With Polaris Small Business Advantage, we support registered and unregistered start-ups, nano, micro and small businesses actualize their businesses goals while enjoying zero account maintenance fees up to N50million debit turnover.
Features/Benefits
Registered Businesses
- Minimum opening and operating balance of N30,000
- Zero Account Maintenance Fee on up to N50,000,000 debit turnover
- Excess on the monthly debit turnover will attract CAM Fee of 30kobo per mille
- Clearing cheque book issuance
- Access to business term loans
- Access to Polaris Bank SME Webinars and Programs
- Access to e-channel platforms
Unregistered Businesses (self-employed trading in personal names or groups)
- Minimum opening and operating balance of N5,000
- Zero Account Maintenance Fee on up to N20,000,000 debit turnover
- Excess on the monthly debit turnover will attract CAM Fee of N1/mille
- Clearing cheque book issuance
- Access to personal term loans
- Access to Polaris Bank SME Webinars and Programs
- Access to e-channel platforms
- Advisory services
- Assistance in Business Name Registration with CAC. Click here for details
Account Opening Documentation
| Account Opening Documentation | Limited Liability Companies | Registered Business Names | Unregistered Businesses (Individual) | Unregistered Businesses (Community) |
| Certified true copy of certificate of incorporation/registration of business name | √ | √ | - | - |
| Certified true copy of memorandum and article of association | √ | - | - | - |
| Certified true copy of form c07/cac7 (particulars of directors) and c02/cac2 (Allotment of stares) | √ | - | - | - |
| Copy of forms for application for registration of business name | - | √ | - | - |
| Board resolution to open account | √ | - | - | - |
| 1 passport photograph of each signatory | √ | √ | √ | √ |
| Bank Verification Number (BVN) of Signatories | √ | √ | √ | √ |
| Valid means of identification of signatories (Int'l passport, Driver’s license, National ID, Voters card) | √ | √ | √ | √ |
| Proof of Address (PHCN, Water bill, Waste disposal bill, tenement, etc.) | √ | √ | √ | √ |
| Legal Search report | √ | √ | - | - |
| Residence permit issued by the immigration Authorities (Expatriates) | √ | √ | √ | - |
| Evidence of Registration with Special Control Unit on Money Laundering (SCUML) for all Designated Nonfinancial Businesses and Professionals (DNFBP) - where applicable | √ | √ | - | - |
| Premises visitation Report | √ | √ | √ | - |
| Two suitable references | √ | √ | √ | √ |
| Tax Identification Number (TIN) | √ | √ | - | - |
