you need to scale)

7 - You will need to pay in about 10K into the account and from it the bank will deduct 6K as charges for name search

Note that most banks have different classes of corporate acounts therefore you need to ask them the features of that account type before you agree to it. For instance Fidelity bank has an account type where you get charged 900Naira if the balance in your account falls below 20K

You may not request for cheques now until you're sure you will be needing it. Most payments can be made online these days except payment for taxes and some government levies

If you do ask for cheque books tell them to give you the one that meets the new standard of the Central bank of Nigeria that will take effect from next year


Banks I will recommend to you are Zenith Bank, UBA Plc, Fidelity Bank, First Bank and GTBank

Thanks loads for this but how do i do this emboldened

jefy:
Simple Requirements;
1. CAC CERTIFICATE
2. TAX IDENTIFICATION NUMBER
3. 2 PASSPORT PHOTO
4. ANY NIGERIAN IDENTITY CARD
5. ELECTRICITY BILL OR ANY UTILITY BILL
6. 15K.....10K FOR CAC VERIFICATION, 5K BALANCE FOR ATM AND CHEQUEBOOK
7. I USE FIDELITY BANK, AND THEYVE BEEN GOOD SO FAR, NO MONTHLY CHARGES, NOTHING....

You mean you have a corporate account at fidelity bank and no monthly charges and other hidden charges?

masss:


You mean you have a corporate account at fidelity bank and no monthly charges and other hidden charges?

yes,sure. For now though,dont knw wht will come next.,but for now,no charges

Corporate account is free with zero opening balance in Globus Bank and Providus Bank.

All the aforementioned requirements are valid and needed.

I submitted my application and all necessary documents to Globus Bank and I got my corporate and Dom account that same day.

The bank is simply the best.

newinventions:
Corporate account is free with zero opening balance in Globus Bank and Providus Bank.

All the aforementioned requirements are valid and needed.

I submitted my application and all necessary documents to Globus Bank and I got my corporate and Dom account that same day.

The bank is simply the best.

Deposit money in the account and withdraw it then come back and tell us if they still did not charge you for name search

masss:



Thanks loads for this but how do i do this emboldened

You need to look for 2 people who already have corporate accounts to act as referees for you

SavageResponse:


You need to look for 2 people who already have corporate accounts to act as referees for you

But not necessarily with the bank right ?

newinventions:
Corporate account is free with zero opening balance in Globus Bank and Providus Bank.

All the aforementioned requirements are valid and needed.

I submitted my application and all necessary documents to Globus Bank and I got my corporate and Dom account that same day.

The bank is simply the best.

I haven't seen physical branches of these banks before but i have heard of Providus bank from a POS lady before. Seem they are pretty good to be used for corporate accounts. But are their services on per with the popular banks? What are their weaknesses ?

jefy:
yes,sure. For now though,dont knw wht will come next.,but for now,no charges

Thanks man

masss:


But not necessarily with the bank right ?

No, not necessarily with the bank but it makes the process faster if they're with the bank cos then the bank can just check the status of their account on their system.

The most important thing is to be sure that the accounts of your referees are active and not dormant, the balance in the account is not so relevant

masss:


I haven't seen physical branches of these banks before but i have heard of Providus bank from a POS lady before. Seem they are pretty good to be used for corporate accounts. But are their services on per with the popular banks? What are their weaknesses ?

Providus Bank has branches on Ademola Adetokunbo (near the roundabout on Ajose Adeogun) in VI, they also have a branch in Gbagada, on Allen Avenue almost opposite Oshopey Plaza, and in Festac Town. I think there is also a branch along the Lekki-Epe Expressway but I can't remember where I saw it. These are the only branches I know in Lagos

If your business is located in a market and requires deposit of physical cash sales in banks then using this bank may not be such a good recommendation for you

SavageResponse:


Deposit money in the account and withdraw it then come back and tell us if they still did not charge you for name search

Stop saying what you know nothing about. I have a friend who works in the bank. I sent him the form and all the docs. It's free with no hidden charges.

Stop misleading people.

newinventions:


Stop saying what you know nothing about. I have a friend who works in the bank. I sent him the form and all the docs. It's free with no hidden charges.

Stop misleading people.

Did an official of the bank specifically tell you that they do not charge for name search when opening a corporate account?

Your friend omitted that part so as not to discourage you from opening the account; he/she is more interested in getting points for introducing a new customer to the bank.

Put money in the account let me see how you will withdraw it without paying the fee for name search!

SavageResponse:


Did they specifically tell you that they do not charge for name search when opening a corporate account?

Have I been speaking French here. No name search fee or any other hidden charges. Everything is free Mr. Man. Abeg I no get strength to shout

SavageResponse:


Did an official of the bank specifically tell you that they do not charge for name search when opening a corporate account?

Your friend omitted that part so as not to discourage you from opening the account; he/she is more interested in getting points for introducing a new customer to the bank.

Put money in the account let me see how you will withdraw it without paying the fee for name search!

You are right @SavageResponse, I confronted my friend after seeing what you wrote and he confirmed that I will be charged for name search.

Guys you will be charged for name search later on but at the beginning the account is free, which I think is fair.

I take back my comments that it's totally free. I am sorry @SavageReply for not believing you.

So guys, it's free at the beginning but you will be charged after the account is opened. I think it's a marketing strategy to get more customers.