How To Open a Business Account for Your Small Business in Nigeria

If you are considering starting a small business or you currently run one, it is important to note that opening a business account is a vital step in the early phase of your business. In today’s article, we will highlight the key benefits of a business account for your small business and also provide a step-by-step guide on how you can open a business account from the comfort of your home or place of business.

What is a business account?

According to Investopedia, a business account is a checking account set up specifically for business incomes and outflows, allowing individuals to keep their professional financial affairs and transactions separate from their personal ones. In Nigeria today, most entrepreneurs overlook the importance of opening a business account when starting a business and resort to using their personal account for business transactions.

Key Benefits of a Business Account For SMEs

Although a personal and business account share many similarities, a business account offers your small business a range of benefits that support growth in the long run.

Here are 4 key benefits of having a corporate bank account;

• Having a business account builds credibility for your business
• You can separate your personal and business finances easily
• Easy and proper monitoring and tracking of business transactions
• It gives your business a professional image that increases trust in potential customers

Open a Business Account for Your Small Business Today.

Unlike traditional banks that require a lot of paperwork and your physical presence at the bank, Vella provides a quick, secure and seamless way to open a business account for your small business from the comfort of your home. Through Vella, SMEs, freelancers, entrepreneurs and creatives can now open business accounts for business transactions without any hassle.

To open a business account on Vella, the first thing you have to do is switch to a business account and complete your KYB. This will require your business information and certain business documents that include; Certified copy of memorandum and Article of Association, Certificate of Incorporation/Certificate of Business Registration, Proof of Business Address (Dated within the last 3 months), Tax Identification Number (TIN)/EIN/SSN among others.

Ready to open a business account, please follow these simple steps;

On web

1. Visit our website and login to your Vella account
2. On the left side of your screen, Tap home and select compliance
3. Tap switch to business account
4. Enter the required details of your business
5. Upload clear images of required business documents
6. Input basic information of the director of the business
7. Tap Continue

On Mobile

1. Login to your Vella account
2. At the bottom of your screen, tap Settings icon
3. Select switch to business account and proceed with your KYB
4. Input important details of your business e.g Registration number, Trading name etc
5. Upload clear images of required business documents
6. Enter the basic information of director(s) in the business
7. Tap Submit

Once you have fulfilled all requirements, you will see a notification that reads “Verification in progress”. Once your KYB has been verified, you will be issued a business account with the account details displayed on your dashboard automatically.

Now you can open a business account easily and start forwarding the details to your paying customers.

For entrepreneurs who run an unregistered business, Vella offers an amazing business registration service, Launch, that helps small and medium sized businesses register their corporate entities with the Corporate Affairs Commission for 18,000 Naira. You can read more about our business registration service Here

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