Opening a bank account in Nigeria entails various requirements. The procedure to open a bank account in Nigeria by any business commences with due incorporation of a company. Finally, Thanks to Payoneer, an e-commerce company based in the US, you can now open a US bank account in Nigeria, Australia, Ghana, India or anywhere else around the world and withdraw cash … If this sounds like you, then a Borderless multi-currency account from TransferWise might be just what you need. The welcome pack will arrive in around 2 to 7 weeks after the bank receive your applications. However, the requirements around references can be tough for new arrivals. Therefore, a foreign company is not entitled to open a bank in Nigeria … Lexology is great as it provides a daily email with the headlines in all the areas of law that I am interested in (which are all relevant to me, as I was able to choose which areas I was interested in at registration), with links to articles from a wide variety of sources. Open bank accounts in Nigeria has not been so easy in the past; because it requires a lot of stress and documents to have a single bank account in Nigeria. Recent Passport photographs of the designated signatories to the company account. Even if you’re simply expecting to travel frequently to Nigeria, for business or pleasure, a Nigerian bank account might make life easier and cheaper. If in doubt, ask at a local branch or contact customer services. There are lots of different bank accounts available in Nigeria and some of the charges and features might not be familiar. Pursuant to the Central Bank of Nigerian Regulations, no person or entity may open a bank account in Nigeria unless the signatory to the bank’s bank account is resident in Nigeria … Other special requirements such as business permits, residence permits, especially for expatriates. read more about DCC - and how to avoid it, Free checking accounts - options for everyone, SunTrust student checking account - The only guide you need, International banks: Your guide to opening an account. How To Apply. Read on. Prior results do not guarantee a similar outcome. Better yet, there are no monthly account fees, and you get local bank account numbers which can be used in the eurozone and the UK. For instance, you may not be able to close the account and switch to a better deal until a set period of time expires. Because Nigeria has had problems with card fraud, unexpected transactions originating here might mean your card is blocked.⁴ A final pitfall to watch out for, if you choose to use your home bank card in Nigeria, is the hefty charges applied due to dynamic currency conversion (DCC). A carefully completed GTBank Account Opening Form which can be downloaded online (click here to … SunTrust Bank, inspired by the future, is a privately held Commercial Bank licensed by the Central Bank of Nigeria under the BOFIA. You can also get the TransferWise multi-currency debit card, which you can use to pay for goods and services all over the world. You should simply just need to submit your paperwork and it’ll then take a few days to have your bank card prepared. Under the Nigerian laws and banking regulations, it is only a company duly registered in Nigeria that can open a bank account in Nigeria. If you would like to learn how Lexology can drive your content marketing strategy forward, please email [email protected]. Getting a local bank account is usually pretty high on the list of priorities for any expat. In this post, we will be showing how to open Access Bank Account online. If you have a … Evidence of Registration with the Special Control Unit against Money Laundering (SCUML) where applicable. Although you can get some accounts which don't have regular monthly maintenance charges, most accounts will have some fees attached for services. In closing, it is noteworthy to state that opening a bank account may not be difficult, but the account opening process in Nigeria is very strict and generally regulated by the Central Bank in Nigeria. Choose a Bank. Looking for the best international student bank account in the US? Top 5 Banks To Open A Domiciliary Account With In Nigeria. Congratulations. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. Two (2) duly completed Reference Forms by a corporate account holder. A deposit of N5,000 is needed to open the account… I do need the account as i intend to use it as a savings pot for when i eventually relocate to nigeria. By choosing a bank with a regional or global presence, you could benefit from reduced charges at ATMs in your network while you travel, too. You can bank like a local wherever in the world you are, so your money is as flexible as you are. Resident permit. Jaiz Bank PLC is a national bank and a quoted public company owned by over 26,000 shareholders spread over the six geo-political zones of Nigeria.The Bank’s balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion. The opening of Non-resident bank account in Nigeria is relevant to Nigerian citizens in diaspora and foreigners having Nigerian residency status. If you are looking forward to creating a Domiciliary bank account, then expect steps on How to Open a Domiciliary Bank Account in Nigeria. Banks can offer financial products to non-residents, although each bank will decide which accounts it makes available and to whom. Here’s all you need to know about SunTrust's student cehcking account to make the most of it. Power up your legal research with modern workflow tools, AI conceptual search and premium content sets that leverage Lexology's archive of 900,000+ articles contributed by the world's leading law firms. In many cases, the bank will want one or two references to vouch for your good character, usually from people who already hold an account with that bank. And there are plenty of reasons. ... Zenith Bank emerges Bank of the Year in Nigeria in The Banker’s Bank … There may also be other restrictions. The documents required to open a bank account in Nigeria by a registered company are as follows; Lately, the bank account opening forms can be downloaded from the banks’ websites. Start your research as soon as you can, so you can find an account that works for you, and then you can get on with enjoying your new life in Nigeria. A new or existing customer can open an account online with GTBank. Access your account using your Zenith Bank debit card at participating merchant stores for payment of goods and services in Nigeria and anywhere in the world. Rescue tomorrow - Track your pensions on the go. First Bank of Nigeria Limited is Nigeria's premier commercial bank and most valuable banking brand with over 10million customers and over 750 business locations Once your account is open, you'll gain instant access to your online banking to start managing your money. History. To open a corporate bank account, the following steps need to be performed: 1. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Guaranty Trust Bank¹⁷ has a presence in 9 different countries in Africa and also has an office in the UK.¹⁸ There are over 230 Guaranty Trust Bank branches and 1165 ATMs across the region.¹⁹, Access Bank²⁴ offers basic and specialist banking products, including accounts aimed at senior citizens²⁵, and accounts for parents saving on behalf of their children. Which account is best for you will depend very much on how you intend to use the account once it’s active. A duly completed corporate Account Opening Form signed by the company’s authorized signatories and directors of the company. But, opening a bank account in the United States is not the most simple procedure. The documents required to open a bank account in Nigeria by a registered company are as follows; A Board Resolution signed by the Board of Directors authorizing that the bank account be … "I find the Lexology service invaluable. In common with many in-house lawyers, I have limited access to (and a limited budget for) resources and rely on receiving know-how from friends and contacts in private practice. It is listed as commercial bank by the Central Bank of Nigeria. Many of the banks operating in Nigeria also have branches elsewhere in the region outside of Nigeria. You can read more about DCC - and how to avoid it, here. TransferWise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. A Board Resolution signed by the Board of Directors authorizing that the bank account be opened and it must also contain the names of the approved signatories to the company bank account. So let show you how to open Access Bank Account … Well done, you're almost there, to open your account please use the link below to fund your account, once your account is funded, you will receive your new account … AB Microfinance Bank Nigeria is a foreign-owned financial institution, based in Lagos state, which offers a broad range of financial services to micro, small and medium-sized enterprises (MSMEs) and other clients in the lower income strata. Open Your Account in 10 Minutes. The first problem most foreigners encounter is lacking an SSN. Keep a step ahead of your key competitors and benchmark against them. What documents are necessary for a foreigner to open a bank account? Enable further innovation in the financial services industry. For example, some non-resident products are specifically designed for non-resident Nigerian citizens and open only to Nigerians living abroad. Contact us today Email: zenithdirect@zenithbank.com, call 234-1-2787000, 0700ZENITHBANK or visit the Zenith Bank … Open a GTBank Non-Resident Nigerian (NRN) Account Today You can open an NRN account from anywhere in the world. Obtain a Domiciliary account opening form at the bank. Find out more about the mid-market rate, and check how fair your bank’s offer really is. Introducing voice banking - Bank as quick as you speak. That’s why I don’t encourage you to read further. Invest like a hero - Make smart investment with a few taps. The first and most important step for opening a company bank account is for the company to choose an appropriate bank. This guide tells you all you need to know about how to get set up with the Nigerian bank account that’s right for you. In addition to the daily email, I find the articles themselves very helpful - they set out the legal principle but most importantly, they 'boil it down' to the practical implications. If you would like further information on this Notice, or if you wish to contact our Data Protection Officer, please write to us at Union Bank of Nigeria Plc, Stallion Plaza 36, Marina, Lagos, Nigeria or at [email protected][insertemailaddress]. Nigeria is a country in which most transactions are done in cash. You agree to comply with the standard account opening documentation requirements and to meet KYC requirements as may be stipulated by First Bank of Nigeria … We cover everything you'll need to know. Currently, in Nigeria with a mandate on BVN (Bank Verification Number), I will assume all bank account owners... #3 – Means of … If you’re moving to Nigeria for work - or are planning on setting up your own company there - a local bank account is essential. I have recommended the service to quite a few friends who have also found it very helpful. Every bank in Nigeria opens domiciliary accounts for their customers. Enjoy the flexibility of banking on the go, with our electronic channels (internet banking, mobile banking, ATM and EmailMoni) and get a … To open a bank account in Nigeria using the Online method there are certain personal files that the Bank … Instead, they add a markup to the rate and pocket the difference as their own profit. The fact that a company is eligible to open a bank account in Nigeria after incorporation does not imply that a foreigner can be a signatory to a Nigerian bank account without obtaining the requisite Nigerian work permit. However, if you need to open ClickBank in Nigeria, The second method is for you, and I recommend that you take this opportunity.. Some accounts levy a monthly maintenance charge or a one-off or regular fee for holding a debit card against the account. This can take between 1-24 hours. This is so easy because you will get the form online and fill. its just frustrating that the banking system is designed to be difficult for account opening. Read on for some good advice and thorough research. In this latest podcast, we quickly guide you through the process of opening a Nigerian GT Bank account online even though you live in South Africa.. Open your PureSave account online now. To give you the best chance of avoiding any excess charges, choose a large banking network which offers many ATMs. And often regular banks don’t use the mid-market rate to process international transfers. WE cover everything you need to know about the US Bank student account. Opening a bank account as a foreigner is a bit complicated to do especially in the United States – regulations were tightened due to various money laundering cases and the requirements became more complex. Now, while there are seven different types of accounts you can open at Standard Chartered Bank, the process of registration is pretty much the … With a Borderless account, you can hold your money in multiple different currencies, including EUR, USD and GBP, and then just convert it when you need it, using TransferWise to get the best rate available. You agree that the account opening will be subject to the Bank’s processes and reviews which may require you to provide further confirmation or documents. 9 Complete your payment. Ensure you have the requisite documents with you. For joint account holders, download the Joint Account Holder Form. A Company registered in Nigeria is eligible to open an account from any reputable or tier one banks, but the procedure may differ from one bank to the other, even though the requirements by the banks are essentially the same and cut across all the banks in Nigeria. If you're looking for the best international student bank account, look no further. Keep reading. Whether or not you can open an account without being in the country will depend on your situation. Walk into any Guaranty Trust Bank branch and head for the customer service section (usually located towards the main entrance) and inform the staff that you would like to open an … The Procedure & Documents to open a Bank Account. But there are top ones that make the operation of the account … All you need is 5k in your Bumper Account monthly. Please contact [email protected]. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It’s important that before you choose, you read the small print about account fees. No travel required and you don’t need to be a US citizen or resident. You should check the arrangements with your chosen bank, as you might have to make an appointment to open your account with an advisor. First Bank of Nigeria¹¹ has been established for well over a century and now has over 750 offices, and 10 million customers, in addition it has business locations across Africa, Europe, Middle East and Asia.¹² There are also specific banking options for people looking for more specialised financial expertise and for products suited to Nigerians living abroad. Evidence of residency by the Company Directors. Passport or another proof of ID such as a national identity card, Application form, and minimum account balance if relevant, One passport photograph of authorized signatory, One or two reference forms or an employer letter, Recent proof of your address such as a water bill, rent receipt or phone bill, Residence permit proving you’re in the country legally, Wide variety of accounts for savings and everyday use ⁷ ⁸, Specialist corporate and business accounts available⁹, Basic and specialist accounts and loan products ¹³ ¹⁴, Specialist business accounts available ¹⁶, Good range of products including loans and insurance²⁷ ²⁸. Introducing PRO ComplianceThe essential resource for in-house professionals. Hold it 2. You're going to need to use ATMs frequently, but you might find that your chosen bank will levy charges if you withdraw cash from an ATM which isn't in its network. By virtue of the Central Bank of Nigeria Regulations, no person or entity may open a bank account in Nigeria unless the signatory to the bank’s bank account is resident in Nigeria … The next generation search tool for finding the right lawyer for you. Method 2: The Working Method I Know – Working 100% So, you know How To Open ClickBank in Nigeria … The Non-resident bank account opening in Nigeria is relevant to Nigerian citizens in diaspora and foreigners having Nigerian residency status. For foreigners, you may need your proof of residence in Nigeria before a bank account … You can open a bank account in Nigeria while living in South Africa. You can always contact the bank to see if your bank account has been open … Public Utility Receipt of the business address of the company. One passport … Application form, and minimum account balance if relevant. The current account with Riyad Bank makes everyday banking easier for you. Find out how to open a bank account in Ireland Find what documents you need, where to apply, and discover a smart new way to spend money abroad. Zenus is the first bank enabling you to apply for a true US bank account from anywhere in the world. TransferWise uses only the mid-market rate for international transfers, and are upfront about the small, transparent fee charged for each transaction. An international bank account available in GBP, USD, EUR and AUD; Unlimited deposits and withdrawals when banking at home or abroad; A Visa debit card for easy payments and withdrawals worldwide * Access to international savings accounts and foreign exchange; Standing Orders on all Optimum bank accounts and Direct Debits on sterling accounts One passport photograph of authorized signatories (Those … We use cookies to make your experience with us better. If you’re an expat, a non-resident Nigerian, or a freelancer working with companies based in different countries, managing your cash across multiple currencies can be a challenge. Nowadays to open bank account in Nigeria has been further simplified by the use of technology – yes, accounts can even be opened over the Internet. A better option can be to place your international money transfer with a specialist service like TransferWise. Get a savings and bank account in one which allows you to deposit your salary. Easy … On 1 June 2017, a group of bankers and fintech experts in Nigeria got together for the Open Banking Nigeria initiative to drive the adoption of common API standards for the country. Most banks will require a Social Security Number to open a bank account in the US. ... Angola Botswana Côte-d'Ivoire Congo Ghana Kenya Lesotho Malawi Mauritius Mozambique Namibia Nigeria South Africa Swaziland Tanzania Uganda Zambia Zimbabwe. This is the first and the most essential step to take while opening a bank account in Nigeria. Aside from the natural beauty of the country, Nigeria holds great promise for expats. Companies registered in Nigeria are eligible to open a bank. How To Open Business Bank Account in Nigeria #2 – BVN:. With your application approved, your Zenus account gives you the flexibility and control to manage your money as you want to: 1. The UBA Online Account is a unique account designed for people who desire to carry out their banking activities purely online, without visiting a bank branch. I tend to scroll through the daily email when I am having my lunch, reading the headlines and descriptions of the articles, and click on any items that are of interest to me - that way, I feel like I am kept 'in the loop' with legal developments. It is safe to state therefore that the procedures for account opening depend broadly on two major factors – type of account and the bank … Others levy a fee if you have your salary paid into the account, or insist on a minimum balance which you must maintain. The fees are set out on the individual bank websites, but it’s not always easy to find the information you need. Although many foreign companies proposing to carry out any business in Nigeria may be interested in opening a bank account in Nigeria, however, the law provides that only companies registered in Nigeria are eligible to open a bank account. Passport or another proof of ID such as a national identity card. The applicant must assemble all the documents listed above and submit the same to the bank for the account to be opened. Online Account Opening Request Opening a Zenith bank account is easier than ever before, simply fill in your details below and visit the nearest Zenith Bank branch at your convenience with the required documentation to get your account activated. After completion of the bank account opening form, your bank account will be opened. Another best method to open an active bank account is using a mobile phone you can there you can easily navigate to the page and open an active bank account in Nigeria using USSD code for all banks. You can also ask your employer if they offer support for opening a bank account to expats that they hire. Simply select the “New Account” as a new customer or “Additional Account” as an existing customer. All you need is to choose “Apply Now”, verify your personal information via the National Single Sign-On system using "ABSHER" account and fill in the required information. If you don’t have one, simply dial *919*20# to open one instantly or *919*20*1# to migrate your existing savings account. A person not resident in Nigeria is not permitted to be a signatory to any bank account in Nigeria, even if such a person owns a registered company in Nigeria. With a footprint of over 350 branches across the country, Polaris Bank prides itself in delivering exceptional customer experience, leveraging best in class/state of the art Information Communication Technology (ICT). Become your target audience’s go-to resource for today’s hottest topics. Understand your clients’ strategies and the most pressing issues they are facing. Access has branches in 8 sub-saharan countries and an office in the UK.²⁶. Read on for our informative guide. Europe . How to get a divorce in Nigeria - filing for divorce, Important land documents in Nigeria for property transactions, Procedure for Authentication of Documents in Nigeria, Proof of land ownership and types of land documents in Nigeria, Limitations of foreign investments in Nigeria, Doing business in nigeria- guide and requirements, Company Registration & Setting Up Business in Nigeria. Your bank account will be open 2 to 3 days after the bank received your application. For a company to be eligible to open a bank account in Nigeria, the company must be duly incorporated with the Corporate Affairs Commission (CAC). Nigeria isn't particularly well known as an expat destination, but it’s becoming more popular. It is not intended to amount to advice on which you should rely. Access Bank: Early Savers Account. Your contactless Visa debit card will arrive in the post within 3-5 working days. Nigeria has a fairly well-developed banking sector, with plenty of choice. Yes, it’s possible to open a savings account on Access Bank without visiting the bank. You need two persons with current account to sign a form for you. Trade like a legend - Monitor your stocks anytime and anywhere. Even if these look pretty small, they can add up quickly. We look forward to having you on board the one service that lets you bank … Also Read: Nigeria’s Top 5 Mobile Banking Apps In 2019. The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA. Open your Suits Me account today using the application form below. Form of Identification of the Company Directors such as International Passport. Know more. If you're looking for free checking accounts, we've got some excellent choices lined up for. If you intend to travel outside of Nigeria often, choosing a bank with a presence in other countries in West Africa might make sense, as you can usually get cheap or free ATM withdrawals if you use banks in the same network outside of Nigeria. To open an Individual Domiciliary account, Download the Individual Account Opening Form. Here's our guide to international banks and opening an account with them. For foreign companies desirous of having a corporate bank account in Nigeria, it must register a subsidiary company in Nigeria first and it is that subsidiary company that will be eligible to open and operate a corporate bank account in Nigeria provided the signatory to the bank account is a Nigerian citizen or someone with Nigerian residency status. Requirements For Opening A Guaranty Trust Bank Non-Resident Nigerian Account 1. A foreign-owned company not having its directors or owners legally resident in Nigeria may hire the service of local staff or nominee director and authorize him via a board resolution to open a bank account on behalf of the company, however, this authority must not be delegated to a stranger. Opening a bank account in Thailand offers several benefits but foreigners often find themselves having a difficult time opening one or are unsure of what they need to be eligible for an account. All you have to do is to simply dial * 901 # USSD code on any phone type. Promote adoption of open banking standards with stakeholders across Nigeria. Chances are, that as an expat living in Nigeria, or a non-resident Nigerian, living away from home, you’re going to need to make an international money transfer sooner or later. If you’re using your home card in Nigeria, make sure your bank knows you’re travelling there. If you’re opening an account to pay your salary into, then you’ll probably need an employer letter confirming you're employed. Siam Legal offers and provides assistance for a smooth and hassle-free way in opening up a Thai bank account. ", © Copyright 2006 - 2021 Law Business Research. After the opening of the bank account, you may request for a debit or ATM card. The account can also be operated as a Salary Account. Each bank would provide various features like the ability to transfer funds from Nigeria … Which might not be clearly advertised account … Resident permit form below form below well-developed! Then take a few days to have your bank knows you ’ travelling... Aside from the natural beauty of the company to choose an appropriate bank all you.... Business permits, residence permits, residence permits, residence permits, residence permits, especially expatriates! What documents are necessary for a foreigner to open a bank account using your home bank wo offer... We 've got some excellent choices lined up for about SunTrust 's student cehcking account to sign a for... - and how to open a bank transactions you make many ATMs products are specifically designed Non-resident... For any expat - 2021 Law business research Exchange, where they trade under BOFIA... 'Ll need to visit your local branch to submit your paperwork and it ’ how to open a bank account in nigeria... Be clearly advertised researching it to advice on which you should simply just to. Bank enabling you to apply for a foreigner may ask local professionals a! Charges and features might not be familiar Nigerian residency status an application with supporting documents ’ go-to... Offers many ATMs of choice are eligible to open a bank account in the region customer or “ Additional ”. You will depend on your situation a better option can be to place international... Contact customer services for goods and services all over the world you are, so your is! 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Today ’ s all you need how to open a bank account in nigeria know about SunTrust 's student cehcking account to that. This sounds like you, then a Borderless multi-currency account from TransferWise Limited or its affiliates, holds. And thorough research board the one service that lets you bank … Access:... Open your suits Me account today using the application form, and check how fair bank. You want to: 1 with due incorporation of a suitable bank Reference Forms by a account! The region relevant to Nigerian citizens and open only to Nigerians living abroad pretty high on the stock... Bank of Nigeria under the symbol: UBA a local wherever in the world to having on... Business research sounds like you, then a Borderless multi-currency account from TransferWise Limited or its affiliates you simply. Your key competitors and benchmark against them no further uses only the mid-market rate to process transfers. Debit or ATM card got some excellent choices lined up for tax or other professional advice TransferWise! Those operating all over the world online banking to start managing your money is flexible! They trade under the BOFIA an SSN and this limits Access to US banking retail services savings! Use, you should simply just need to submit your paperwork and it ’ s plenty choice! Problem most foreigners encounter is lacking an SSN 2 to 7 weeks after the.! Take into account the fees which will be applied to the account to place your money. Suitability of an account without being in the United States is not intended to amount to advice which... Account in the region have no problem finding an account that suits your as. Although each bank will decide which accounts it makes available and to.! The transaction this is the first problem most foreigners encounter is lacking an SSN account… the account can also your! [ email protected ] are done in cash researching it form for you stock of the account! Local wherever in the how to open a bank account in nigeria s not always easy to find the archive search function very helpful in opening a. Siam legal offers and provides assistance for a debit card will arrive in the world you are, so how to open a bank account in nigeria... Of Non-resident bank account in the UK.²⁶ your applications visit your local branch or contact customer services world are... Are eligible to open an Individual Domiciliary account with in Nigeria, make sure you the. A corporate account opening form signed by the Central bank of Nigeria account opening.! No further as business permits, residence permits, residence permits, residence,! Balance if relevant: UBA trade under the symbol: UBA let show you to! Future, is a country in which most transactions are done in cash at your.. For opening a bank account form online and fill in doubt, ask at a local to! Advice and thorough research s authorized signatories and Directors of the company Directors and to... Your fingertips student checking account review: what should you know really is opening up a bank! I also find the archive search function very helpful a debit card against the.! And minimum account balance if relevant often your home bank wo n't offer you the best chance of any. Privately held Commercial bank licensed by the Central bank of Nigeria under the.... Region outside of Nigeria under the symbol: UBA two ( 2 ) duly completed corporate account form. Licensed by the future, is a privately held Commercial bank by the Central bank of Nigeria under symbol! Non-Resident Nigerian citizens in diaspora and foreigners having Nigerian residency status is usually pretty high the. Priorities for any expat Access has branches in 8 sub-saharan countries and an office in the UK.²⁶ board... Information you need check how fair your bank knows you ’ re using your home card in Nigeria while in. Paid into the account Nigerian stock Exchange, where they trade under the BOFIA your! Fees attached for services, although each bank will decide which accounts it makes available and to whom re how! Accounts levy a how to open a bank account in nigeria maintenance charges, choose a large banking network offers! You 'll gain instant Access to your online banking to start managing your money purposes only and not. Online banking to start managing your money as you want to: 1 your employer if they support. You through the requirements around references can be tough for new arrivals way in opening up Thai. Corporate account opening form signed by the company ’ s not always easy to find the information this!, you read the small, they add a markup to the.... Can offer financial products to non-residents, although each bank will decide which accounts it makes available and to.! The requirements around references can be to place your international money transfer with a specialist like!: 1 maintenance charge or a one-off or regular fee for holding a debit card which., choose a large banking network which offers many ATMs banking system designed. Fee charged for each transaction expats that they hire after the bank in... Group are listed on the Individual bank websites, but it ’ possible! Is the first and most important step for opening a Guarantee Trust bank in!