How to Open a Domiciliary Account in Any Nigerian Banks

A domiciliary account is a type of account which allows a Nigerian to receive, make payment and withdrawal of foreign currencies without restrictions.

At some point in business you would like to make and receive payments in a foreign currency. This mostly has to do with the nature of your job.

Bloggers and Website owners are partly involved in this when it comes to getting paid by adsense.

Most big business investors or entrepreneurs who make international transaction often find this domiciliary account very useful.

The whole concept behind the domiciliary account is that it allows you to have a foreign curreny account besides your local currency.
This type of account helps you to make payments through cash deposits or inflows, traveler’s cheques or foreign currency cheque deposits.

In addition to this, domiciliary account also allows you to maintain accounts in a foreign currency and can withdraw cash or make transfers or payments just as I said earlier.

The importance of getting a domiciliary account can not be overemphasized as it carries lot of advantages that might not be unraveled until you get your.

Getting to open a domiciliary account in Nigeria is quite possible provided you can meet the necessary criteria.

There is need to provide the bank you intend opening your domiciliary account with with vital informations.

Today, i am going to use the popular domiciliary account in Nigeria which is the gtbank domiciliary account, which you can open with the bank, even if you do not have an account with GT bank or sign up with gtb internet banking.

What is Needed in Opening a Domiciliary Account

1. Proof of identity - The bank needs to see ONE of the following documents: You can provide photocopies of these documents.

» Valid international passport

» Driver’s license – Nigeria or International

» National identity card

2. Proof of Nigerian address -
Also, you need to provide proof of one of the following:

» Power company bill (such as electricity, phone bill, waste bill, water) from the last couple of months- Most banks accept three months old electric bills or current month bill.

3. Personal details of signatory -

» Name

» contact address

» contact phone number

4. General Business details -
» Business names

» Nigerian address and contact numbers

» Principal trading activity

» Date your business started.

For Limited Companies and limited liability partnerships, the bank would have to see proof of business registration, such as:

» Memo and Article of Association

» Copy of Certification of Incorporation

» Copy of form C07

» Printed copy of Tax Identification Number (TIN)

» Company seal

» One passport photography of each signatory to the account

» Board of director purpose (signed by 2 directors/1 directors and Company Secretary)

That is all.

With this little steps, you can create you own domiciliary account. Just stroll into any bank of your choice and do what you have to do.

Goodluck.

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