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How To Open Co-operate Account For Your Business.

  • Jan 2018
  • reg_license

  • The issue of opening co-operate account in Nigeria, I thought to myself is a well-known topic that I overlooked it not until recently, I got a call from one of my valued reader and friend precious called up enquiringly, on how to open co-operate bank account for her business in Nigeria. I tried explaining all the System for her through the phone but on a second although, many might be asking the say exact question so it’s better I blog about it, for her and for every other of my reader that might have the same question in mind or will need the information in the future and generally for all that need to know. Enjoy

    First lets fully grasp what a co-operate account is: I wouldn’t go into scholastic definitions I will simply refer to co-operate account as a bank account opened in reference to co-operate body; with its registered co-operate name as the bank name.

    [b]What we are to learn from this article[/b]
    • How to open co-operate account for your business in Nigeria with any bank (using GTB bank as a case study)
    • Requirements
    • How to register a business name
    • How to get a TIN
    • Applying for TIN
    • Getting reference
    • The process

    How much you need to open this account
    Now, it will be worth it to give you a rundown of the need before; I am taking GTB bank as a case study because my business is now banking with them.
    1. Business name registration certificate
    2. BVN
    3. Means of identification
    4. Passport photograph
    5. Referees (two)
    6. TIN

    [b]Requirement to open co-operate account in Nigeria#1 - Certificates of Business name registration [/b]
    As indicated above the first step to this whole process is registering a business name. I have in my earlier post and in a video @ discussed how and the steps to registering a business name with co-operate affair commission (CAC). Assuming you have registered your business name of which you want to open a bank account. After registration of your business name with CAC three documents/certificate is given, on the way to be for opening co-operate bank account.

    [b]Requirement to open co-operate account #2 - BVN:[/b]
    Currently, in Nigeria with a mandate on BVN (Bank Verification Number), I will assume all bank account owners should have, for the benefit of those opening an account for the first time BVN means Bank Verification Number which is a customized 11 digit personal numbers issued to all bank account owners by their banking institutions.

    [b]Requirement to open co-operate account #3 - Means of Identification[/b]
    To open this account you must give a means of identification likewise your partners (if any). Means of identification - your ID card, Voters Card, Drivers License, International passport or NIN certificate etc.

    [b]Requirement to open co-operate account#4 - Passport Photograph[/b]
    You need a minimum f 2 colored passport photographs of yourself and your partner (if any)of any background of any size provided your face is showing identified as you.

    [b]Requirement to open co-operate account in Nigeria#5 - Two Referees[/b]
    This refers to people (a current bank account owner in any bank in Nigeria bust preferable look for refers having a current account with the bank where you intend opening the account) that will stand for you and your business proving legitimacy. Space is in co-operate account from where they will have to fill and sign. It’s crucial without which your account won't be opened. Getting these referees is sometimes a hard one as you would not want all to know you’re starting up a business. If you have family and friends that own a current account, you can even talk with the staff issuing the form, strike out something with them they often help get referees.

    [b]Requirement to open co-operate account in Nigeria#6 - TIN (Tax Identification Numbers) [/b]
    This Is highly needed for every registered business establishment in Nigeria, and needed for many business purposes and also to open co-operate account, TIN in Nigeria is issued by Federal Inland Revenue Service (FIRS) having office all over Nigeria so you can get a tin anywhere throughout the Federation and to get this is simply

    [b]The requirement to get TIN:[/b]
    • no charge
    • passport
    • Letter- addressed to FIRS together with your corporation’s letter head.
    Stamp – (hand stamp) you will have to get a stamp with your business name which you will use in your TIN application Form. It’s mandatory without which your Form can’t be processed.

    Providing the entire above need to the agency your TIN and given to you in less than an hour.
    After meeting all the above need then you can go ahead to your bank of choice for documentation and opening of a co-operate account.
    What’s the least amount needed to open co-operate account?
    Depending on the bank, no mandatory amount is the least but be aware, to open co-operate account a fee charge of N5000 which is the legal search fee is deducted.

    What is a legal search fee? You provided a certificate of your business registration, they will charge you that fee for confirmation and for all other legal proceedings. In addition, check book, ATM (if requested) fee. So you need at least 10,000 to open co-operate account successfully in Nigeria. Good luck with opening co-operate account. Please leave a comment.


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