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Having registered your business with CAC in Nigeria, what's next?

Having registered your business with CAC in Nigeria, what's next?

You are welcome on board. Kudos to you! You have come a long way. Now that you have crossed many hurdles and reached this point, I congratulate you! Well done! Having obtained all the documents required by law, such as CAC documents, TIN, and SUCML (where applicable) as a business owner, you can proceed to the bank to open a corporate account for your company, business, or organization.

Business Account Opening with Banks

Any serious-minded business owner must have a corporate account with a bank or banks for proper accountability of financial transactions. As a matter of fact, business finances must be separate from personal finances. This helps business owners to know the financial state of their business in terms of break-even analysis, profitability, losses, business growth, borrowings, running costs, recruitment, and downsizing of staff, etc.

To this end, CAC registration documents are a basic requirement to open corporate account(s) for your business, company, or NGO. Note, there’s no limit to the number of bank accounts you can open. See key requirements for each category of business below.

FOR BUSINESS NAME

-          CAC documents

-          TIN

-          Passport photograph

-          Means of identification

-          Two referees

-          SCUML (if applicable)

-          Recent utility bill not more than three months old

-          Introduction letter with business letterhead paper

FOR COMPANY

-          CAC documents

-          TIN

-          Passport photograph

-          Means of identification

-          Company seal (if applicable)

-          Two referees

-          Board resolution (if applicable)

-          SCUML (if applicable)

-          Partnership deed (if applicable)

-          For a school, academy, institute, tutorial centres (approval from the regulatory authority)

-          Recent utility bill not more than three months old

-          Introduction letter with company letterhead paper

-          Mandate letter specifying the signatories to the account and how the account should operate.

FOR INCORPORATED TRUSTEES

-          CAC documents

-          TIN

-          Passport photograph

-          Means of identification

-          Constitution

-          Minutes of meetings

-          Two referees

-          Trustees’ resolution (if applicable)

-          SCUML (if applicable)

-          Recent utility bill not more than three months old

-          Introduction letter with the organization’s letterhead paper

-          Mandate letter specifying the signatories to the account and how the account should operate.

Now you know why you should register your company. Would you rather take a bold step to legalize your business/company or NGO today? I know you will.