28 February 2023
by Adeife Omolumo
The Trusted Advisors
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Foreign persons/companies are welcome to open bank accounts inNigeria, provided all the necessary conditions are met. This isoften necessary as opening a bank account is a pre-requisite todoing business or setting up a company in Nigeria. In addition,with a corporate/ business bank account, foreign companies arebetter able to monitor their finances and comply with otherregulatory requirements.
To open a bank account in Nigeria as a foreign person, you mustbe a resident of Nigeria.1 This is because a residencepermit and evidence of a physical address in Nigeria are some ofthe required documents necessary to open a bank account.
Furthermore, a foreigner, whether as an individual or company,would need to obtain a Bank Verification Number (BVN).2All account holders with Nigerian banks must have a BVN, foreignersinclusive. Thus, a foreigner is advised to visit any bank inNigeria to obtain a BVN. Where the foreigner is not within Nigeriaand wants to enroll from his/her location outside the country,he/she may make an inquiry to the nearest Nigerian embassy for theprocedure for enrolling for the BVN in that foreign country.
Although the procedure for opening a bank account in Nigeria asa foreigner may differ from bank to bank, the documentaryrequirements are essentially the same. The following is a checklistof documents required to open a bank account as a foreign companyin Nigeria3:
- Certified Memorandum and Articles of Association
- Corporate Affairs Commission (CAC) Certificate
- A company seal (if available)
- Resolution from the Board of Directors/Proprietor authorizingthe opening of the account and approving the accountsignatories
- Company Tax Identification Number (TIN)
- Certified true copies of incorporation documents
- Utility bill showing physical address
- Business permit & Residence permit
- Bank Verification Number (BVN) of a director/proprietor
- Completed Corporate Account opening form signed by designatedsignatories
- Means of Identification by directors/proprietors
- Passport Photograph of signatories
- Personal details of the directors
- Two (2) duly filled reference forms by corporate accountholders
- Special Control Unit Against Money Laundering (SCUML)registration, where applicable
- Minimum Opening Balance of N5,000 – N10,000 depending onthe particular bank
CONCLUSION
Banks in Nigeria provide a wide range of services that aforeigner may take advantage of, such as the transfer of fundsoutside the country, internet banking, credit and debit cards,maintaining multi-currency accounts, etc.4 The specificservice may vary from bank to bank, therefore, it is advised thatwhen selecting a desired bank, attention should be placed on thetype of services they render, amongst other things. It is advisedthat foreigners also choose a bank with a branch in one'sforeign country.
Opening a bank account in Nigeria as a foreigner can be aseamless process, provided that all the necessary documents arereadily available.
Footnotes
1 Resolution Law Firm, Can a Foreigner Open a BankAccount in Nigeria https://www.resolutionlawng.com/can-a-foreigner-open-a-bank-account-in-nigeria/Accessed on February 10, 2023
2 Ibid
3 Aziza.com.ng, Guide to Open Business Bank Account as aForeigner in Nigeriahttps://www.aziza.com.ng/guide-to-open-business-bank-account-as-a-foreigners-in-nigeria/
4 Ibid
The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circ*mstances.
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