What is a corporate account? This refers to an account that specialized in offering services for companies and offshore businesses. Corporate account diversifies from personal or investment bank account in terms that they provide service that responds to business needs and have different regulations in regards to an opening process which is meant to meet business purposes.
There are advantages in opening a corporate account. Many offshore jurisdictions offer positive tax benefit for companies who wish to open a corporate account, therefore, many companies are opening one overseas account with intention of managing their income and growing assets in a more profitable offshore environment.
When opening a corporate account it’s imperative to choose recognized worldwide financial centers that reflect your business needs since each jurisdiction provides different services. Since corporate accounts are created for offshore businesses their minimum capital requirement is usually huge compared to personal or investment account because the account will be handling lots of cash for a variety of purpose. Starting business offers a range of services in regards to the opening of a corporate account.
Important documents requirement to open a corporate bank account in Nigeria.
Opening a corporate bank account in a Nigeria is not as same as opening a personal account .the requirement are different and below are some of the very important requirement.
- A completed filled form from the bank by the directors/proprietor of the account.
- Resolution from the board of directors/proprietor authorizing the opening of the account and approving the account signatories.
- Affix company seal.
- Certified true copies of incorporated documents.
- Proof of residential address of signatories or directors.
- Passport size photograph of the signatories.
- Bank verification number of directors or proprietors.
- Valid means of identification (international passport, driver’s license, national identity card) of directors or proprietors.
- Tax identification number. TIN
- Utility bill of business address.
- SCUML (special control unit against money laundering) registration where applicable.
- For offshore purposes, foreign nationals require a business permit and resident permit.
- Dully filled 2 reference forms by corporate account holders.