Opening a business account is entirely different from a personal business account based on the documentation process and requirements.

To successfully obtain a business or corporate account in Nigeria, you need to register Your business with the CAC. This demonstrates credibility on your path as a long-standing business. 

Like most traditional banks, the process is grounded and common. You need to visit these banks and undergo paperwork to be able to open your business account.

It’s pertinent you separate your business income from your personal income no matter the size or amount of businesses you own. Below are the importance of opening a business account: 

• Helps to easily track business funds 
• Streamlines the bookkeeping process by revealing taxable benefits and deductions 
• Promotes business credibility when sending account details to partners, clients, and customers 
• A business account is a compulsory criterion for obtaining a business loan
• Easily manage the financial health of your business 

The first step to opening an online corporate account is choosing the right business bank

Your business finances depend on the type of online bank you choose. Here are key things to note when choosing a Nigerian online business bank for your business account:

• Reliability 
• Offers competitive interest rates 
• An elaborate banking platform 
• Features to streamline your finances such as invoicing, budgeting, and payroll management 
• Access to business loans 

A Prospa business account takes only 5 minutes to open! Whether you’re a growing business or you’re seeking to register your business, you can seamlessly do this by opening a Prospa account online.  

Requirements For Opening A Business Account

After selecting the right bank, many online banks request the same documents to help you open a business account faster:

1. A valid Business Name Registration certificate
2. Certificate of Incorporation
3. Tax Identification Number (TIN)
4. Memorandum and Articles of Association
5. Names, addresses, and identification of all directors and signatories
6. Utility bill of the company’s registered address
7. Passport photographs of all directors and signatories

Opening a corporate or business bank account in Nigeria is crucial to the financial success of your business. By choosing Prospa to manage and fast-track your business finance, you establish a strong credit history that grants your business access to high-paying loans and other capital development opportunities. 

If you have any questions or need assistance in opening your business account, contact us at 018890240 or send us an email to help@getprospa.com

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