What do I need to open an account with Lenco

What do I need to open an account with Lenco 1

If you have questions about what you need to open an account with Lenco, this article will answer them for you. There are different requirements for different companies depending on how they are registered with CAC.

Below are the documents that are needed to open an account with Lenco based on the business structure.

Incorporated Trustees

These are businesses that are registered with the CAC as incorporated trustees. These businesses have a CAC/IT number. Examples of businesses with this registration type include NGOs, religious organisations, professional associations etc.

What do I need to open an account with Lenco 2

Documents required;

  • Form CAC IT/1: This is the Incorporated Trustees Application Form.
  • CAC/IT Number: This is the Registration number for Incorporated Trustees.
  • You will also need to provide information on at least two directors of your business and 2 beneficial owners of your business.
  • Utility bill of not more than 3 months
  • Passport photographs

Incorporated Company;

This is a business incorporated with the CAC with an RC number. They include Private and Public companies as well as companies Limited by guarantee.

Documents required;

  • Form CAC 1.1: This is the application for registration with the CAC.
  • Memorandum and Articles of Association
  • RC Number: This is the registration number for an incorporated company.
  • Certificate of Incorporation: Certificate showing that the company is duly incorporated.
  • Tax Identification Number: This is a unique identification number issued to taxpayers by the FIRS.
  • You will also need to provide information on at least two directors of your business.
  • Finally, you will need to identify people who, together, own at least 50% of this business.
  • Utility bill of not more than 3 months
  • Passport photographs

Also read: The ease of creating a sub-account on Lenco

Business Name Registration;

These are businesses registered with the CAC as Business Names. They have a BN number and are typically sole proprietorship businesses.

Documents required;

  • Certificate of Business Name: This is the Certificate showing that the Business Name has been registered with the CAC.
  • BN Number: This is the Registration number for Certificate of Business Name.
  • Form CAC BN 1: This is the application for registration of Business Name.
  • You will also need to provide the information of at least one owner of the business
  • Utility bill of not more than 3 months
  • Passport photographs