If you’re a business owner or someone planning to own a business in Nigeria, you will need to open a business account. It doesn’t matter if your business is just getting off the ground, or already established, opening a business account is necessary to properly manage your business finances and ensure the success of your business.
A business account also achieves the following:
- Helps you look more professional – Brand perception is important and one of the things people will use to weigh your credibility is if you have a business account. They are more likely to do business with you if you do.
- Makes expense tracking easier – It’s not a good idea to use one account for both personal and business expenses. This is because it’ll be a lot harder to accurately track your business expenses and manage your business finance.
- Helps you accept card payments – This is important if you intend to scale your business. The more payment options customers have, the better. If you also intend to sell on an e-commerce platform, you need a business account so you can receive card payments.
To open a business account, what do I need?
On Glade you can easily open a business account in 5 minutes! All that’s required is for you to provide the following documents:
- Certificate of Registration (CAC Certificate)
- Tax Identification Number (TIN)
- Director’s Page (Stamped CAC registration form Aka status report). With all the pages of your CAC form that carries the names of all the directors of your business
- Particulars of Shareholders (Form CAC 2)
- Duly stamped Memorandum and Article of Association (2 copies)
- Means of Identification of the Director
For the means of identification, you should provide the following:
- A valid Government ID (international passport, driver’s license, permanent voter’s card, national I.D card, or NIN slip).
- A valid proof of address (utility bill: NEPA bill, water bill, waste bill), or your bank statement for the last 3 months. These documents should have the same address as your account on Glade.
Who can open a business account?
Anyone can open a business account so it doesn’t really matter what line of business you operate. As long as your business has been registered with the CAC, you’re eligible to open a business account.
When you open a business account with Glade, you get access to tools that will improve your productivity and help you grow. Such as:
- The Bulk Payment feature which saves you time by enabling you to make payments to multiple recipients locally and internationally, at once.
- A Payroll system which helps you schedule and automate staff payments easily and seamlessly.
- The Invoicing feature which sends automated payment reminders to your customers, ensuring that you’re paid quickly without you having to chase pending payments.
- The Multicurrency account feature which helps you hold, receive, and spend cash money in Naira, U.S Dollars, Pounds, Euros and over 20 other currencies.
- Access to loans so you’re never out of funds to operate your business
With all of these features and more to be launched soon, Glade helps your growth at whatever stage you are in business.
Need help registering your business? Save yourself the hassle and long procedures by allowing us handle that process for you.
Do you have an already registered business? Click here now to open a business account in just 5 minutes.